LifeFocus.com
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Table of Contents Planning for the Birth of a Child ........................................................................................................................ 8 What is it? ................................................................................................................................................ 8 Having a child will affect you financially ................................................................................................... 8 Having a child will change your insurance needs .................................................................................... 8 Having a child means reviewing your estate plan .................................................................................... 8 Other planning issues .............................................................................................................................. 8 Financial Planning Issues for New Parents .......................................................................................................9 What is it? ................................................................................................................................................ 9 Budgeting for baby ................................................................................................................................... 9 Estate planning issues ............................................................................................................................. 10 Insurance issues ...................................................................................................................................... 11 Income tax considerations ....................................................................................................................... 12 The Spending Plan (Budget) .............................................................................................................................13 What is the spending plan? ......................................................................................................................13 How do you create a spending plan? .......................................................................................................13 How do you develop a spending plan? .................................................................................................... 13 How do you implement and monitor the plan? .........................................................................................13 How do you cut costs if you are spending too much? ..............................................................................13 How do you increase your cash flow? ......................................................................................................14 Can you afford to have one spouse stay at home? ..................................................................................14 Cash Reserve ................................................................................................................................................... 15 What is a cash reserve? ...........................................................................................................................15 Why is a cash reserve necessary? .......................................................................................................... 15 Determining how large a cash reserve should be .................................................................................... 15 Achieving your cash reserve goal ............................................................................................................ 16 Structuring and maintaining a cash reserve .............................................................................................17 The Family and Medical Leave Act of 1993 ...................................................................................................... 19
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