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There are many financial considerations when planning for a new baby. Everything from diapers to daycare, furniture to formula, the latest car seat — and of course, accumulating wealth for future endeavors (like college) — are top of mind for parents.

For self-employed parents, there may be additional hurdles to consider, like how to financially navigate parental leave. Having worked with some self-employed parents as a certified financial planner — and as I anticipate the birth of my second child — I’m keenly tuned in to the financial challenges parents face as their families grow.

The good news is that planning can keep you and your family on your best path to long-term financial well-being. Here are four financial tips to keep in mind as you prepare to welcome your baby…Story continues…

By: Sophoan Prak