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financial tasks
health insurance policy
term life insurance
life insurance policy
child tax credit
joy and happiness
saving accounts
small baby
5 Financial Tasks To Complete After Birth
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5 Financial Tasks to Complete After Birth

A small baby brings joy and happiness in a couple's life. It also brings a sense of responsibility. You are responsible for the present as well as future of your child. To secure your dear one's future, there are certain financial tasks that you should complete after his/ her birth.

1. Quote a Term Life Insurance Policy

  • Even if you would not like think in a negative way, it is important to make plans for your little one for a scenario when you are no longer there to take care of your child. The term life insurance is the least expensive option and it will provide with various flexible options to update your coverage as per your changing needs.

2. Open a Saving Accounts for Educational Funds

  • It may look like it is too early to think of educational fees for a just born baby, but you should start saving from early on so that when the time comes, your child is not short of the funds. The more you save in early years, the easier it will be in coming years.

3. Adjust the Form W-4

  • Form W-4 is basically for the use of employers which helps them in determining the correct amount of tax withholding to deduct from an employee's wages. As an employee, it is your responsibility to fill out the form after calculating the number of Form W-4 allowances that you plan to claim (these numbers are on your expected annual tax filling scenario). When you have a baby, you should make adjustments in the filling of this form. You can make a claim for allowance for the baby's expenses (a person who is dependent on you) and you can seek Child Care Credit and Child Tax Credit.

4. Insure Your Child by Adding Him/ Her to the Health Insurance

  • Currently most of the insurance companies have health policies which cover the costs that are linked with the baby's medical expenses as long as you add the baby to your existing health insurance policy within 30 days of the child's birth. It Is a given that once you add one more person to the insurance policy plan, there will be an increase in your premium amount. However, to cover the medical costs and protect your baby's future, the increased premium amount is worth the cost.

5. Make/ Modify your Will

  • If anything ever happens to you, you would want your child to still be financially capable. Thus you should make changes in your legal documents like the Will to include your child's name in it.

By getting insurance for your baby (health insurance, educational insurance etc), and by completing other financial tasks, you will not only secure your child's present, but future too.


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