1. My husband and I just had a baby girl and are a bit overwhelmed by all the financial considerations for new parents. What's the first thing we should do?
First of all, enjoy your new family. Secondly, make a will. Regardless of your age or economic situation, it's a must. Few things are worse than compounding a tragic situation with needless complications and legal hassles for surviving family members. If you don't have an attorney or the funds to hire one, there are plenty of online and do-it-yourself resources out there to help you draft a simple, efficient, and legally viable document (sometimes in just a matter of minutes). Check out www.legacywriter.com, www.buildawill.com or www.nolo.com for starters. Consider it a down payment on peace of mind.
Brian O'Connell, a freelance writer in Pennsylvania, is the author of Free Yourself from Student Loan Debt.