Our Two Cents

Congratulations! You're expecting a baby and you're full of excitement and nerves. But a baby means big changes. How will you pay for it all?

We’ve got the tips you need to prepare financially for a new baby.

Pay down debt

Don’t let your debt grow along with the baby bump. It’s best to get your finances in order to make it easier to manage all new expenses and prepare for your child’s future. Make a plan today to kick that debt for good!

Adjust your monthly budget

Babies don’t come cheap. When your little one arrives, you’ll need to spring for baby furniture, clothes, and diapers. Most of these expenses will be ongoing, so make room in your budget for these new items before your baby is born.

Set up a baby account

All those baby expenses can be overwhelming, but if you break them down into bite-sized pieces, they’ll be easier to manage. Why not set up a separate savings account for all baby expenses? You can automate these savings by setting up a monthly transfer from your paycheck or checking account to your “baby account.” Take a look at the savings account options available at Chief and see what works best for you. 

Estimate prenatal care and delivery costs

It costs how much to have a baby? Some people can pay close to $10,000 in prenatal costs and delivery. Of course, these amounts vary by location and insurance provider, but it’s a good idea to work out exactly how much it will cost so you aren’t in for an unpleasant surprise after the baby is born. Start saving now!

Start saving for college

Believe it or not, your little one will, one day, be all grown up and ready for college! This can mean paying a small fortune in tuition. The sooner you start saving, the easier it will be to continue. Consider opening a 529 plan before your child is born so your college savings can grow tax-free.