#1 Make a Will
It is within the best interest of your child to make a will as soon as possible. A will determines how your assets and possessions will be divided after you're gone. It also allows you to name a guardian to care for your child in your absence.
#2 Contact Social Security
Apply for your child's social security number either at the hospital after birth, or head down to the social security office to apply for your child's number. This number will follow your child for the rest of their life.
#3 Maintain or Establish Health Insurance
Ensure there are no gaps in insurance coverage for your baby by adding your baby to your insurance plan within the first 30 days after birth. Ask your human resource director for the appropriate forms.
#4 Get Life Insurance
After starting a family (or before) it might be a good idea to take out additional life insurance policies. It costs $220,000 to raise a child (excluding college costs) so protect your child by selecting term life insurance.
#5 Start a College Savings Plan
Sock away money for your child's higher educational costs and expenses. Look into state sponsored savings plans that match the amount of money that you save each year. Every child needs a college fund--especially with the escalating costs of education.
