3 Things Parents Should Do After The Birth Of Their First Child

The birth of a child is an amazing event for his or her parents, but it also brings about an immense amount of responsibility. When a new child is welcomed into the world, the parent's have to make important decisions to ensure that the baby is properly taken care of through his or her childhood into adulthood. No one knows what is going to happen tomorrow, next week, or next year, so it is important for new parents to make provisions in the event that either parent does not live until their child reaches adulthood. After the birth of your first child, make it a priority to do the following:

Buy Life Insurance

Life insurance is a valuable resource for any person, but it is especially important for new parents. Raising a child can be quite expensive, but many parents don't think about purchasing life insurance when their first child is born. A lot children are born to young and healthy parents, but you never know when a tragic accident may take your life, or if a terrible chronic illness may lead to your demise. Purchasing life insurance is a way to ensure that your child, and any future children you may create, have a financial safety net to help raise them without financial hardship. If you are young and healthy, term life insurance is very affordable; when choosing the life insurance amount that you purchase, consider the ages of your children, the income of your spouse or partner, and the amount of your mortgage if you own a home.

Name a Guardian

The love that most people feel for their children is immeasurable, and no new parent wants to think about their child growing up as an orphan. Unfortunately, there are cases where both parents die together in an accident, or parents pass away at separate times but leave minor children behind. This is why it is important to assign a legal guardian in your will. If you don't appoint a legal guardian there could be arguing between your family and your spouses family about who gets custody of your children, so it is in your best interest to legally name a guardian of your child who is willing to take on the responsibility  and give your children the love they need if necessary.

Start a College Fund

Parents are by no means required to finance a college education, but a college fund started when a child is born can grow a lot over the years thanks to compound interest. No matter how long you live or how much you can afford to contribute, starting a college fund early can ensure that your child has some financial help when it comes to his or her education, regardless of whether you are alive when your child starts college.