Planning For A New Baby

<p>There are quite a few financial things to think about, especially when expecting your first child. Prepare, plan, and make it a priority!</p> <p>In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Heather Lovallo, Certified Financial Planner or CFP&reg;, about preparing for having a baby. Heather has two children, Daniel has three kids, and expect more at the Wrenne Financial Planning firm!</p> <h3><strong>Topics Discussed:</strong></h3> <ul> <li>Disclaimer: Having children should not be and is not a financial decision</li> <li>When is the right time financially to have children? Never</li> <li>Common Concerns: Education savings, medical/care expenses, and buying gear</li> <li>Medical Expenses: Know what insurance covers, type of birth (home or hospital)</li> <li>Healthcare Savings: HSA, FSA, and HRA can be used for out-of-pocket costs</li> <li>Ongoing and One-time Expenses: Diapers, food, clothing, and childcare</li> <li>Childcare: Follow tax rules when paying contractors and household employees</li> <li>Education Funding: Kids are expensive and get more expensive as they age</li> <li>Life Insurance/Estate Planning: Get it done to feel secure, have peace of mind</li> </ul> <h3><strong>Links:</strong></h3> <p><a href="https://financeforphysicians.co/2022/01/20/are-you-saving-enough-for-education/">Are You Saving Enough For Education</a></p> <p><a href="https://financeforphysicians.co/2021/07/29/how-to-help-your-children-maximize-their-college-education/">How To Help Your Children Maximize Their College Education</a></p> <p><a href="https://healthequity.com/account-comparison">HSA vs. FSA vs. HRA - Healthcare Account Comparison</a></p> <p><a href="https://www.savingforcollege.com/intro-to-529s/what-is-a-529-plan">What is a 529 Plan?</a></p> <p><a href="https://www.legalzoom.com/">LegalZoom</a></p> <p><a href="https://financeforphysicians.co/contact/">Contact Finance for Physicians</a></p> <p><a href="http://financeforphysicians.co">Finance for Phys