WEBVTT

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Becoming a parent can be the most

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exciting time in your life , but it can

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also be the scariest , especially for

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your finances . Between the diapers and

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daycare and extra life insurance and

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saving for college , let's face it ,

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kids cost money . And since your new

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little bundle of joy probably didn't

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come with a bundle of cash , it's time

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to childproof your finances , or at

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least try to . Here are 4 tips that

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should help . Tip number 1 , make a

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spending plan . Start by reviewing your

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household income . Making sure to

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account for any reductions . This is

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especially important if your spouse

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plans to take maternity or paternity

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leave or stay home with the child . Pay

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special attention to your paycheck

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since it may have changed due to

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receiving a higher amount for basic

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allowance for housing . Also , family

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separation allowance may apply if you

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deploy and are away from your family

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for more than 30 days . Then look at

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the expense side of things . Plan for

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upfront costs and recurring costs that

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come with a newborn or a young child ,

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things like a crib , stroller , car

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seat . Diapers , daycare , and even

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clothing and with most things baby

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related , it pays to be a smart shopper .

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Look for bargains on used and

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refurbished items as well as new ones

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to help check out Army emergency relief

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because they provide assistance not

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just for emergencies .

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Now let's move on to tip number 2 ,

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enroll in financial assistance programs

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if you qualify . The federally funded

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Women , infants and Children program ,

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better known as WIC , can be especially

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helpful to new families . The WIC

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program helps participants with

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supplemental nutritious foods ,

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nutrition education and other services .

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To see if you qualify , visit the

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website below . Next up , tip number 3 ,

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reevaluate your tax situation . While

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everyone's circumstances are different ,

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having children can impact your taxes .

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So consider using the tax withholding

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estimator on IRS.gov to perform a quick

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paycheck checkup . Also review your

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federal and state tax withholding as

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needed by visiting my pay at the

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website shown below and to make sure

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you are taking advantage of every tax

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credit and deduction available to you ,

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consider speaking with the volunteer

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income tax assistance office on your

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installation . Finally , tip number 4 ,

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reevaluate your housing and vehicle

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needs . Here are a couple of practical

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new child financial points about

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housing and automobiles . If you need

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to change your residence , work with

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your Army Community Service center for

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tips on house hunting , renting . Home

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buying strategies and relocation

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resources . The base housing office can

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also help if renting , be sure the

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lease contains a military clause . If

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you plan to stay put , review your

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lease or rental agreement to determine

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if you need to notify management of a

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new occupant . And for automobiles , if

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you need to replace your current

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vehicle , speak to a financial

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counselor on your installation for tips

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on car buying , auto loans , and child

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safety restraints . So that's it . 4

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great tips to help baby proof your

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finances and give your child a good

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head start in life .