Being a new parent is one of the best things in life and with this bundle of joy, there comes a whole bundle of bills such as legal fees, doctor visits, and nursery and so on. The beginning of being parents also means turning over a new leaf and you want the best for your new family.
When a baby comes along, there are so many things to worry about such as the basic need in life, health, childcare and education. Having children means sacrificing everything including eating at home, changing into a family car and the balance in your account is low.
Before committing anymore bills, consider your budget and change your will when your children are off to college. You can start by buying insurance for your child when you know that you are going to be a parent. In order to avoid over-spending list out on the things your family needs. Then, you will know where most of the money goes and how to save up bit by bit.
Plan years ahead about having children as health insurance with maternity care has only two years coverage. So, you would not want to have kids after those two years. Some employer provides a 20% of maternity benefits. With this the burden of cost will not be as bad.
The first thing to save up is not for college as there are other expenses such as emergency fund for half a year. Only after that plan how much money you need for your child's education and your retirement. The best way to save for a college fund is to reach at least 60% of the amount and this can be done by investing in stocks and so on.
Other than that, choose a guardian who will look after your children when you die. This is because that guardian will be managing the assets and you would not want someone who dislikes children raising them. Or worse come to worse is stranger raising your children. This should be put down in a will so that, your will is the law for your children.
You can also create a trust to hold your children's inheritance. Thus, you can let your children use this inheritance for what purposes and at what age can they use it. But, check with your state to see if it is allowed to give a large amount of money to a minority? Maybe at the age of 18 or an adult but it is sure that your children will get the inheritance if there was a law claiming that it is yours and is passed down to them.