What financial steps should I take when I have a baby?

Apply for a Social Security number, freeze the baby's credit at all 3 bureaus, add them to health insurance within 30 days, update life insurance beneficiaries, open a 529 plan, create/update your will, and revise your household budget.

How much does it cost to raise a child?

The USDA estimates $237,000-$310,000 from birth to age 17 (not including college). Major costs: housing (29%), food (18%), childcare/education (16%), transportation (15%). Costs are higher in urban areas.

Should I open a 529 plan at birth?

Yes — starting at birth gives your investment 18 years to grow. Even $100/month starting at birth can grow to $40,000+ by college age at a 7% return. The earlier you start, the less you need to contribute monthly.

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New Baby Financial Checklist

Essential financial steps to secure your newborn's future and protect your family.

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About This Checklist

This free new baby financial checklist covers every essential money step for new parents: Social Security number, credit freeze, health insurance enrollment, 529 plans, life insurance updates, and budget adjustments. Check off items as you complete them — progress is saved locally in your browser with no account required.

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