Financial Checklist Before Starting a Family

There’s no denying that children are expensive. Hopeful parents can expect to shell out almost $300,000 on a child during his or her first 18 years. If you’re looking to start a family, you’ll need to start taking a closer look at your finances. There are plenty of costs to consider and some of them you may have never considered before. Here’s a helpful financial checklist for soon-to-be parents.

Evaluate fertility options and costs

Not every couple can have a baby naturally, so it’s important to consider your fertility options and what the costs will be. If you and your partner have already tried to become pregnant naturally, you may want to discuss IVF or in vitro fertilization. The best IVF doctor in Los Angeles* can help you and your partner become pregnant by increasing the number of viable eggs in the woman’s uterus and inseminating those eggs in a lab with the partner’s sperm. The embryos are then placed back into the uterus.

This fertility treatment uses what each body naturally produces to help create a baby and is a great option for anyone struggling to become pregnant without assistance. The success rate for IVF is typically highest in women under the age of 35. In couples with infertility diagnoses, success can vary. If you and your partner are unable to conceive a baby no matter the scenario, you can use a surrogate and donor eggs.

Consider healthcare costs

Adding a baby girl to your family will increase your healthcare costs. You’ll need to add the new child to your family’s health insurance and cover whatever costs he or she will need. The annual cost of healthcare for children has been steadily increasing and families can now expect to spend around $2,000 per child each year. When you decide it’s time to start having kids make sure you’re budgeting for your increased healthcare costs.

Start saving for childcare and education

Childcare and education expenses vary widely depending on what’s needed. If you know you and your partner will have to return to work shortly after the baby is born, you’ll need to budget for more childcare than a family who will have one parent stay home full-time.

If you’re hoping to send a school-aged child to private school, you’ll want to start saving now. Annual childcare and education costs range from $5,436 to $24,243, so the choices you make will have a big impact on what you’ll need to save. Either way, it’s a good idea to start setting aside money for your baby’s education and care right away.

Open a savings account for your child

Opening a savings account for your kid right away will help you and him or her feel more financially secure. You can use these funds for your child’s college education or wedding in the future. When finances feel tight during the first few years, knowing that your son or daughter has this account will put you at ease. Consider introductory savings accounts rates, which accrues interest at a higher rate during the first few months after being opened. The account then reverts to a lower rate. Opening a great savings account for your child will give him or her a nest egg to use in the future and you’ll be giving your kid a great head start.

Don’t neglect these financial considerations when deciding whether or not to have children. With the right financial planning and preparation, you and your family can be happy and healthy.

*Pacific Fertility Center Los Angeles by visiting 10921 Wilshire Blvd Ste 700, Los Angeles, CA 90024 or calling (310) 209-7700.