Financial Planning When You’re Expecting Your First Child

by Joseph K. Clark

Preparing for a baby is exciting, but it’s not just shopping for tiny clothes and seeing heartwarming ultrasound photos. Preparing for a baby requires a lot of financial preparation that must begin before you ever get pregnant. However, since that rarely happens, and pregnancy many times is a beautiful surprise, you need to start preparing as soon as the pregnancy test reads positive.

From talking to a lender about securing a home loan if you have to move to a bigger house before the baby is born to getting the bras and pumps you’ll need to breastfeed the baby, there’s a lot to do in the short months you have until you bring your bundle of joy home from the hospital. In this article, you’ll find a few tips to help you with your financial planning when expecting a baby.

couples who don’t have children move into apartments or houses with only one bedroom, planning to upgrade when they have children. Once you find out what you’re expecting, you have to decide whether to make your small space work or purchase and move into a bigger home as a proud, new homeowner.


If you decide to purchase a home, you need a guide to home loans to find the best house to fit your needs. Don’t just apply for a loan from the first lender. Do your research to determine the best interest rate and whether you’re eligible for a conventional loan, an FHA loan, a VA loan, or an adjustable-rate mortgage. A lot goes into procuring a loan from a lender to purchase a home, such as how high your credit score is and how much of a down payment you can afford. As the borrower, you need to research and know what monthly payments you can afford before you talk to the lender.

maternity leave are in the past, and now many fathers take paternity leave to help with the baby after birth. As soon as you find out you’re pregnant, you need to determine if you and your spouse can take time off after having the baby. This information will let you know how many days of leave you can expect and how it’ll impact your financial situation.

For example, many things will need to be purchased for the new baby and items that you will need as an expectant mom. You’ll need new clothes and bras, and if you’re breastfeeding, you’ll want to go ahead and purchase a hands-free breast pump and nursing bra with accessories. You can find everything you need for nursing your newborn at Simple Wishes for a reasonable amount.

build a budget you can live with and start saving now. It’s essential to anticipate bills such as your out-of-pocket health insurance costs and the first year of your baby’s life, which will be quite expensive. These are just a few tips for helping you prepare financially when you’re expecting a baby.

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