The financial moves to make before having a baby


Starting a family can be a very exciting time for couples. Preparing to start a family financially can be one of the most important planning steps new parents can take when starting a family. These pre-baby tasks will help you have the information you need to make all of the financial choices that new parents make so that you are prepared financially for kids.

  • Before having a baby you need to understand how much of the medical costs will be covered and what your monthly premiums will be after the baby arrives. Building up your Health Savings account before the baby is a smart financial move. 

  • Develop a budget for all the items you will need to purchase or do before the baby arrives, which includes: cribs, strollers, car seats, and all of the other essential baby needs that you do not currently own. 

  • One of the most important decisions will be deciding how long one or both of you intend to take off work when the baby arrives, or if one of you will stay home for several years. 

  • Your monthly budget after the baby arrives will be different, from additional food and clothing costs to additional costs for daycare and babysitting. All of these new expenses need to be included in your post-baby budget. 

  • Before the baby arrives or maybe even before becoming pregnant is a great time to focus on increasing the emergency fund so that you have a cushion for those unexpected expenses that only increase with kids. 

  • Another very important decision will be to decide if your current housing situation will be adequate for the foreseeable future or if you need to move before the baby arrives. Housing is often something that new parents don’t consider prior to having children. 

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