New Parent Financial Checklist: 10 Steps to Start Strong

Congratulations on your new little one! Becoming a new parent is a whirlwind of joy, but let’s be real—it can also be terrifying. The weight of responsibility hits hard, and suddenly you’re second-guessing everything. Have I baby-proofed enough? Did I pick the right pediatrician? What if I’m forgetting something crucial? The “what-ifs” can keep you up at night, long after the baby finally falls asleep. You want to be the best parent possible, ensuring your little one has everything they need—not just today, but for the decades ahead. That constant worry about whether you’ve thought of every detail can feel overwhelming. But you don’t have to navigate it alone. At Eagle Legacy Planning, we’re here to help you cover the essentials with this checklist—so you can focus on the joy of parenthood with confidence.

Here are 10 steps to help you start strong, covering immediate needs and long-term security for your growing family.

1. Set Up a Pediatrician Visit

Your baby’s health is priority number one. Schedule their first pediatrician visit within the first week of birth to ensure they’re off to a healthy start. This initial checkup will confirm your baby is growing well, address any concerns (like feeding or sleep issues), and set a vaccination schedule. Ask about developmental milestones to watch for in the first year, and don’t hesitate to voice any worries—you’re not expected to know everything as a new parent! Building a relationship with a trusted pediatrician gives you a go-to expert for the inevitable questions that pop up, helping you feel more prepared for this journey.

2. Create an Emergency Contact List

In the chaos of new parenthood, having key information at your fingertips can be a lifesaver. Create a list of emergency contacts: your pediatrician’s office, local hospital, trusted family members or friends, and poison control (1-800-222-1222 in the U.S.). Keep this list on your fridge, in your phone, and in your diaper bag. If something unexpected happens—like a fever spiking at 2 a.m.—you’ll know exactly who to call without scrambling. This small step reduces stress in high-pressure moments, letting you focus on caring for your baby.

3. Stock Up on Newborn Essentials

Newborns need a lot, and running out of diapers at midnight is a rite of passage you’ll want to avoid. Stock up on essentials before baby arrives: diapers (size newborn and 1), wipes, diaper rash cream, bottles or breastfeeding supplies (like nipple cream or a pump), and soft, season-appropriate clothes (onesies, socks, hats). Invest in a safe sleep setup, like a crib or bassinet that meets current safety standards—no loose blankets or pillows. Buy in bulk where possible to save time and money, and consider a subscription service for diapers and wipes to keep your stash steady. Being prepared means more time for snuggles and less for last-minute store runs.

4. Add Your Baby to Health Insurance

Health insurance is non-negotiable for your baby’s care, and you typically have a 30-day window after birth to add them to your policy. Contact your insurance provider as soon as possible to enroll your child—coverage often applies retroactively to their birth date, meaning hospital stays or early doctor visits are covered. If you’re on an employer plan, notify HR; if you’re on a marketplace plan, update your account directly. This step ensures you’re not hit with unexpected medical bills and gives your baby access to well-child visits, vaccinations, and any care they might need. It’s one less financial worry on your plate.

5. Start a Small Emergency Fund

Babies come with surprises—sometimes expensive ones. A sudden doctor visit, a broken bottle warmer, or an unexpected car repair can strain your budget. Open a savings account and aim to set aside $500-$1,000 as a starter emergency fund. Even saving $50 a month gets you there in a year. Keep this fund separate from your regular checking account, and only use it for true emergencies. Having this buffer means you can handle life’s hiccups without derailing your finances, giving you more stability as you adjust to your new normal.

6. Secure Life Insurance for Your Child

Life insurance isn’t just for adults—it’s a powerful tool to secure your child’s future from day one. A policy for your child can build tax-free cash value over time, which they can borrow against later for things like college tuition, a car, or even a down payment on a home. Unlike a savings account, it also offers protection: if the unthinkable happens and your child faces a serious illness, some policies allow early access to funds for medical care, without touching your own savings. Best of all, it provides lifelong coverage, creating a financial legacy that outlasts you. It’s a small step now that gives your child big opportunities later—and gives you peace of mind today.

7. Create or Update Your Will

No one likes thinking about the worst-case scenario, but as a parent, you need to plan for it. A will lets you name a guardian for your child, ensuring they’re cared for by someone you trust if you’re no longer here. It also outlines how your assets—like your home, savings, or life insurance proceeds—should be distributed to support your family. You can create a simple will online with tools like LegalZoom or consult an attorney for more complex estates. This step takes a few hours but ensures your wishes are clear, protecting your child’s future and sparing your loved ones tough decisions during a difficult time.

8. Explore Childcare Options

If you’re planning to return to work, childcare is a big decision—and spots can fill up fast. Start researching options early: daycare centers, in-home nannies, or family members who can help. Visit daycare facilities to check for cleanliness, staff qualifications, and a nurturing environment. If hiring a nanny, interview candidates and check references. Ask about costs, schedules, and backup plans for sick days. Booking a spot now (even if you don’t need it for a few months) ensures you’re not left scrambling later. A reliable childcare setup lets you focus on work and family without added stress.

9. Start Tracking Expenses for a Budget

A baby changes your financial picture, and understanding those changes helps you stay in control. For the first month, track every baby-related expense: diapers, formula, doctor co-pays, even that cute onesie you couldn’t resist. Use a budgeting app like Mint or a simple spreadsheet. Then, adjust your overall budget to fit these new costs alongside your existing bills—housing, groceries, savings. You might need to cut back on non-essentials (like dining out) to make room for diapers and daycare. Knowing where your money goes lets you plan better, ensuring you’re meeting your family’s needs without overspending.

10. Plan for Their Financial Education

Your child’s financial future starts with the habits they learn from you. Even though they’re tiny now, you can set the stage for their money smarts later. Start by building a secure foundation—like setting up life insurance or a small savings account in their name. As they grow, plan to teach them the basics: saving, budgeting, and the value of long-term planning. For example, when they’re older, you can show them how their life insurance policy has grown, explaining how it can help fund their dreams while keeping them protected. Teaching financial literacy early gives them the tools to manage their legacy wisely, ensuring your hard work pays off for generations.

Take the Next Step with Eagle Legacy Planning

Parenthood is a journey, and you don’t have to walk it alone. At Eagle Legacy Planning, we’re here to help you secure your child’s future with tools like life insurance that grow with them. Ready to explore your options? Schedule a free, no-obligation call with us today. Visit EagleLegacyPlanning.com to book your appointment or click here. Let’s build a legacy your child will thank you for—forever.