Since my husband already has a child that lives with us, we have bought additional life insurance for each of us. One thing we haven’t done yet though is a will and trust, which is one of my resolutions for this year.

With a life changing event, such as having a baby, means having to be more financially responsible. Make sure BOTH parents have adequate life insurance coverage. The amount of your coverage should now reflect not only income, but the costs of daycare, having the surviving parent work less hours, hiring a housekeeper, etc. Talk to your broker as well as your friends who are parents about these changes.