As a brand new dad, I know how stressful it can be to get ready for the arrival of a baby. Since it helps to get perspectives from people who’ve been in your shoes, we asked parents in the Armchair Millionaire community about how they did it. Here’s just a little of what we heard:”The most important thing to do once your child is born is figure out your educational priorities and begin planning for them. This can include savings for private school, college, graduate and professional studies.

Kent”As soon as we knew we were having a baby, we increased our savings to cover the maternity leave. On January 1, I updated my withholding to include the upcoming dependent. As soon as the baby was born, we started saving for day care, even though she was home with mom for three months. That reduced the weekly amount that would be withheld. We covered the three months that my wife was off with a combination of paid time off, savings and reduced discretionary spending.” –RobinThe U.S.

Agriculture estimates that it costs the average middle-class family just under $180,000 to raise a child from birth to age 18 (and that doesn’t even begin to touch the cost of college, which could bring the total beyond $300,000). Figures like that can be overwhelming, so I find that’s it’s easier to break down your approach into manageable steps. My guide provides the most important ones.The Armchair Millionaire’s Checklist for Financially Preparing for a BabyGet life and disability insurance.

Pages: 1 2