What To Expect (Financially) When You’re Expecting

Congratulations on your pregnancy! Finding out you’re expecting is an exciting time. If you are expecting, you already know there’s a lot to think about in the next few months. Time will move faster than you think, and while it might seem far off now, soon, you’ll be holding your baby. To be in the best shape possible financially, it’s good to know what to expect. Here are a few things to consider when planning out your finances.

Babies need more products than you may realize.


Expect to need more products to help care for your baby than you anticipated. If you’re like most new mothers, you’ll go overboard on cute baby clothes and burping cloths but put less thought into that hands free nursing bra, breast pump, breast shields, nipple cream, or pump bra. It’s natural to be excited to buy cute things you can put on your baby but forget about yourself in the process. Nevertheless, try to remember to budget for crucial products, like a hands-free pumping bra and a breast pump, as well.

The same can be said for items that will make long days and sleepless nights with your newborn easier. Many mothers underestimate what they’ll need when it comes to swings, strollers, high chairs, and car seats. Even with an amazing baby shower, you’ll likely realize that there are many things you’re missing when it comes to taking care of your newborn. For this reason, you’ll want to set some money aside for those extra things all babies need that you aren’t aware of yet. When doing so, plan to spend some money on yourself, too. Your baby is depending on you, so taking care of yourself and investing in self-care products will matter.

Reassessing monthly payments can mean more money for your baby.


Expect big financial changes. With the expense of a new baby coming soon, now is a great time to look at your overall finances. The average parents can expect to spend around $13,000 on their child every year in the United States. Doing some research on your current loans, today’s rates, and more could be a financial lifesaver.

You might be surprised how much can refinancing save you in the long run. If you’re a homeowner, start with your mortgage. Even if you have a fixed rate, it might be worth checking into mortgage refinancing more in line with your new financial goals. When considering refinancing and checking out mortgage calculators, don’t forget to do the same for any personal loans you may have. While you may expect you’ll have time to handle these things while your baby naps, the reality is that you’ll want to use that time for yourself after your baby comes.

Before your bundle of joy arrives, take a look at your home’s value, what you’re paying monthly in utilities and other costs, and see where you can cut down to have more money for when your baby has arrived.

It’s a good idea to start saving now.


Expect to need an emergency fund. For most mothers, time in the pregnancy can feel like it’s dragging by. You might not expect how quickly your baby will arrive. If you’re expecting, you’ll want to think about saving now because those last few months will move quickly when it comes to how many paychecks you’ll be able to draw upon for an emergency fund.

In the long run, the best thing you can do financially is to do what you can to build a nest egg before your baby arrives. One thing is for sure: babies mean expecting the unexpected. Financial expenses will come up that you don’t see coming. Having a savings account for emergencies or those late night trips to the grocery store will make a big difference when your baby comes. Congratulations to you on your new addition! Expect to fall in love.