When you are expecting a new baby, you also expect some big changes in your finances. Being prepared for those changes can take some work, but preserving your financial stability is important for reducing your stress as a new parent. So before you do anything else to prepare for your new baby, consider taking these important money steps provided by Certified Money Coach Lynn Telford-Sahl.

Start an Emergency Fund

If you want to keep your finances stable no matter what, you need an emergency savings plan. Having at least three to six months worth of expenses saved up will prevent unexpected expenses from upsetting your financial plan. To make the most of your emergency savings, consider putting your money into a savings account that grows your money with high interest.

Create a Flexible Budget

To be financially prepared for a new baby, Credit.com points out that you need to ensure your budget is attainable. You can use a line-item budget or the 50/30/20 rule, but setting up realistic financial goals is the best way to make sure your new family sticks to the new budget.

Don’t Forget to Take Care of Your Business

If you’re a first-time entrepreneur who also has a new bundle of joy, it goes without saying that you have a lot on your plate. This is all the more reason to ensure you have the financial aspects of your business squared away. If you haven’t registered your business with the state yet, now’s the time to do so. This will help protect your personal finances should something happen to your business.

Buy Life Insurance

Life insurance is a must for parents because having life insurance will provide financial stability for your children if something should ever happen to you. Life insurance benefits can make up for lost income, and your family can use it to pay off debts or put it toward college tuition. It’s easy to get turned off by the potential for a medical exam, but more often these days it’s easy to secure a policy without an exam, and you can even do it online..

Creating some stability in your finances is one of the most important steps in preparing yourself for parenthood. By taking care of the steps above ASAP, you can save yourself a lot of stress and time when the new baby arrives. Plus, by completing these crucial financial tasks now, you can focus on adjusting to your role as a parent and providing your newborn with care.

About Lynn

Certified Money & Business Coach, Professional Speaker & author, Lynn Telford-Sahl, writes the PowerUP Your Money blog for women in sales and small business. www.lynntelfordsahl.com

About Suzie

Suzie Wilson, Happierhome.net

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