While it’s exciting to plan for a little one, it’s also important to consider is the financial changes your new child will bring. Whether you’ve been trying for over a year and are pursuing infertility treatments, or recently gotten pregnant, here are several ways you can financially prepare for a new addition to your family.

5 Financial Ways to Prepare for a New Baby

1. Explore Insurance Coverage

For many women, being pregnant requires multiple doctors visits. It’s important to get clarity from your insurance provider to assess what your coverage entails. This is especially true for anyone who may be pursuing infertility treatments as some insurance companies only cover specific procedures and medications.

2. Plan for Leave

As you approach the due date, check with your Human Resources department to discuss maternity or paternity leave. Familiarize yourself with your employers’ policies and state laws to determine your eligibility. The amount of paid and unpaid leave taken will impact your household income, so you might want to consider one parent taking a shorter absence from work.

3. Update Your Budget

Develop an after-baby budget to plan for costs, like diapers, clothing, and food, your little one will need as they grow. Accommodate for growing costs by considering expenses to eliminate like television streaming or food delivery.

4. Assess Childcare Options

If you plan to enroll your child in daycare, make a list of must-have qualities and tour nearby care centers. Price out your options to determine which facilities meet your requirements while fitting within your budget.

5. Start New Savings Funds

Consider your child’s future and start a savings fund to cover any medical, educational, or emergency expenses that may arise. You might also start a fund dedicated exclusively to their college tuition.

The caring and skilled team at IVF Hawaii in Honolulu understands conceiving a baby presents unique challenges for those experiencing infertility. The center has the highest success rate in Hawaii and their dedicated professionals will walk you through every step of the process including treatment, pregnancy, and delivery. If you are exploring infertility treatment options, call (808) 538-6655 to speak with a specialist or visit their website to find out what sets this clinic apart.