Your Financial Checklist

Add baby to your health insurance

You have 30 days from birth to add your baby to your plan without a waiting period. Miss this window and you'll wait until open enrollment.

Apply for a Social Security Number

Check the box at the hospital — they'll submit the SSN application for you. You need it to claim the Child Tax Credit and open a 529.

Register the birth certificate

The hospital files the initial record, but you'll need certified copies for passports, Social Security, and legal purposes. Order 5–10 copies.

Update beneficiaries on all accounts

Life insurance, 401(k), IRA, bank accounts — beneficiary designations override your will. Update them now, not someday.

Get term life insurance

10–12x your annual income, 20-year term. If someone depends on your income, this is not optional. Rates are lowest when you're young and healthy.

Create a will and name a guardian

Without a will, a court decides who raises your child. Naming a guardian is the most important thing in the document.

Freeze your child's credit

Children are a top target for identity theft — their clean credit file sits unused for years. Freeze it at all three bureaus: Equifax, Experian, and TransUnion. Free.

Audit your hospital bill

Hospital billing errors are common. Request an itemized bill and compare it to your EOB from insurance. Errors in your favor are yours to keep.

Open a 529 college savings plan

Pennsylvania residents get a state tax deduction on contributions. Open with as little as $25. The earlier you start, the more compound growth works for you.

Max out your HSA contributions

The HSA is the best tax-advantaged account most people underuse. Triple tax benefit: pre-tax contributions, tax-free growth, tax-free withdrawals for medical expenses.

Review disability insurance coverage

You're more likely to become disabled than to die young. Most employer plans cover 60% of salary — often not enough. Check what you have and consider a supplemental policy.

Build a 3–6 month emergency fund

Kids break things, get sick, and create unexpected costs. A funded emergency account means you don't go into debt when it happens.

Enroll in a Dependent Care FSA

At open enrollment, elect Dependent Care FSA — up to $5,000 pre-tax for childcare. Covers daycare, preschool, after-school programs. One of the most underused tax breaks for parents.

Claim the Child Tax Credit on your taxes

Up to $2,000 per child, partially refundable. Make sure your tax preparer or software applies it. Also check the Child and Dependent Care Credit if you're paying for childcare.

Review your auto insurance

Adding a child is a life event worth a policy review. Make sure your liability limits are high enough — your personal assets are now worth protecting.

Open a UTMA custodial account

A custodial account lets you invest in your child's name with no contribution limits and no restrictions on what the money is used for. Good complement to a 529.

Build a budget that includes baby

Babies cost more than expected. Childcare alone can run $15,000–$30,000/year. Build a real budget that accounts for diapers, formula, doctor visits, and childcare.

Write a letter of instruction

Your will is a legal document. A letter of instruction is a human one — where accounts are, who to call, passwords, wishes. Keep it with your will.

Review homeowners or renters insurance

Your policy should cover the value of your stuff — including baby gear, which adds up fast. Check liability limits too.

Open a Roth IRA for yourself

If you don't have one, open it now. The earlier you start, the more time it has to grow tax-free. Contribute even $50/month if that's all you can manage.