As a parent, money and financial matters become even more important. After all, it’s not just you that you’re worrying about anymore. Aside from baby equipment and supplies, there are several other things you’ll need to allow for in your budget.
 
Life insurance and disability insurance are two of those things. If you die, or are permanently disabled, your child will still need financial support and so these are two things every parent should have. You don’t need the most expensive policies but you do need to make sure that there are funds to look after your child financially if you can’t.
 
Another big change will be to your health insurance. This may mean that you have to speak to your employer and you will need to find out which of your baby’s expenses will be covered and which aren’t.
 
The good news is that these extra expenses will be offset to changes in your tax obligations and your child can be added as a dependent on your income tax return.
Aside from the big changes to your financial status, you’ll also need to budget for childcare or make allowances for you or your partner to be a stay-at-home parent.
There’s no denying that becoming a parent is a big financial adjustment but it is possible and, if you’re careful about planning, you should be able to come up with a workable solution.

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