Money Moves for Your Growing Family

One little baby adds a whole lot to your financial equation.

Make Time for Finances

Now that your baby has arrived, you probably have a to-do list about the size of the Yellow Pages. Chances are, getting all of your finances in order is sandwiched between getting to the price club for diapers and thanking Aunt Myrtle for the lovely baby sweater. "Since Lilly was born a month ago, dozens of relatives have sent checks for her college fund," says Anne Barnes of Washington, D.C. "But those checks are going right into our regular checking account because we haven't had a second to figure out what to do with them. We keep talking about everything we plan to do -- write a will, hire a financial planner -- but the truth is, if we do find a free moment, we're going to use it to find a nanny before I go back to work."

For new parents, it may seem as if there's never a good time for making critical financial decisions. But the truth is, the steps are much easier than you think, and taking small ones now can help you get a tight grip on your finances for later, when the really big bills (like college tuition!) come rolling in. Here, four steps to a better financial future for you and baby.

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