You are going to have a baby. You have plenty of planning to do: Baby showers, potential schools, preparing the nursery, and preparing yourself for three hours of sleep. Everything seems to be discussed except for finances. Without deep, anticipatory discussions and planning you may be walking headlong into any number of common financial mistakes new parents often make.
A pre-marital financial discussion is a must for those who want to establish a financial foundation and a relationship of trust and teamwork.
Forty-six percent of adults say they either could not cover an emergency expense costing $400, or would cover it by selling something or borrowing money. This is attention-grabbing and a potential wake-up call for building an emergency fund. But an emergency fund is just the first step, financial preparedness, which includes disability awareness needs to be considered as soon as you cover your emergency funds.
Disability pop quiz! Quickly: Name your most important financial asset. … Did you think of your home? Maybe a savings account? Now answer this: Can you imagine buying a home and not insuring it? Or putting your hard-earned cash into a savings account that wasn’t protected? What about your income: What would you do without…