Financial Planning Before a New Baby

Do You Have a Health Insurance Gap?

Check with your health insurance company and determine if you are going to owe anything after the birth of your new baby. If you have full coverage, you can begin saving money for other expenses such as baby clothing and furnishings. However, if your coverage will not pay all of your hospital bills in full, good financial planning is a necessity so you are not buried in additional debt immediately after your baby is born.

Planning Time Off Work

If you are a two-income family, you want to determine how losing one income for a period of time will impact your budget. Take a hard look at your expenses and if necessary, discuss your goals with your Oklahoma Central Credit Union Member Financial Representative today. We may be able to help you refinance or consolidate credit card balances that are outstanding so you are paying less per month which can help you meet your savings goals.

Preparing Financially for a New Addition

There will be numerous challenges you will face immediately after the birth of your baby. Not only will you have to obtain their birth certificate and social security cards, but you may also want to consider beginning their college savings plan; you can work this into your budget early on which will give your child a head start on paying for college.

Financial Changes After Birth

After the birth of your child, you will have to make some changes to your financial accounts. For example, you may wish to add your child onto your life insurance and retirement plans as a secondary beneficiary. You may also wish to begin funding a savings account that can grow as your child grows. An Oklahoma Central Kids Club account is available to 0 - 12 year olds, earns dividends with a minimum deposit of $25, and comes with a free Money Mammals Kids club membership. This option will help them learn good money management skills while they are young; something which will stay with them for a lifetime.

Having a new baby is exciting and if you take the time to prepare financially before your baby is born, you have the added benefit of enjoying your new addition without financial stress. Contact Oklahoma Central Credit Union today at 918-664-6000, select option 8 to speak with one of our Member Financial Representatives to learn how we can help you better manage your finances.