Saving for Baby
By: Katrina Irwin
Updated: February 19, 2013
Tom Walpole, CPA, PFS, joined Katrina Irwin on News 8 at Sunrise Monday. He takled about budgeting for the birth of a child.
He says you should reassess your budget before the baby arrives. Look at one time expenses like cribs, strollers, car seats etc. Also, factor in ongoing costs like formula, diapers, day care, clothes.
Make sure you add the baby to your health insurance plan. Also, think about putting money aside for college or a future wedding. He also says to make sure
you update your wills and choose a guardian for the child.
Also make sure you add the child to your tax return, and look for any additional credits.
