If you have one, ensure it includes all childcare expenses and all related. This fund should cover six months to nine months worth of family expenses. “As your family relies more on your income now, ensure you have term insurance with sufficient coverage to meet your child’s future too.

Your first step towards the long-term financial planning for your child should involve either creating a will or adjusting the one you currently have. In addition to assigning legal guardianship for your child in the event of your death, your will should also outline what happens to your estate.