Short-Term Financial Planning for First-Time Parents

A seasoned wealth adviser shares his experience with the financial planning he and his wife did for the arrival of their first bundle of joy.

A newborn holds an adult's fingers.
(Image credit: Getty Images)

Welcoming a new baby to your family is an exciting time. Along with that anticipation, many parents-to-be have concerns about the expenses and financial planning challenges that arrive with your bundle of joy. There are many discussions around what mothers need to consider with their health while pregnant and giving birth, but a recent conversation with my colleague Ignatius D’Anna, who is expecting his first child with his wife, Kate, gave me a new perspective about what fathers and partners may be doing to prepare for the arrival of a child.

I interviewed Ignatius, who goes by Iggy, about what he is thinking about as both a first-time dad and a seasoned wealth adviser.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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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.