Category: Growing Families infographic

Small Child, Big Decisions: What to Plan Beyond the Little Things

From arranging child care to saving for the college years, there are plenty of things to consider when preparing for a new baby.


When financially preparing for life with a baby, there are classes available to take, but they may not cover everything. You know your world is about to change in big ways and you need to get your ducks in a row, but what does that entail? We’ve broken down some of the different expenses for you to consider, and how much to budget on average, before your bundle of joy arrives.

The cost of raising your baby can sneak up on you quickly. For example, early on, you’re focused on diapers and formula, but you’ll also want to be thinking about longer-term costs, such as saving for college tuition. Childcare for your newborn and life insurance for yourselves are also items consider, as are out-of-pocket healthcare costs.

In addition to your existing expenses, you’ll also need to consider whether the room you have for your baby is adequate or if you anticipate needing more room when your baby arrives. Then there are the smaller, obvious expenses like a crib, baby food, strollers, car seats and more.

If you and your partner both plan to return to work, childcare is also a budgetary priority. Whether that means daycare, a babysitter or a nanny is up to you, and each comes with a vastly different price tag for you to assess.

While preparing for your first baby can be overwhelming, remember that a little planning goes a long way. One of the most important items on your baby to-do list should be to review your family finance plans and start budgeting for a baby.


  • Study: Would-Be Parents Unprepared for Potential Cost of Raising a Baby, NerdWallet, 2017.
  • Childcare Options: Pros, Cons, and Costs, BabyCenter, 2018.
  • College Costs: FAQs, CollegeBoard, 2017.
  • 2016 Amica Life Financial Pease of Mind Survey, 2016.

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