Savings Guide: Financial planning when you have a baby on the way

Savings Guide: Financial planning when you have a baby on the way

RICHMOND, Va. (WWBT) - There’s so much to prepare for when you’re having a baby but the most important thing by far is how you’re going to pay for it all.

If you plan out your finances before the baby arrives, you will save yourself a lot of unnecessary stress.

When you first find out your pregnant, figure out how much your hospital delivery will cost. It can be pricey even with insurance.

Knowing your maternity or paternity leave policy is crucial according to our partners at the financial website Nerdwallet.

Diapers, food and childcare aren’t cheap. Get realistic costs on all of these.

Choose an in-network pediatrician and try to establish a rainy day fund before giving birth.

After the baby arrives, make sure your child is added as a beneficiary to your accounts and adjust your will to include them.

You’ll want to add your child to your health insurance policy within the first month.

Finding childcare can take weeks so starting sooner than later will give you the best option. Even looking while you are still pregnant.

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