What to Expect (Financially) When Expecting

#CreditChatWednesdays | 3 p.m. ET

What to Expect (Financially) When ExpectingFeaturing: Emerge Benefit, Mina Ennin Black, Chad Smith and Damian Davila

Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked to the community about the cost of having

ex.pn/expecting

The average middle-income

family will spend $12k on

expenses in the baby’s first

Source: Parenting.com

What are the first financial steps a couple should take after learning they are expecting?

Review your current budget. Find ways to increase savings and decide what your income and spending look

like once the baby is born.

Wednesdays | 3 p.m. ET#CreditChat

”Emerge@emergebenefit

Consider including steps like updating insurance needs. Not just life - also short-term and long-term

disability.

”Brad Sherman@shermanwealth

Create a pre and post-pregnancy budget. Review emergency savings. Get/Review insurance: life, health,

and disability.

”Mina Ennin Black@WealthwithMina

Sit down with a CFP professional and discuss financial planning. Estate

planning and insurance planning are now critical steps.

Wednesdays | 3 p.m. ET

Douglas A. Boneparth@dougboneparth #CreditChat

What does a baby budget look like?

Large items to consider in a baby budget are child care, diapers and formula/food. #SoManyDiapers

Grace Kvantas@GraceKvantas

A baby budget accounts for all the big and little things they may need- from diapers and wipes to doctor visits and

insurance.

Emerge@emergebenefit #CreditChat

Don’t get overwhelmed! Meet with a financial advisor and look into

insurance, emergency fund, and will and trust options.

”Payoff@Payoff

Babies don’t just require large amounts of money, they also

require time. Important to consider how that affects finances.

What are some unexpected costs associated with having a baby?

Don’t forget that Dad will want to take time off from work to spend

time with the new baby. Budget for that.

Southeast Financial@SFCUNews #CreditChat

Mom and baby may need some additional doctor visits, which can be

easy to forget when budgeting for prenatal care and delivery.

It’s always a good idea to have an emergency fund to cover unexpected

costs. Consider starting a separate baby emergency fund.

”Philadelphia F.E.C.@FEC_Philly

If planning to get pregnant, get life insurance BEFORE becoming pregnant.

Life insurance for a pregnant woman can become prohibitively expensive.

”Shannon McNulty@CityParentsLaw

“Carve out some funds to

enjoy time together before the baby enters

the picture.”- Chad Smith

CFP, Financial Symmetry

What are some frugal tips for preparing your home for a baby?

Pre-make meals and freeze them! Trust me, when you’re exhausted those first couple of nights home,

they’ll be a godsend.

”Leslie H. Tayne, Esq@LeslieHTayneEsq

Thrift stores and yard sales have awesome baby items- many in

excellent condition.

Debbi King@DebbiKing

Through local parents of multiple groups, my wife and I have been able

to receive, exchange and provide great items.

”Damian Davila@daviladamian

Teeny onsies and itty-bitty shoes may be irresistible, but control those

impulse buys - save the money for necessities.

Seek hand-me-downs. Chances are a friend or relative can share some baby furniture or other supplies!

Leslie H. Tayne, Esq@LeslieHTayneEsq

How can parents save money on baby clothing, diapers, food, etc.?

AmazonMom is a great way to save on diapers (even more than COSTCO).

Becky Frost@Frostbe

Find out if your insurance covers a breast pump. Most insurances cover them, even

the $300+ top models!

Damian Davila@daviladamian

Buy diapers in bulk, or go the eco-friendly route with cloth

diapers.

Emerge@emergebenefit

How do parents decide if they should stay home or work and use a daycare?

The average cost of center-based daycare in the

United States is $11,666 per year

($972/month)Source: National Association of Child Care Resource and Referral Agencies (NACCRRA)

Look at the financial sacrifice you’d be making on both ends. Another

option: split time between daycare and staying home.

”Leslie H. Tayne, Esq@LeslieHTayneEsq

Very personal decision. Look at what’s right for the parents and

what is healthy and affordable for all involved.

”Becky Frost@Frostbe

Check with your work about what your options are. Run that against your budget and what you need to

keep your goals in place.

”Douglas A. Boneparth@dougboneparth

It seems like more employers are embracing working remotely. Worth a

Lenda@lenda

Create two budgets: for staying at home and going to work. Consider:

retirement contributions and possible Social Security ineligibility.

”Mina Ennin Black@WealthwithMina

What are ways to save money on daycare costs?

See if a relative or friend will keep your child. Costs are less and they

are in good hands.

Debbi King@DebbiKing

Check to see if your employer has partnered with any local daycares for a

discount.

Southeast Financial@SFCUNews

Get help: Friends and family every once in a while; form a babysitting

co-op with other parents.

Mina Ennin Black@WealthwithMina

Work your social network. We didn’t know a friend ran a licensed daycare

out of her home until we posted about needs on Facebook.

”Becky Frost@Frostbe

How can parents start planning and saving for their child’s education?

Save for college, but don’t forget about yourself! You can borrow for college, but you can’t borrow your

way through retirement.

Start slow and be prepared to adjust your saving strategy as

life changes.

Kevin C Swanson@kevincswanson

When it comes to saving, compound interest is powerful. No matter how you

save, contribute regularly.

Becky Frost@Frostbe

First things first, make sure your finances are in order as a parent. You

can’t help them without helping yourself first.

”Payoff@Payoff

Any final tips for parents-to-be?

The financial expense will be rough, but enjoy

it! Your children are only little

for so long.

- @LeslieHTayneEsq

Having a baby isn’t just about

the cost, of course- it’s a true miracle. So don’t

lose sight of what’s really

important.- @EmergeBenefit

Nobody’s 100% ready to have a baby. Don’t be

too hard on yourself.

- @DavilaDamian

Check out videos, podcasts, and list of upcoming chats:

experian.com/creditchat

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