Having a baby is an incredible moment, but there’s lots to budget for in terms of your first year as a parent. Food, diapers, and formula alone can cost a few thousand dollars annually, and you’ll also need to plan for doctor’s bills for the delivery and ongoing care for the baby and mother. Finally, you’ll need to take a look at your home and check that your health insurance policy provides the coverage you need for your growing family.
Is your home ready to welcome your new baby? Though preparing your home mostly involves a few inexpensive changes and the purchase of some new furniture, the costs do add up. Budget for things such a crib, toys and baby monitors, baby clothes, and the equipment you need if you plan on breastfeeding. Finally, you’ll need to do a walkthrough of your home and look for sharp edges and breakable items that aren’t baby-friendly. Either replace these items, keep them in storage for a while or sell them, or add Bubble Wrap or plastic guards to the edges.
Life insurance is another aspect to consider in preparing your home for a new child. Many people wait until the milestone of a first child to secure life insurance — and for good reason. You need a policy that covers your mortgage payment, if applicable, and provides a large enough benefit to provide for your child and other family members. Expecting parents are eligible for special insurance rates through HealthIQ, and you can take this quiz to learn more about the not-so-obvious costs associated with having a baby.