There is no greater responsibility than becoming a parent. You have so much to do and so little time before your baby arrives. You need to decorate the nursery. Buy a stroller. Childproof the house. But getting a handle on post-baby finances tops your agenda. Click on the tasks below to get help.
Choosing child care is one of the most important decisions families make, but all too often they must rely on word-of-mouth. Local Child Care Resource and Referral (CCR&R) organizations help parents take the guesswork out of choosing care by providing:
- referrals to local child care providers
- information on state licensing requirements
- information on availability of child care subsidies
CCR&Rs provide guidance by phone, in person, and in other ways, such as the internet, that are tailored to each individual family.
'Doing it yourself' may be an option if you are young, and don't have many assets or special needs.
Apply for a Social Security number for your child.
Recent provisions in law have changed the rules for assigning a Social Security number and issuing a Social Security card. This fact sheet gives the most up-to-date information available on the documents needed to apply for a Social Security number and card.
Update your Flexible Spending account.
Employer-sponsored Flexible Spending Accounts (FSAs) allow you to pay for dependent care and medical costs with pre-tax dollars. The amount you contribute to your account is deducted from your annual earnings before being reported on your W-2 Form at the end of the year. Result: Your taxable income is reduced by the amount you contributed to your FSA.
The birth of a child is a qualified life event that allows you to change your FSA election. Be sure to take advantage of this opportunity.
5 financial basics for single parents.
It may not be easy easy, but single parents can keep their families economically stable.