Ashley Temer is a Financial Representative with Northwestern Mutual who helps professionals, families, and business owners plan for financial security. She’s here for your “Money Minute.”

Learning you’re going to be a parent brings a range of emotions with the realization that life’s about to change in a major way. Not only emotionally, but financially. This checklist will help you financially prepare for your new baby:

1. Create a new budget
2. Build your emergency fund
3. Check on your life & disability insurance plans
4. Start your estate planning
5. Set up child financial accounts