Nothing is more exciting than having a new baby and watching him or her grow. With all of the changes that take place, it can be difficult to remember all of the small - but important - things you need to do to keep your financial house in order. Here's a list of helpful tips to remember:
Add your new baby to your insurance. Most companies only allow 30 days after the baby is born.
Get a few certified copies of your baby's birth certificate and store them in a safe place, such as a safety deposit box.
Make sure that your child has a social security number and keep the social security card with the birth certificate.
List your child as a beneficiary on your financial accounts. You'll have to update any investment accounts you have to make the change, including any accounts you hold through your job. Please note that you don't have to list your child as a beneficiary - you can always leave your spouse or significant other as the sole beneficiary.
Draw up a will. Although no one likes to think about this, it's important for numerous reasons. Your will is your opportunity to name a guardian for your child in the event that something happens to you or your spouse and to ensure that your child is provided for financially.
Purchase life insurance for you and your baby.
Start saving for your child's college education. There are many savings tools specifically for this purpose, including 529 Savings Plans.
As soon as your child can count, start teaching them about money - how to identify it (the difference between a penny and a quarter), how to count it, how to make sure you have enough to pay for a purchase and how to put some of it away in savings.