Written by Shay Gabriel | Images by Annica Quakenbush

The family gathers around their newborn baby within the comfort of their own home | Image by Annica Quakenbush

I admit, very soon after finding out I was pregnant with my rainbow baby, I hopped online to create a new baby registry. It was part of the dreaming process, after all! Relishing in renewed hope after loss…imagining a sweet bundle of joy in my own home…my own precious little baby…

Well, diving into creating a registry was super fun until it wasn’t, because actually there was a lot of choice overload involved. I quickly realized I had several lifestyle decisions to consider before I could really hone in on what we’d actually really want or need around the house for our own baby. And the mental load only grew bigger as I realized, “Oh! I’m going to need to choose a new insurance plan before the end of the year…I wonder which would actually cost us less overall…” Suddenly, I was thinking about financial planning well beyond the baby registry.

And now, four years into parenthood, I’m creating the guide I wish my spouse and I had been given during those early stages of financial planning. While this guide is not entirely comprehensive, it is a great launching point for some big considerations. I hope it ultimately lightens your mental load and leads to productive, intentional decision-making for you and your family!

Mother and child are nestled together with skin-to-skin contact after birth | Image by Annica Quakenbush

HEALTH insurance & healthcare costs

Be sure to review your current health insurance coverage or cost-sharing plan. Consider whether you’d like to make any changes to your plan at any point during pregnancy/before baby’s birth or after birth.
Understand the costs associated with prenatal, birth, and postpartum care with your current provider. Consider whether you’d like to make any changes to your provider. Consider your birth philosophy and whether your values and perinatal needs align more with the midwifery model of care, medical model, co-care, etc. What are your care provider options, and what are the associated costs for prenatal, birth, and postpartum care?

Consider where you plan to give birth and the associated costs (e.g. hospital, birthing center, home). If you’re planning an out-of-hospital birth and have any reason to transfer to the hospital (not to raise alarm — this typically happens for reasons that aren't big emergencies), consider your coverage and any potential associated out-of-pocket costs.

Consider birth doula support and its impact on birth outcomes for all involved (mother, baby, birth partner, siblings, etc). What are the associated costs? Consider that birth doula support reduces the likelihood of cesarean birth and may reduce out-of-pocket costs overall. (Extra, personal, holistic support that might even cost you less in the long run? Hells yeah!)
Consider how baby’s coverage will work upon birth and thereafter, as well as who will provide baby’s care throughout infancy (e.g. pediatrician, family doctor…) and any associated costs.

Annica offers birth doula support as mama labors in the birth pool and big brothers look on

maternity/paternity/family leave

Be sure to understand any workplace policies regarding maternity and paternity leave for yourself and/or your partner.
Plan for any potential reduction in income and stretching your budget over time off.
Consider that you might need additional time for mother and/or baby to recover and additional support from a partner, family, and friends.
Consider setting up a meal train (a loved one can tackle this for you!) and preparing several freezer meals during pregnancy to cut on postpartum food prep and food delivery expenses. You can double up the recipes you're cooking normally anyway — a major time-and-energy-saver.

A baby is born to their over-the-moon parents! | Image by Annica Quakenbush

Additional benefits & resources

Investigate whether you or your child(ren) might be eligible for any other employer or government benefits (e.g. infant medicaid coverage, WIC…)
Consider postpartum physical therapy (e.g. pelvic floor therapy) and the associated costs.
Consider access to mental health resources such as counseling/therapy and the associated costs. Birthing persons and/or their partners can experience postpartum mood disorders and may need professional support; even without perinatal disorders, mental health therapy can be beneficial for all new parents navigating the many changing family dynamics.

Dad snuggles newborn baby as Annica captures those tiny little toes on camera | Image by Annica Quakenbush

Baby budget

Your parenting lifestyle choices will impact the following considerations:

Be sure to consider the cost of preparing the house for baby, such as setting up a nursery, baby-proofing, baby gear.
Consider any ongoing expenses like diapers, wipes, formula, and clothing.
This comes further down the road, but consider the approach you'll take to introducing solid foods (i.e. baby led weaning with shared family foods vs products marketed specifically for babies)

Mother and daughter participate in sensory play on a cozy rug | Image by Annica Quakenbush

Childcare options

What will caretaking look like once any family leave has wrapped up? Will you and your partner share the caretaking schedule and alternate work hours? Will one of you take on full-time work while the other handles primary childcare? Will you need hired childcare support? (If you do plan to seek childcare, don't delay — lately there tend to be pretty long waitlists.)
Consider various childcare options and the associated costs (e.g. in-home daycare, childcare center, a live-in or drop-in nanny, etc). Consider any adjustments you may want to make for work/caretaking balance based on expenses, lifestyle preferences, caretaker availability, etc.

Other important financial planning considerATIONs

Adjust tax withholding as relevant and consider any tax credits
Prepare an emergency fund that accounts for a few months or more of financial upset, or access to what I like to call “oh shit” funds like a low-interest line of credit that can get you by amidst unforeseen circumstances
Establish or update any life insurance policies
Consider retirement accounts or other methods of long-term financial security
Prepare a written will that outlines your wishes for guardianship and distribution of assets
Consider any long-term savings plans such as funds for education or home-buying