Treavor Dodsworth CFP®, CPA, CKA®
#136 - New Baby
This month we welcomed a new baby girl to the family! I thought it appropriate to highlight a few things I am considering as I welcome a new child into our family.
Add the baby to health coverage.
Consider how this event will impact cash flow. Depending on your income and other items there may be additional tax credits you will receive that will offset some of the cost of having a child.
Are there any additional life and/or disability insurance needs?
Depending on how you want your assets to flow upon your death you will likely want to update beneficiaries and/or legal documents.
Indiana 529 - Indiana has an excellent state tax credit for contributing to the Indiana 529. We were contributing for our son but now I set one up for our daughter as well. Quick note -for Indiana the tax credit is not per beneficiary or per account. In other words, we are not increasing our possible tax credit for the Indiana 529 by having another child.
Having a child can add a certain amount of stress from a financial perspective. As I have said before though, we drastically underestimate God’s provision and our ability to adapt. If you are expecting a baby, you've got this!
Interesting Article(s) or Video(s)
Eternal Perspective Ministries - Contentment Turns All It Touches to Gold
Contentment cannot be understated.
Thank you for reading!