What essential financial planning should new parents do after a baby is born?

The first weeks with a newborn are overwhelming, but a few financial steps are time-sensitive. Apply for a Social Security number (usually started at the hospital). Add the baby to your health insurance within 30 days of birth. Update or create life insurance and a will designating a guardian. Start or update your emergency fund — aim for 3–6 months of expenses. Research whether a 529 education savings plan or custodial account makes sense for your family. Review your tax situation, as you may now qualify for child tax credits and dependent care flexible spending accounts. Consult a financial planner familiar with family planning, and discuss any stress about finances with your pediatrician, as financial strain can impact parental well-being.