Six Financial Planning Tips for Your First Baby


Many people will tell you that if you wait until you’re financially ready to have your first baby, you’ll never do it. While this can be true, there are many things you can do before you start trying to conceive that can save you money and worries down the line.  Here are six tips that will help ease the financial burden your bundle of joy is likely to bring.


1.   Health Insurance

Once you get pregnant, health insurance is almost impossible to obtain, so make sure your current plan will adequately cover you and your baby.  If you’re not satisfied, shop around or change the options on your current plant to include maternity leave, doctor visits and the birth/hospital stay.  A plan that’s a little more expensive up front could end up saving you tons of money when the healthcare bills start rolling in.


2.   Tax Deduction

That’s right. You’ll be able to use your new little one to reduce your tax burden.  Talk to a financial planner or a tax advisor for advice about what information you’ll need and what documents to keep in order to ensure this process run smoothly.


3.   Couponing

You don’t have to be like the extreme couponers on television to save some serious cash on things you’ll need for baby.  Invest in a Sunday paper for coupons for formula, diapers, wipes, and lotions.  Hit up friends and family members that don’t have young children for their inserts as well.  Pick two or three of your favorite stores and compare prices each week for the best savings.  If you like the convenience of online shopping, sign up for Amazon Mom where you’ll receive bulk discounts and free shipping on select items.


4.   Bulk Up Emergency Savings

Start making one or two small sacrifices in your routine and add the money you save to your emergency fund, just in case.  If you hit any small road blocks with disability leave or medical insurance benefits, the extra savings will comfortably pad your finances until you can figure it out.


5.   Budget Your Income

This one seems obvious, but making or revising your household budget can keep your finances in control when the little one arrives. 

Do a bit of research to see about how much extra you’ll need per month in diapers, formula, etc. and allot spending accordingly.  Don’t forget to set aside a little bit for fun mommy and daddy things every now and again.


6.   Utilize Your Registry

While this one isn’t really financial planning on your part, having a registry can save you money and give your family and friends a better idea of what you need when it’s time for baby showers. Registries can be tons of fun and it’s easy to get lost in the massive amounts of baby products out there, so just  add everything you think you might need.  Some friends and family members prefer to get several small things for showers while others may want to go in on bigger items.  The worst thing that can happen is you don’t get everything on your list, but if you don’t put it on there, no one will know you need it.



Dana Viktor is the senior researcher and writer for Her most recent accomplishments include graduating from Ohio State University with a degree in communications and sociology. Her current focus for the site involves being 18 weeks pregnant and chinese gender charts

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Category: Personal Finance