How to make the financial transition to being a parent

Having a new baby is a time of joy and wonder. But for many new parents, it can also seem a bit financially overwhelming. There are new roles and responsibilities and a whole new set of financial priorities.

From handling new bills to tax implications to education saving, planning ahead will make the transition to parenthood a lot easier. Here are some ways to get started:

• Update your budget.
• Adjust your insurance coverage and estate plan.
• Start planning for your child's education.

Request a Social Security number for your child right away. You'll need it to claim a dependent on your income tax return, to designate him or her as a beneficiary on your 401(k) or IRA, or to open a custodial or 529 account. For details, go to SSA.gov.