Having your first child brings a range of emotions. New parents try to prepare everything for their little ones in advance. From their nursery to their clothes, everything is decided and planned. However, in this joy, most parents forget to plan the most important thing; finances!

Life would not only change emotionally after the birth of your baby but also financially. If you’re too close to the due date and don’t have a financial plan in mind, City Finance can loan you money.

But if you just heard about the good news, don’t worry. This article has everything you need to know to help you get your finances in order before your baby arrives.

1. Have A Money Talk with Your Partner

Talking about finances with your partner is important before the baby arrives. Make a list of all the important questions that you want to talk to your partner about. Make sure to have this conversation soon after you get pregnant or during the early stages because the sooner you discuss your feelings, the better.

Ask important questions such as who will work while the child is young, who will or if both of you will equally pay for their college and further education and many more similar questions to understand the distribution of finances in mind.

2. Create an Updated Budget

Having a little one changes not only your life but also your budget. There would be new costs and expenditures that were not there before, such as doctor appointments, hospital bills after the delivery, clothing and other baby accessories that your little one will need. Now is the right time to start thinking about them. Other than that, there will be increased insurance and health care costs.

Surprisingly, you might end up saving a few dollars too by staying home with the baby instead of date nights out for a few months.

3. Build Your Emergency Fund

If you haven’t started building your emergency fund yet, ow is the time! This step is an essential part of financial planning. Your emergency fund will help pay for unexpected occurrences easily and without you having to put your important goals on hold.

Start with saving a few dollars every month, and in a few months, you’ll have enough to deal with unexpected costs that occur along the way. You can even save up to use this money for the delivery of your baby. However, make sure to start replenishing it once it’s empty.

4. Check-in On Life and Disability Insurance

Disability insurance and life insurance are important steps you need to make sure you’ve already taken before the birth of your little one. Most people get disability insurance when they start working and life insurance when they get married or buy a house. If you already have those, that is great!

But still, before your baby arrives, review them and see if they fulfil all your needs. This step is important now because, in a few months, you will have a baby who depends on you for the next 20 years.

5. Make A Plan for Debt

Preparing for your little can be costly for most parents, and it doesn’t include only baby accessories but also hospital bills. You may end up accumulating some debt during this time. Make sure you have a plan in mind to pay it off as soon as possible after the baby arrives.

6. Plan Retirement and Other Financial Goals

You’re probably focused on your little one right now, but time flies by quickly. Before you know it, they will be independent adults and self-sufficient. You should now check in on your goals and retirement plan. This step may seem overwhelming and unimportant, but a financial advisor can help you balance finances now, so you have an amount saved for the future.

7. Set Up Some Financial Accounts for Your Child

Once your baby is born, this is an excellent step to take. Ensure you get them a Social Security number, which will enable you to open any financial accounts on your child’s behalf. Some accounts that would help your child include a traditional savings account, life insurance, and college savings account.


This checklist would help you prepare everything that needs to be done before the birth of your little one. Once you’ve decided on everything and planned out financially, you can enjoy the last pregnancy days with your partners and relax. You’ve done a lot, especially during the last month. So, take some time to yourself before the baby arrives.