Having a Baby? Here Are the 7 Financial Moves to Make Before You Leave the Hospital

You have approximately 48 hours of lying in a hospital bed with nothing to do but stare at your baby and panic about the future.

Use some of that time wisely.

Here are the seven financial moves every new parent should make in the first weeks of a baby’s life:

1. Name a Guardian — In Writing

If both parents die without a will naming a guardian, a court decides who raises your child. That process is public, contested, and almost never what you would have chosen. A simple will with a guardian designation costs far less than the alternative.

2. Get Life Insurance

You need enough to replace your income for 10–15 years. Term life insurance for a healthy 30-something is cheaper than a gym membership. There is no excuse for a new parent not to have this in place.

3. Write a Letter of Intent to Guardians

This isn’t a legal document — it’s a love letter with instructions. It tells your child’s guardian exactly how you want your child raised: values, religion, school preferences, medical decisions, family traditions. Courts and guardians take these seriously.

4. Open a 529

$95,000 invested at birth at a 6% average return = approximately $271,000 by age 18. The earlier you start, the less you need to contribute. Open it this week.

5. Add Your Baby to Your Health Insurance

You have 30 days from birth. Miss the window and you wait until open enrollment.

6. Update All Beneficiary Designations

Your 401(k), IRA, and life insurance pass directly to whoever is named as beneficiary — regardless of what your will says. Update them now.

7. Create a Digital Asset Inventory

Passwords, accounts, subscriptions, crypto — all of it needs to be documented somewhere your partner and guardian can find it.

The Complete New Parent Financial Bundle

We put everything together in one place — letter of intent template, guardian planning guide, 529 starter guide, beneficiary checklist, and more.

Get the New Parent Financial Bundle — $49 →

Or start with just the Letter of Intent to Guardians:

Download the Letter of Intent to Guardians — $19 →