Checklist for parents on finances
Sponsored by Länsförsäkringar
If you've been worrying about all the things your family will need to keep track of in terms of finances as an expectant parent, worry no more. We've put together a simple checklist that you can use to make sure you're on top of things. Print it out, save it on your phone and check it off as you go!
Becoming a parent is a lot to think about and it is probably the biggest change you will go through in your life. Finances are a subject that can be difficult, but which we all know is very important. So, to make it easy for you, we've put together a checklist that you can make sure you tick off during your first period as parents-to-be and new parents. When all the checkboxes are filled in, you will know that you are on top of things.
Great, let's get started!
Before the baby is born:
☐ Sign and Pregnancy insurance with Länsförsäkringar
Talk about how you will distribute the parental allowance so that there is a clear plan
Apply for parental allowance from the Swedish Social Insurance Agency, this is possible after you have received your maternity certificate in week 20.
Have a financial conversation about how you share expenses and make sure that not only one person pays for diapers etc. (See tips for this call)
Check and apply for parental leave if you have an employer who offers it
When the baby has arrived:
Add survivor protection to your pension
Make sure that both parents can cope financially if something happens to the other. Suggested insurances that may be good to have, but here all parents can decide for themselves: Life insurance, Mortgage protection, unemployment insurance, income insurance.
Distribute child support if needed, otherwise it is automatically split 50/50 between the parents
☐ Sign a child insurance
☐ Start a child savings scheme
Set up a joint bank account and link two cards to it for joint expenses
Ensure that there is a buffer for unforeseen events
☐ Fill in parental allowance successively if necessary
Distribute VAB as evenly as possible after the start of preschool and report VAB to Försäkringskassan
When energy is available during the first year with children:
Talk about your common goals and dreams and set aside savings for them
Start a freedom capital (so you can manage if you go your separate ways)
Write legal agreements if you need to, e.g. if you are cohabiting you do not inherit from each other or if you have made different amounts of down payment for a house.
Start a pension savings scheme
Baby Journey, together with Länsförsäkringar, has produced the podcast "Familjens Ekonomiskola" (Family Finance School), where we go through everything you need to know in 6 short episodes of 15 minutes each to feel confident when ticking off your checklist. You can listen to the podcast under the podcasts category in the Baby Journey app.
