{"id":6788,"date":"2025-12-03T11:38:55","date_gmt":"2025-12-03T17:38:55","guid":{"rendered":"https:\/\/stpaulfcu.org\/?post_type=education&#038;p=6788"},"modified":"2025-12-03T11:38:56","modified_gmt":"2025-12-03T17:38:56","slug":"preparing-financially-new-baby","status":"publish","type":"education","link":"https:\/\/stpaulfcu.org\/education\/preparing-financially-new-baby\/","title":{"rendered":"Preparing Financially for a New Baby"},"content":{"rendered":"\n<p>Congratulations! You\u2019ve expecting a baby and you\u2019re breathless with excitement \u2014 and nerves. A baby means big changes, and a part of those changes is lots of new expenses. How will you pay for it all?<\/p>\n\n\n\n<p>We\u2019ve got the tips you need to prepare financially for a new baby.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-pay-down-debt\"><strong>Pay down debt<\/strong><\/h3>\n\n\n\n<p>Don\u2019t let your debt grow along with the baby bump. It\u2019s best to get your finances in order to make it easier to manage all new expenses and prepare for your child\u2019s future. Make a plan today to kick that debt for good!<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-adjust-your-monthly-budget\"><strong>Adjust your monthly budget<\/strong><\/h3>\n\n\n\n<p>Babies don\u2019t come cheap. When your little one arrives, you\u2019ll need to spring for baby gear and furniture, a new wardrobe, diapers and possibly childcare as well. Most of these expenses will be ongoing, so it\u2019s best to make room in your budget for these new items before your baby is born.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-set-up-a-baby-account\"><strong>Set up a baby account<\/strong><\/h3>\n\n\n\n<p>All those baby expenses can be overwhelming, but if you break them down into bite-sized pieces, they\u2019ll be easier to manage. Why not set up a separate savings account for all baby expenses? You can automate these savings by setting up a monthly transfer from your paycheck or checking account to your \u201cbaby account.\u201d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-estimate-prenatal-care-and-delivery-costs\"><strong>Estimate prenatal care and delivery costs<\/strong><\/h3>\n\n\n\n<p>It costs how much to have a baby?!<\/p>\n\n\n\n<p>Some folks can pay close to $10,000 in prenatal costs and delivery. Of course, these amounts do vary by location and insurance provider, but it\u2019s a good idea to work out exactly how much it will cost you to have a baby so you aren\u2019t in for an unpleasant surprise after the baby is born. Start saving now!<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-start-saving-for-college\"><strong>Start saving for college<\/strong><\/h3>\n\n\n\n<p>Believe it or not, your little one will, one day, be all grown up and ready for college! This can mean paying a small fortune in tuition. The sooner you start saving for your child\u2019s college education, the easier it will be to save. You\u2019ll spread the costs and also give those savings the best chance at growth.<\/p>\n\n\n\n<p>Consider opening a <a href=\"https:\/\/stpaulfcu.org\/services\/ira-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">Coverdell Education Savings Account<\/a> which allows you to make tax-free contributions of up to $2,000 per child, per year, until the child reaches 18. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Congratulations! You\u2019ve expecting a baby and you\u2019re breathless with excitement \u2014 and nerves. A baby means big changes, and a part of those changes is lots of new expenses. How will you pay for it all? We\u2019ve got the tips you need to prepare financially for a new baby. Pay down debt Don\u2019t let your [&hellip;]<\/p>\n","protected":false},"featured_media":6789,"template":"","education-category":[194],"class_list":["post-6788","education","type-education","status-publish","has-post-thumbnail","hentry","education-category-tips-resources"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Preparing Financially for a New Baby - St. Paul Federal Credit Union<\/title>\n<meta name=\"description\" content=\"A baby means big changes and a lot of new expenses. 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