Download - What to Expect (Financially) When Expecting
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#CreditChatWednesdays | 3 p.m. ET
What to Expect (Financially) When ExpectingFeaturing: Emerge Benefit, Mina Ennin Black, Chad Smith and Damian Davila
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Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked to the community about the cost of having
kids.
ex.pn/expecting
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The average middle-income
family will spend $12k on
expenses in the baby’s first
year.
Source: Parenting.com
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#CreditChatWednesdays | 3 p.m. ET
What are the first financial steps a couple should take after learning they are expecting?
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Review your current budget. Find ways to increase savings and decide what your income and spending look
like once the baby is born.
“
Wednesdays | 3 p.m. ET#CreditChat
”Emerge@emergebenefit
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Consider including steps like updating insurance needs. Not just life - also short-term and long-term
disability.
“
Wednesdays | 3 p.m. ET#CreditChat
”Brad Sherman@shermanwealth
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Create a pre and post-pregnancy budget. Review emergency savings. Get/Review insurance: life, health,
and disability.
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Wednesdays | 3 p.m. ET#CreditChat
”Mina Ennin Black@WealthwithMina
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Sit down with a CFP professional and discuss financial planning. Estate
planning and insurance planning are now critical steps.
“
Wednesdays | 3 p.m. ET
Douglas A. Boneparth@dougboneparth #CreditChat
”
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#CreditChatWednesdays | 3 p.m. ET
What does a baby budget look like?
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Large items to consider in a baby budget are child care, diapers and formula/food. #SoManyDiapers
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Wednesdays | 3 p.m. ET#CreditChat
”
Grace Kvantas@GraceKvantas
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A baby budget accounts for all the big and little things they may need- from diapers and wipes to doctor visits and
insurance.
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Wednesdays | 3 p.m. ET
Emerge@emergebenefit #CreditChat
”
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Don’t get overwhelmed! Meet with a financial advisor and look into
insurance, emergency fund, and will and trust options.
“
Wednesdays | 3 p.m. ET#CreditChat
”Payoff@Payoff
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Babies don’t just require large amounts of money, they also
require time. Important to consider how that affects finances.
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Wednesdays | 3 p.m. ET#CreditChat
”Brad Sherman@shermanwealth
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#CreditChatWednesdays | 3 p.m. ET
What are some unexpected costs associated with having a baby?
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Don’t forget that Dad will want to take time off from work to spend
time with the new baby. Budget for that.
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Wednesdays | 3 p.m. ET
Southeast Financial@SFCUNews #CreditChat
”
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Mom and baby may need some additional doctor visits, which can be
easy to forget when budgeting for prenatal care and delivery.
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Wednesdays | 3 p.m. ET#CreditChat
”Emerge@emergebenefit
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It’s always a good idea to have an emergency fund to cover unexpected
costs. Consider starting a separate baby emergency fund.
“
Wednesdays | 3 p.m. ET#CreditChat
”Philadelphia F.E.C.@FEC_Philly
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If planning to get pregnant, get life insurance BEFORE becoming pregnant.
Life insurance for a pregnant woman can become prohibitively expensive.
“
Wednesdays | 3 p.m. ET#CreditChat
”Shannon McNulty@CityParentsLaw
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“Carve out some funds to
enjoy time together before the baby enters
the picture.”- Chad Smith
CFP, Financial Symmetry
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#CreditChatWednesdays | 3 p.m. ET
What are some frugal tips for preparing your home for a baby?
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Pre-make meals and freeze them! Trust me, when you’re exhausted those first couple of nights home,
they’ll be a godsend.
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Wednesdays | 3 p.m. ET#CreditChat
”Leslie H. Tayne, Esq@LeslieHTayneEsq
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Thrift stores and yard sales have awesome baby items- many in
excellent condition.
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Wednesdays | 3 p.m. ET#CreditChat
”
Debbi King@DebbiKing
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Through local parents of multiple groups, my wife and I have been able
to receive, exchange and provide great items.
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Wednesdays | 3 p.m. ET#CreditChat
”Damian Davila@daviladamian
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Teeny onsies and itty-bitty shoes may be irresistible, but control those
impulse buys - save the money for necessities.
“
Wednesdays | 3 p.m. ET#CreditChat
”Emerge@emergebenefit
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Seek hand-me-downs. Chances are a friend or relative can share some baby furniture or other supplies!
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Wednesdays | 3 p.m. ET#CreditChat
”
Leslie H. Tayne, Esq@LeslieHTayneEsq
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#CreditChatWednesdays | 3 p.m. ET
How can parents save money on baby clothing, diapers, food, etc.?
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AmazonMom is a great way to save on diapers (even more than COSTCO).
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Wednesdays | 3 p.m. ET#CreditChat
”
Becky Frost@Frostbe
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Find out if your insurance covers a breast pump. Most insurances cover them, even
the $300+ top models!
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Wednesdays | 3 p.m. ET#CreditChat
”
Damian Davila@daviladamian
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Buy diapers in bulk, or go the eco-friendly route with cloth
diapers.
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Wednesdays | 3 p.m. ET#CreditChat
”
Emerge@emergebenefit
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#CreditChatWednesdays | 3 p.m. ET
How do parents decide if they should stay home or work and use a daycare?
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The average cost of center-based daycare in the
United States is $11,666 per year
($972/month)Source: National Association of Child Care Resource and Referral Agencies (NACCRRA)
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Look at the financial sacrifice you’d be making on both ends. Another
option: split time between daycare and staying home.
“
Wednesdays | 3 p.m. ET#CreditChat
”Leslie H. Tayne, Esq@LeslieHTayneEsq
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Very personal decision. Look at what’s right for the parents and
what is healthy and affordable for all involved.
“
Wednesdays | 3 p.m. ET#CreditChat
”Becky Frost@Frostbe
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Check with your work about what your options are. Run that against your budget and what you need to
keep your goals in place.
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Wednesdays | 3 p.m. ET#CreditChat
”Douglas A. Boneparth@dougboneparth
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It seems like more employers are embracing working remotely. Worth a
shot!
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Wednesdays | 3 p.m. ET#CreditChat
”
Lenda@lenda
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Create two budgets: for staying at home and going to work. Consider:
retirement contributions and possible Social Security ineligibility.
“
Wednesdays | 3 p.m. ET#CreditChat
”Mina Ennin Black@WealthwithMina
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#CreditChatWednesdays | 3 p.m. ET
What are ways to save money on daycare costs?
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See if a relative or friend will keep your child. Costs are less and they
are in good hands.
“
Wednesdays | 3 p.m. ET#CreditChat
”
Debbi King@DebbiKing
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Check to see if your employer has partnered with any local daycares for a
discount.
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Wednesdays | 3 p.m. ET#CreditChat
”
Southeast Financial@SFCUNews
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Get help: Friends and family every once in a while; form a babysitting
co-op with other parents.
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Wednesdays | 3 p.m. ET#CreditChat
”
Mina Ennin Black@WealthwithMina
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Work your social network. We didn’t know a friend ran a licensed daycare
out of her home until we posted about needs on Facebook.
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Wednesdays | 3 p.m. ET#CreditChat
”Becky Frost@Frostbe
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#CreditChatWednesdays | 3 p.m. ET
How can parents start planning and saving for their child’s education?
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Save for college, but don’t forget about yourself! You can borrow for college, but you can’t borrow your
way through retirement.
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Wednesdays | 3 p.m. ET#CreditChat
”Brad Sherman@shermanwealth
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Start slow and be prepared to adjust your saving strategy as
life changes.
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Wednesdays | 3 p.m. ET#CreditChat
”
Kevin C Swanson@kevincswanson
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When it comes to saving, compound interest is powerful. No matter how you
save, contribute regularly.
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Wednesdays | 3 p.m. ET#CreditChat
”
Becky Frost@Frostbe
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First things first, make sure your finances are in order as a parent. You
can’t help them without helping yourself first.
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Wednesdays | 3 p.m. ET#CreditChat
”Payoff@Payoff
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#CreditChatWednesdays | 3 p.m. ET
Any final tips for parents-to-be?
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The financial expense will be rough, but enjoy
it! Your children are only little
for so long.
- @LeslieHTayneEsq
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Having a baby isn’t just about
the cost, of course- it’s a true miracle. So don’t
lose sight of what’s really
important.- @EmergeBenefit
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Nobody’s 100% ready to have a baby. Don’t be
too hard on yourself.
- @DavilaDamian
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Check out videos, podcasts, and list of upcoming chats:
experian.com/creditchat
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