Financial Considerations for Expectant Parents

Money matters for moms and dads.

With a new baby coming into your life, there are many financial considerations to take into account. Here are a few things to keep in mind:

    Life Insurance

    • Do I/we have life insurance?
    • How much life insurance will our family need?
    • Which kind of life insurance is best for us: universal, variable, or term?
    • How do I/we add a child as a beneficiary on existing insurance policies?

      Health Insurance

      • How can I add baby to my or my partner's health insurance plan?
      • Does my current form of insurance cover prenatal care, labor, and delivery?
      • Would an HMO or PPO plan serve our needs better?


        • What is my or my partner's family leave policy at work?
        • What benefits am I entitled to under the law?
        • How long could I or my partner afford to miss work while on family leave?
        • Are there other things I/we can take advantage of at work (education assistance, on-site day care, etc.)?
        • Do our employers offer flexible spending accounts?
        • Does my employer offer a disability plan? If not, how/where can I get one?

          Home and Car

          • Is my/our home large enough for a family?
          • If not, how much home can I/we afford?
          • How long will it take to save to buy a new home?
          • Is my/our home insured?
          • Do I/we need to purchase a different car to accommodate the new baby?
          • Do I/we have enough car insurance?

            Spending and Saving

            • Do I have a budget for baby clothes and furnishings?
            • Can my partner and I afford to live on one income?
            • If I'm adopting, how will I/we pay for the adoption costs?
            • If we need fertility treatments, how will these be financed?
            • What are my/our child-care options?
            • How much does child care cost in my/our area?
            • How much will I/we need to save to send my child to college?
            • Do I/we have six months of living expenses set aside in case of emergency?
            • Do I/we have adequate retirement funds?
            • Do I know how to claim the new child and child-care credits on my taxes?

              Personal Issues

              • Do I and/or my partner have a will?
              • Who would I/we want my/our child's legal guardians to be?