Financial Planning Now That Your New Baby Has Arrived

First, congratulations! Second, a seasoned wealth adviser is here to share his knowledge and experience of planning for and protecting the future of his newborn.

An infant smiles while lying in a crib.
(Image credit: Getty Images)

Parents know that you can plan ahead in every way that you can think of for the arrival of a new baby, but when the child is born, that plan may just be thrown out the window, and you need to start the process again. In my previous article, Short-Term Financial Planning for First-Time Parents, I interviewed my colleague Ignatius (Iggy) D’Anna, who was expecting his first child with his wife, Kate.

Iggy provided some insight into what he was preparing with his family’s budget and finances before his son was born. Now that the baby has arrived and Iggy has returned from his parental leave, I circled back with him to see if any of those strategies changed, and if he has any tips to share with other parents-to-be when it comes to financial planning with a new baby.

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Kara Duckworth, CFP®, CDFA®
Managing Director of Client Experience, Mercer Advisors

Kara Duckworth is the Managing Director of Client Experience at Mercer Advisors and also leads the company’s InvestHERs program, focused on providing financial planning to serve the specific needs of women. She is a CERTIFIED FINANCIAL PLANNER and Certified Divorce Financial Analyst®. She is a frequent public speaker on financial planning topics and has been quoted in numerous industry publications.