Trying for a Baby? Get These Financial Chores Done Right Away


You and your partner have finally decided that now is a good time to try for a child. Congratulations! This is a big step for your relationship.

Adding a new member to your family comes with big expectations and responsibilities. While many of these are healthcarerelated, don’t forget about your finances. A child comes with a lot of financial obligations, and by the time they reach 18, you’ll have invested $310,605 in their upbringing.

Preparing your finances now is a great idea, long before you get pregnant and eventually welcome your new bundle of joy. Here’s what you should do at this early stage of your family plan.

Boost Your Emergency Fund

Checking in with your emergency savings is one of the first things you should do. It can take a while to build up to the recommended six months of living expenses in this fund, so the earlier you start, the more money you will have once your child is old enough to scrape their knees.

Many parents also try to apply for a line of credit online to supplement their emergency funds. A line of credit can bridge the gap in your savings, should they fall short of what you need to cover an urgent repair or medical expense.

Research Healthcare Costs

The average parent spends more than $310,000 on their child. While most of these costs are spread out over the first 17 years of your child’s life, some arrive before they’re even born.

From a healthcare perspective, you have a lot of prenatal care and labor expenses in your future. These bills can be very expensive depending on where you live and your health insurance coverage.

Take the time to research these expenses before you’re expecting. Budgeting for these costs now can help you handle them once they arrive.

Create a New Baby Budget

Healthcare won’t be the only added expense in the early stages of your family plan. You also have to prepare your home for your new family member and stock up on clothes, toys, and supplies. Check out this baby calculator to help you anticipate these costs, updating your budget to reflect these future expenses.

You may have to save up to create the nursing room of your dreams. Starting ASAP can help you save up for household renovations. For everything else, you can keep your costs low by buying secondhand when possible and avoiding designer brands when it comes to strollers, cribs, and other furniture.

Look Up Maternity or Paternity Leave

Parental leave may be far away at this point, but filling out the right paperwork can be complicated. Take the time now, before the check-ups and parenting classes, to figure out what you have to do to qualify. You’ll also want to understand how much time you get off under this leave, and how much you will earn. You can use these numbers to prepare a realistic post-baby budget.

Consider Your Health Insurance

Lastly, you’ll want to review your healthcare insurance. If you don’t have a policy, now is the perfect time to apply. Many basic plans will help you with prenatal expenses and labor and delivery costs. More importantly, the right plan can support your family as your child grows.

Shop around and compare policies versus price to make sure you get the best possible option available to you today.

Bottom Line

Get started on this now while you still have the time and energy to devote to these tedious financial chores. This work will help you start your family on more secure financial footing.

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