Childproof your finances: Tips for new parents

(BPT) – Whether welcoming a newborn, adopting a child or becoming a stepparent for the first time, bringing a child into your life means big changes – and a big impact on your finances.

According to the United States Department of Agriculture, parents of children born in 2013 will spend approximately $245,000 – per child – on housing, education, food, clothing, child care and other expenses until the age of 18. With that kind of monetary commitment looming, new parents need to childproof their finances against life’s unpredictable situations and consider the potentially costly insurance implications of each stage of their child’s life.

Securing finances against the unforeseen

Americans work hard to keep their children safe – from retrofitting a home for a new baby to teaching a teenager safe driving habits and everything in between. But despite best intentions, on average, parents spend an estimated $11.5 billion annually on injuries to children according to the Centers for Disease Control and Prevention (CDC).

“Throughout a child’s life, parents and guardians can face many unexpected financial hurdles related to injuries or illness,” says Adam Hamm, National Association of Insurance Commissioners (NAIC) president and North Dakota insurance commissioner. “Parents need to educate themselves about the risks, challenges and insurance implications of raising a child to reduce injuries, save money and potentially even save a life.”

Safety risks and unpredictable circumstances can arise in a variety of ways. Consider the following:

* Birth defects affect one in every 33 newborns according to CDC statistics. Babies who live with birth defects may face lifelong challenges, so it’s important to know if your health insurance covers pre-natal and neo-natal screenings, emergency delivery procedures and extended hospital stays.

* The Consumer Product Safety Commission reports that 44 percent of playground equipment injuries occur at home. Parents should double check their liability coverage to ensure it covers playmates who are hurt on their property.

* The CDC also reports that 46 percent of teens don’t wear seatbelts when riding with friends, significantly increasing their risk of injury or death in an auto accident. Something as seemingly simple as a teen driving contract can hold kids accountable – saving money and lives in the process.

Take action now

Understanding the insurance implications of a new child can be tricky. Get a jump on preparations by exploring the following:

* Determine if paid maternity leave is included in your health benefits. If you anticipate needing extra time off, a short-term disability policy might be helpful.

* Ask your employer about a flexible spending account that can be used to set aside pre-tax dollars to cover medical expenses and child care costs.

* Consider the impact on your auto insurance premiums if your expanding family compels you to purchase a larger vehicle. Shop rates and consider different models before you buy. Rates will vary depending on make, model, age of vehicle, etc.

* A new dependent means you should reassess your life insurance. Will your current level of insurance be enough to secure your child’s future if the unthinkable happens to you? Consult with your insurance agent or use an online calculator to determine if you need additional insurance.

* Adoptive parents, stepparents and custodial guardians should also check with their health insurers to determine a new child’s coverage eligibility. Life insurance policies, investment accounts and other financial accounts may need to be updated to reflect a new child as a beneficiary.

For more “first steps,” check out Get Ready resources for new parents at InsureU.org. The resource kit includes tips, questions to consider and things to do to childproof your finances before a new bundle of joy joins your family.

The secret to achieving better work-life balance


The secret to achieving better work-life balance

(BPT) – If you’re feeling overworked and finding it a challenge to juggle the demands of your job and the rest of your life, then you’re not alone. Achieving the elusive work-life balance may be getting harder with today’s connected lifestyle, but it is still possible.

A better work-life balance doesn’t just happen overnight. It requires a lot of patience, careful thinking and attention toward understanding what is most important to you and your family. First you must focus on prioritizing your personal and professional life. Consider all the things that compete for your time. Then decide what to keep and what to discard. Think of it as streamlining your priorities, sorted by the activities that are the most important.

“No matter how hard you try, you can’t squeeze more hours into your day,” says Dr. Nancy Aragon, professor of industrial organizational psychology at Argosy University, Online Programs. “What you can do though is make more efficient use of your time. It takes persistent planning to get a management system started, but keeping a time diary helps you to become more aware of where your time is being spent.”

Aragon recommends a weekly block schedule coupled with a daily to-do list. The block schedule should be a fairly permanent, regular weekly plan that allows adequate time for necessary, recurring activities such as cooking, exercising, homework, grocery shopping, work, etc. A critical element to include in the block schedule is “flexible time” or free time that is purposely built into your schedule. Scheduling flexible time is a way to account for unexpected, but inevitable events to be worked into your life with minimal disruption to your regular routine. In effect, you plan for the unexpected.

And although technology has the potential to improve the quality and efficiency of your daily life, it also has the potential to encroach on your work-life balance. “Set boundaries when it comes to technology,” says Aragon. “Schedule time for you and your family when it comes to accepting calls, texts, or emails. Make sure everyone is on the same page in terms of what acceptable technology use is, and what crosses the line into technology abuse.” In other words, technology doesn’t have to be eliminated, but its use does need to be purposefully managed and monitored.

Also keep in mind the power of attitude. Learn to monitor your attitude and its impact on your work performance, relationships and everyone around you. A positive attitude can make a big difference in your energy, your focus and your pace toward achieving balance. You can’t always change your circumstances, but you certainly can change how you react to them.

In addition, do not try to live up to other’s expectations. “Work-life balance is a very personal matter. If you seek to find your own balance by emulating the ideals, priorities and expectations of others, you are doomed to miss the mark,” adds Aragon. “It can require some courage to live by your own values and ideals rather than what seems to be the prevailing social norm, but the payoff is worth taking that venture out of your normative comfort zone.” This is an important truth to keep in mind for not only improving your work-life balance, but also finding success.

In the end, you need to find the right balance that works for you. Celebrate your successes and don’t dwell on your failures. Life is a process, and so is striving for balance in your life.

Drive safely with your newborn by following these tips

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(BPT) – Babies change everything. Their arrival means that new parents need to become educated – quickly – on cribs, strollers and most importantly, child-safety seats and all their rules. And as federal recommendations on car seats continue to evolve, parents have one more thing to stay on top of.

The family car safety experts at Cars.com, in partnership with Toluna QuickSurveys, recently conducted a poll that asked parents what they worried about most when bringing a newborn home from the hospital. Results revealed that 93 percent of new parents listed the fear of other drivers on the road as a top concern when driving with a newborn.

“Every new parent wants to cover the car in protective bubble wrap when driving with their baby. I know my husband and I did,” says Cars.com editor and expert mom Jennifer Newman. “That isn’t realistic, but there are a few things you can take control of that will help ease your anxiety when driving with your newborn.”

Instead of bubble wrap, Newman suggests:

* Car seat check: Make sure a certified child passenger safety technician inspects your car seat installation before the baby arrives.

* Practice safe driving: It’s going to be tough, especially if your newborn starts wailing, but remember to keep your eyes on the road. If you can’t stop yourself from turning around to check on the baby, pull over and then make sure everything is OK with your wee one.

* Keep the baby in the car seat: If one parent rides in the backseat with the baby, remember that it is never OK to remove the child from a car seat while someone is driving. The safest place for a baby – even one that’s screaming – is in a rear-facing car seat when the car is moving.

* Keep your car properly maintained: Take your car in for regular, scheduled maintenance to ensure everything is in working order and all fluids are topped. Keeping a safe car can create a safer ride for your little one.

These steps allow parents to focus on the road and should lessen some of their concerns about their child’s safety in the car. In addition, Newman also suggests parents skip using items such as a baby mirror in the car. Mirrors and other items like toys that hang from a car seat’s handle can become dangerous projectiles in a crash and harm your child or you.

For more information, visit Cars.com to learn more tips on child driving safety.