Your financial checklist,
sorted by what matters now.

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.

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.

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

Life insurance, 401(k), IRA, bank accounts — beneficiary designations override your will. Worth reviewing soon after a new addition to the family.

If someone depends on your income, life insurance is one of the most important things you can put in place after having a baby. Rates are lowest when you're young and healthy — worth comparing options sooner rather than later.

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

Daycare waitlists run 6–18 months in most cities. The earlier you reach out, the better. Factor the cost into your budget — childcare can run $15,000–$30,000 per year.

File a new W4 with your employer to adjust your withholding for the Child Tax Credit — otherwise you're giving the IRS an interest-free loan all year. If your state has paid family leave, note that PFL payments are often taxable but paid without withholding, so you may owe at tax time.

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.

Hospital billing errors are common. Request an itemized bill and compare it to your EOB from insurance. Watch for surprise bills from providers you didn't choose — anesthesiologists, neonatologists, and radiologists often bill separately. You can dispute these; many hospitals will negotiate or write off surprise NICU charges if you push.

Many states offer a tax deduction on contributions — check your state's plan first, but don't assume it's the best option. If your state's fees are high or fund choices limited, an out-of-state plan (Ohio and Nevada are commonly recommended) can outperform the tax credit. Open with as little as $25.

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.

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.

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

The Trump administration proposed a $1,000 government contribution into a new savings account for children born between January 2025 and December 2028. The account would grow tax-free and could be used for education, job training, or a small business at age 18. Details and eligibility rules are still being finalized — worth keeping an eye on if your child qualifies.

At open enrollment, elect Dependent Care FSA — up to $5,000 pre-tax per household for childcare (or $2,500 if you file separately). Covers daycare, preschool, after-school programs. Note: your employer can reduce the limit if the plan doesn't pass nondiscrimination testing, but most employees are unaffected.

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.

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.

Pediatric dentists recommend a first visit by age 1. The catch: waitlists at pediatric dental offices routinely run 2–3 months. Call around month 8–9, not month 11. Most dental insurance covers it fully.

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.

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.

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.

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

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.