Preparing for a baby

Put these to-dos on your list to get ready for a baby.

Little one on the way? Congratulations! Use these tips when preparing for baby. 

Money considerations

Start or add to your emergency fund. It's important to think about the extra costs of raising children, and to adjust your monthly spending and saving. By putting away money — even if it's just $20 here and there — in a bank account for unexpected events, you'll be better prepared when those events arise. Try to save enough to cover 3- to 6-months of expenses, or even 9 months if you can.

Review your existing budget and consider the following costs:

• Prenatal care, birth and delivery
• One-time baby purchases, such as a stroller and crib
• Maternity and/or paternity leave
• New monthly bills, such as day care and diapers

Once you compare your monthly income and expenses, you'll be able to identify and allocate any extra money to your new expenses or emergency fund. It's best to have a savings goal every month and try to stick to it.

Start a college fund. It's never too early to start thinking about your child's future. After addressing the priorities above, speak to a professional to see what plans fit your needs and if it's a possibility for your family.

What baby paperwork to expect

Expect a lot of paperwork. Having an organized file folder or binder will be handy when you need to reference a document at a moment's notice. And remember to pack it in your hospital bag.

Generally, the hospital will have you complete the birth registration form and also apply for your baby's Social Security number. If your baby is not delivered in the hospital, your doctor can help with obtaining a birth certificate, and you can apply for the Social Security card in-person at your local social security office or at ssa.gov.