Determine your income and expenses

Life’s Financial Journeys

Heading Off to College
Getting Out on Your Own
Blending Two Lives
Having a Child
Emptying the Nest
Entering Retirement
Death of a Life Partner
Military Life

Before you can decide how you want to spend your money you must know exactly where your money is coming from (your income) and where it is going (your expenses.)

Even though you can, and should, record you expenses prior to the birth of your child, the patterns will likely to be much different from what you experience after your child is born. Accounting for every dollar for a month or two after your child is born will likely be very enlightening.

The following resources may assist you in determining your income and expenses:

Tracking Your Spending

Cash-flow Planning for Families

Where Does the Money Go?

Having a Child Tasks

1. Protecting against risk
2. Updating your estate plan
3. Arranging child care
4. Revising your spending plan
5. Saving for your child’s education

Revising your spending plan Subtasks

1. Set financial goals
2. Determine your income and expenses
3. Develop a spending plan
4. Understand the income tax impacts of having a child


NAPFA Consumer Education Foundation
8700 W. Bryn Mawr Ave., Suite 700N
Chicago, IL 60631
(847) 483–5400 ext. 106