A study published in theJournal of Perinatal Educationfound that new dads can have big fears, including fear of harm to the mother or newborn, lack of knowledge, and fear of health problems associated with childbirth.
A USDA study called Expenditures on Children by Families found that parents earning less than $59,000 would spend a little less than $10,000 on their child per year, in the first couple of years.
You can also consider starting a college fund, and think about setting up a Flexible Spending Account, which will help you pay for out-of-pocket health care cost, without paying taxes on the money held in this account.
A financial adviser will help you identify new avenues of income, liquidate assets if necessary, or make important investments for your child’s future.