BEING DAD BLOGS

The Business Side of Having a Baby

Being a Dad 29/07/2009

She's thinking of the baby, wondering how breastfeeding will go, how much time she'll take off from work and what color to paint the nursery. You're thinking about the money, the future, your buddies, perhaps a bigger house and wondering whether you really have to buy a mini-van (no, you don't).

Make both of you more relaxed by getting your financial and legal documents in order. Here is some homework to complete 4-6 weeks from birth. When the baby comes you won't have time to do this!

• Choose guardians for your baby. Don't be surprised if this one requires a long debate.
• Make a will. If you don't already have one, make a will and get it filed properly.
• Get life insurance. Yup, you're old enough. Your baby needs you to have it.
• Childcare. If she's planning on going back to work, you need to think about who will take care of the baby. You, a relative, a family childcare, a childcare center, a nanny...there are many options but you'll be glad you started researching this early.
• Budget. Some families find a budget is especially necessary when there's a baby involved.
• Thnik about your child's education, do you need to start thinking about a savings plan for your baby's education (ask your financial advisor about this option).

Since you'll be getting all of this in order, think about your filing system to keep all of this information and make sure she knows where everything is, too.

Being proactive on the finance side shows your partner that you are taking pregnancy seriously and it gives your child a great head start in life. Putting your partner's mind at ease is one of the best ways to keep her relaxed and happy so that she can provide a stress free environment for your baby.

Getting on top of the financial issues will also make you feel better about money related issues which is very important for when the baby comes and you're tired and busy!