Checklist #42 · Life Events
Having a Baby Financial
Prepare for the financial reality of a new child — from parental leave and healthcare costs to childcare budgeting and long-term planning.
17 action items~20 min to complete4 sections
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Parental Leave & Income Planning
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Review your employer's parental leave policy: paid, unpaid, or FMLA durationKey
Understand whether short-term disability covers a portion of income during leaveAction
Build a 'parental leave fund' to replace lost income during unpaid weeksKey
Plan for reduced income if one parent plans to reduce hours or leave the workforceWatch out
Explore tax credits for childcareKey
Calculate total leave income replacementAction
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Healthcare Costs
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Review your health insurance plan's coverage for pregnancy, birth, and newborn careKey
Estimate your out-of-pocket costs: typically $3,000–$10,000 for a hospital birth depending on planWatch out
Add your newborn to your health insurance within 30 days of birth (enrollment window)Watch out
Consider switching to a family health plan vs. adding child as dependent — compare total costsAction
Max out your FSA or HSA for the birth year — medical costs will be significant
Verify pregnancy and birth coverageWatch out
Plan for postpartum mental health careKey
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Childcare & Ongoing Costs
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Research childcare costs in your area — and build it into your budget nowKey
Investigate Dependent Care FSA — up to $5,000 pre-tax for qualifying childcare expensesAction
Compare childcare options: daycare center, family daycare, nanny, or family help
Budget for diapers, formula, clothing, gear, and pediatric care in year 1Watch out
Budget infant-specific first-year costsAction
Lock in childcare arrangements earlyWatch out
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$310,605
Estimated cost to raise a child to age 17 - USDA 2022
$16,000+
Average annual infant daycare cost in major U.S. cities
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Insurance & Long-Term Planning
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Increase life insurance coverage to account for new dependentKey
Update beneficiaries and will to include your child (or a trust for their benefit)Watch out
Consider opening a 529 plan for college savings — even small contributions compound meaningfullyAction
Draft or update guardianship designations in your willKey
Review disability insurance coverageKey
Set up UGMA or UTMA account