A person’s first year as a parent can be a bit financially startling. Diapers and food can leave a serious dent in your budget, and you’ll have to think about the cost of doctor’s appointment for the baby and healthcare for the mother. You’ll also need to revisit your insurance policy to make sure you have the coverage needed to support your growing family.
Food, diapers, formula, and other day-to-day costs are some the highest and most obvious expenses you’ll have to plan for. Families can spend about $50 a week on these items. Plan for these costs and how your budget will change if you intend on taking some time off work to care for your newborn. Doctor bills are another major expense for new parents. Plan for the delivery and possibility of a cesarean, which is a bit pricier. Check your health insurance policy to see how your obstetrician fees will be covered and plan your budget accordingly.
You’ll also need to look at your life insurance policy. Adding a baby to your family introduces many new financial responsibilities, and you need to consider how your death would affect your child and family. Whether you already have insurance or need to secure a policy now, check that your benefit provides the coverage you need. If you’re curious about the other costs associated with having a baby, test your knowledge with this quiz from Health IQ. You can also learn about how you can secure special rates for life insurance as a new parent.