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StitcherHaving a baby changes everything, including the way you think about money. Suddenly, you’re not just planning for your life. You’re planning for someone else’s future, too. In this episode, Jen and Jill break down the financial moves every new parent should think about, so you can feel more prepared for the costs, responsibilities, and big life changes that come with growing your family.
But first,
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This episode is brought to you by:
unsolicited advice. Nothing brings it on more than having a baby! Some of what people have to say is decent and some of it is scary. If you’re ready for financial planning Jill and I are accepting new clients for comprehensive plans covering investments, retirement, insurance, wills, and tax savings. We charge a flat rate with no account minimums or asset management fees, plus anytime access to us as you put your plan into action.
If you’re interested head to frugalfriendspodcast.com/cfp to fill out an interest form and we’ll reach out to you.
The Financial Moves New Parents Can’t Afford to Skip
Having a baby changes more than your sleep schedule. Jen and Jill talk through the financial moves new parents need to make, from adding your baby to health insurance and creating a will to naming a guardian and building a bigger emergency fund. They break down the expenses that can sneak up fast, especially childcare, and why your old financial plan may need a serious update.
They also unpack why life insurance matters for both parents, including the stay-at-home parent. It’s not just about replacing a paycheck. It’s about replacing everything that parent does for the family, from childcare to household work. Jen and Jill share practical ways to rethink your coverage so your family has a financial safety net if the unexpected happens.
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The Financial Moves That Matter After Baby Arrives
Once the immediate financial basics are covered, Jen and Jill turn to the longer-term pieces of the puzzle. They talk about reviewing disability insurance, opening a 529 without putting college savings ahead of retirement, and giving your money time to grow. The big takeaway: build a strong financial foundation first, then layer in future-focused goals.
They also break down the tax benefits that come with having kids, from the Child Tax Credit and childcare credits to a Dependent Care FSA. Jen and Jill show how these benefits can help offset the real cost of raising a child and remind parents to make sure they’re actually taking advantage of the money-saving opportunities available to them.
How did you prepare for becoming a mom financially?
Jill immediately lowered her monthly expenses by alternating to more affordable housing. Meanwhile, Jen started a 529 and put it in a lump-sum.
Bill of the Week
Thanks Coop for sharing your bill about a tax refund for $210 that you bought 7 secondhand jackets!
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