Simmons First National Bank issued the following announcement on Jan. 15.
Spoiler alert: having kids is expensive, so get your financial ducks in a row before baby arrives
1. Create a new budget that includes immediate expenses (hospital bill, baby items, etc.) and ongoing costs (diapers, food, etc.)
2. Build up your emergency fund
3. Make sure you’re set on life and disability insurance
4. Make a will — who will care for your child and manage your money if you are gone? It’s not something we like to think about, but it’s important to have.
5. Set up financial accounts for your child, like a college savings account
6. Relax and enjoy the time with your growing family!
Original source can be found here.
Source: Simmons First National Bank
