The New Dad Money Checklist: Insurance, a Will, and a Budget

Nobody gets excited about this list, which is exactly why it often doesn’t get done. It’s a few evenings of work that protects your family for decades. Here it is, in order, with deadlines.

During pregnancy

1. Know your health coverage

• Is her provider and hospital in-network?
• What’s the deductible and out-of-pocket maximum? If you’ll hit the max, that’s your real birth-cost number.
• How do you add the baby, and what’s the deadline? Birth is a qualifying life event (HealthCare.gov). See adding a baby to health insurance.

2. Run the first-year numbers

Use the first-year cost calculator with your real insurance, childcare and feeding plans. The biggest line is usually childcare; compare options with the childcare comparison.

3. Plan leave and income

Your employer’s policy, your state’s paid leave program, and FMLA. The leave planner shows what your state pays.

4. Build a cushion

Aim for an emergency fund that covers a few months of essential expenses, more if leave will be unpaid.

5. Get term life insurance (both of you)

If you died, how would your family pay the bills? Life insurance answers that. For most young families, term life insurance is the affordable choice. The NAIC explains the types. Tips:

• Get quotes for both parents. A stay-at-home parent’s work has real replacement cost.
• Employer coverage is useful but usually ends when you leave the job.
• Applying while you’re young and healthy is usually cheaper.

6. Write a will and name a guardian

A will lets you name who would raise your child if both of you died. Without one, a court decides. Use an estate attorney or a reputable online service. Talk to your chosen guardian first.

7. Check beneficiaries

Retirement accounts and life insurance pass by beneficiary designation, not your will. Update them.

8. Make an emergency file

Accounts, policies, passwords, and who to call, in one secure place your partner can access. A password manager with emergency access works well.

In the first month

9. Add the baby to your health insurance

Before the deadline, often 30 days. Don’t wait for the Social Security card to start the process; ask HR what they need.

10. Social Security number and birth certificate

Most parents apply for the baby’s SSN at the hospital along with the birth certificate (SSA). You’ll need the number for taxes, insurance and accounts.

11. Update your tax withholding

A new child changes your taxes. The Child Tax Credit is worth knowing about; adjust your W-4 if it makes sense.

12. Dependent Care FSA

If you’ll pay for childcare and your employer offers a DCFSA, enroll (a birth usually allows mid-year changes). From 2026, the household limit is $7,500 a year.

In the first year

13. Revisit the budget

Compare the first few months’ real costs to your plan and adjust.

14. Start a college fund (if it fits)

Only after the emergency fund and retirement savings are on track. A 529 plan offers tax advantages for education savings (Investor.gov). Even small automatic contributions add up, and grandparents can contribute.

15. Check disability insurance

Your ability to earn is your family’s biggest asset. Check what your employer offers for long-term disability.

The one-evening version

If all of this feels like too much, do these three this week: term life quotes, a will with a guardian, and a calendar reminder for the insurance deadline. They matter most.