Preparedness checklist

New Baby

Having a baby is a life-changing event that comes with new financial responsibilities. Here are 20 things to consider as you prepare your finances.

Before the baby arrives

Create a Baby Budget
Estimate costs for baby essentials like diapers, clothing, formula, and nursery furniture.
Review Health Insurance Coverage
Ensure your plan covers prenatal care, delivery, and pediatric visits. Add the baby to your policy after birth.
Understand Maternity and Paternity Leave Policies
Check if your employer offers paid or unpaid leave and plan for any loss of income.
Build an Emergency Fund
Save three to six months of living expenses for unexpected costs.
Estimate Delivery Costs
Research hospital or birthing center expenses, including co-pays, deductibles, and out-of-pocket maximums.
Plan for Childcare Expenses
Explore daycare, nanny, or other childcare options and start budgeting for them early.
Pay Down Debt
Reduce or eliminate high-interest debt to free up funds for baby-related expenses.
Create a Will and Name a Guardian
Establish a will to ensure your child is cared for according to your wishes.
Review Life Insurance Needs
Purchase or update life insurance policies to provide for your family in case of unexpected events.
Open a Flexible Spending Account (FSA) or Health Savings Account (HSA)
Use tax-advantaged accounts to save for medical expenses.

Start a College Savings Plan
Consider opening a 529 plan or other education savings account.
Review and Update Your Budget
Adjust for recurring baby expenses, such as diapers, formula, and healthcare.
Shop Smart for Baby Gear
Buy secondhand or accept hand-me-downs for items like cribs and strollers to save money.
Plan for Time Off Work
Save extra funds to cover expenses during unpaid leave or reduced income periods.
Prepare for Increased Utility Bills
Anticipate higher costs for electricity, water, and heating with a new baby at home.

Add the Baby to Your Health Insurance
Enroll your baby within the required timeframe (typically 30 days) after birth.
Start a Savings Account for the Baby
Set up a savings account for future needs like activities or emergencies.
Track Tax Benefits
Claim tax deductions or credits like the Child Tax Credit or Dependent Care Credit.
Plan for Long-Term Expenses
Consider ongoing costs like education, extracurricular activities, and healthcare.
Maintain Financial Flexibility
Reassess your finances regularly to adjust for your family's changing needs.

We've walked hundreds of Oregon families through exactly this moment. Call us, no pressure, just guidance.