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What To Do Financially When You're Expecting

BOSTON (CBS) - The couple from yesterday asked one more question: Is there a checklist of the things we need to do financially when expecting?

They told me they found lots of lists as to what they needed to buy for the nursery and the baby. And lots of lists as to raising the kid and which books to buy. But nothing about how you plan financially for a baby.

So I created one. The following is a baby financial checklist to help you prepare for the next phase of your life:

  1. Set new financial goals for a family – you are no longer a couple
  2. Budget – will need updating
    • Can one parent stay home with the baby for 6 months or more
    • New expenses that you will incur
    • Saving more
    • Buy the best car seat you can afford
  3. Review Work Benefits
    • Health Insurance
    • Maternity Leave
    • Flex Spending Plan
    • Adoption Assistance
    • Childcare
  4. Social Security for Children
    • Getting a number
  5. Retirement Planning
    • Spousal IRA
  6. College Planning
  7. Insurance Review
    • Health
    • Life
    • Disability
  8. Estate Planning
    • Wills
    • Guardian for children
    • Powers of Attorney
    • Health Care Proxy

One more thing:
A heads-up on our Money Matters newsletter. So many listeners call or e-mail that they have missed a segment and where can they get a copy. Well now every Monday morning you can get the previous week's segments sent to you. To sign up you will need to go to


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