Planning For A New Baby

There are quite a few financial things to think about, especially when expecting your first child. Prepare, plan, and make it a priority! In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Heather Lovallo, Certified Financial Planner or CFP®, about preparing for having a baby. Heather has two children, Daniel has three kids, and expect more at the Wrenne Financial Planning firm! Topics Discussed: Disclaimer: Having children should not be and is not a financial decision When is the right time financially to have children? Never Common Concerns: Education savings, medical/care expenses, and buying gear Medical Expenses: Know what insurance covers, type of birth (home or hospital) Healthcare Savings: HSA, FSA, and HRA can be used for out-of-pocket costs Ongoing and One-time Expenses: Diapers, food, clothing, and childcare Childcare: Follow tax rules when paying contractors and household employees Education Funding: Kids are expensive and get more expensive as they age Life Insurance/Estate Planning: Get it done to feel secure, have peace of mind Links: Are You Saving Enough For Education How To Help Your Children Maximize Their College Education HSA vs. FSA vs. HRA - Healthcare Account Comparison What is a 529 Plan? LegalZoom Contact Finance for Physicians Finance for Physicians