This document provides tips for new parents on managing finances. It begins by acknowledging that becoming a new parent can be overwhelming. It then provides four tips: 1) create a new family budget and understand common costs, 2) add your baby to your health insurance right away, 3) update your beneficiary designations, and 4) ensure your family has adequate life and disability insurance coverage to protect against unforeseen events. The document encourages new parents to seek financial planning advice.

1. An Educational Piece
for Families
Building a new
future together
Tips for sleep deprived
financially savvy new parents
Financial Strategies

2. For many new parents, bringing home
baby means a mix of excitement,
happiness and uncertainty. This
life-changing event can at times be
overwhelming and exhausting – and
it's easy to feel like there are more
questions than answers.

3. Tips for new parents
New parents have a lot of questions and concerns –
ranging from did I install this car seat correctly to how can
I make the world a better place for my children.
However, when it comes to your financial questions for your family, you
don’t have to go it alone. Here are some tips designed for new parents
looking to make financial adjustments for both today and tomorrow.
Tip #1: Analyze your budget
Because raising a family costs a good deal of money, it’s important to
budget wisely for the new expenses you’ll encounter as a parent.
Here are some ideas that may help:
• Get a good handle on your finances by setting up a new family
budget. There are lots of online tools (many free) that can help
you get started.
• Be sure to check out parenting Web sites, which can give you great
tips on parenting – and help you understand how much baby-related
essentials such as diapers, wipes, and formula will cost you.
• If you don’t already have one, start an emergency fund. When
unexpected costs arise, you’ll be ready.
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4. Tip #2: Keep your baby healthy
Be sure to add your new son or daughter to your health insurance plan(s)
right away. Most insurance companies require that your baby be added to
your medical plan within 30 days of birth. In the midst of all of the changes,
it's something that can easily be overlooked, but not easily corrected.
Tip #3: It’s all in the name…
Be sure to update your beneficiaries on any employer-sponsored benefits
you may have, such as group life insurance or retirement accounts.
Beneficiary designations must be made through your employer or your
company’s insurance carrier.
Consult your legal advisor to discuss your wills or any trusts you need or
that should be updated. (For example, if you decide to make your child,
under the age of 18 years old, the beneficiary of any insurance policies or
other assets). Be sure to tell your attorney whom you wish to designate as
the legal guardian of your children. That way if an unforeseen event occurs,
the decision is not left in someone else's hands.
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5. Tip #4: Keep your family’s finances healthy
Once you’ve become a parent, it’s more important than ever to make sure
your family members are covered in case the unexpected should happen.
While these are difficult things to think about, as a parent, you need to
plan for the unforeseen events that could have a financial impact on
your family. Get a check up and make sure that you understand just how
disability income insurance can protect a portion of your paycheck, and
how life insurance can help protect your family’s lifestyle in the event the
unexpected happens.
Plan for Tomorrow… Starting Today.
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6. New parents, new responsibilities
As a new parent, you have new financial responsibilities – and you’ll
have a lot to think about. However, you don’t have to do it alone.
I welcome the opportunity to meet with you in the near future to
discuss how I might help you meet your financial goals.
To learn more about protecting what matters, call me today.
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7. MassMutual. We’ll help you get there.®

8. Insurance products issued by Massachusetts Mutual Life Insurance Company (MassMutual),
Springfield, MA 01111-0001.
© 2010 Massachusetts Mutual Life Insurance Company, Springfield, MA.
All rights reserved. www.massmutual.com. MassMutual Financial Group
is a marketing name for Massachusetts Mutual Life Insurance Company
(MassMutual) and its affiliated companies and sales representatives. CRN201206-132012
FY1012 510