• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

A Moment With Franca

A Family, Lifestyle & Travel Blog

  • Home
  • About
    • About Me
    • Contact
    • Privacy Policy
  • Family
    • Family Events
    • Family Life
    • Family Days Out
    • Birthdays
  • Lifestyle
    • Home & Interiors
    • Bathrooms
    • Bedrooms
    • Garden
    • Kitchen
    • Health
  • Travel
    • Days Out
    • Things To Do In London
    • Holidays
    • Press Trips
  • Reviews
    • Toys & Games
    • Days Out
    • Fashion
    • Beauty
  • Seasonal
    • Christmas
    • Halloween
    • Mother’s Day
    • Father’s Day
    • Easter
    • Valentine’s Day
  • Giveaways
  • Show Search
Hide Search

5 Financial Decisions All Expecting Parents Need to Consider

amomentwithfranca · 4 June 2022 · 16 Comments

If you’re expecting a child it is normal to feel overwhelmed! We’re going over the most important financial decisions you need to consider before the due date

5 Financial Decisions All Expecting Parents Need to Consider

Becoming a parent can be stressful! As the due date approaches, there are so many different tasks to accomplish and things to get ready. You have to establish a nursery, plan for the birth, and choose a name for your child! With so many decisions, many soon-to-be parents feel in over their heads. Not to mention, the overall cost of raising a child is constantly rising along with national inflation, so many expecting parents are searching for ways to save money wherever they can. Because there are so many things to consider before welcoming a child into the world, we’re going over some of the most important financial decisions parents need to consider while they’re expecting. We’re going to be covering everything from life insurance to maternity and paternity leave—and more! So, if you have questions about preparing your finances as a new parent, keep reading to find out the 5 most important things you need to consider before your child is born.

1. Purchasing Life Insurance for Yourself

Shopping for term life insurance quotes is a must for any expecting parent.

young couple searching on a tablet sitting on a couch

Shop around for different life insurance policies to make sure you are getting the right price.

One of the most important things you can do as an expecting or new parent is to begin shopping for life insurance. Life insurance is so important for new parents because it ensures that your family is supported should the unthinkable happen. If you pass away unexpectedly, your insurance plan can cover the cost of funeral expenses, childcare, outstanding debts, college for your child, and more. Anyone who has any outstanding debts or any dependents should consider purchasing a life insurance plan. Most new parents in their 20s and 30s will want to shop for term life insurance quotes because it is the most cost-effective coverage option for people purchasing life insurance for the first time. As you search for term life insurance quotes, there are a few decisions you will need to make. The first decision you need to make is the duration of your plan. When you are looking for a term life insurance quote, you need to choose how long you want the term to last. Usually, term life insurance policies last anywhere from 20-40 years. The longer your plan, the more expensive your monthly premium will be.

For expecting parents, we recommend finding a term life insurance quote that lasts for 30 years, that way your child will be old enough to live on their own before your plan expires.

The second thing expecting parents need to consider when it comes to life insurance is the amount of coverage you require. While there isn’t a singular dollar amount that is appropriate for all families, there are a few factors to consider when calculating the amount of coverage you need for your family.
You should calculate your coverage amount based on your yearly income, whether or not you intend to send your child to college, and the amount of outstanding debt you have. Using these numbers, you should tabulate how much coverage you need to provide for your family for about 10 years. Once you have calculated a rough estimate, you can begin searching for term life insurance quotes from different insurance companies.

2. Plan for Your Maternity/Paternity Leave

Now that we’ve learned about life insurance, it’s time to plan for your maternity/paternity leave

pregnant expecting mother working at a desk taking notes

Consult your employer for details on their maternity/paternity leave policies.

One of the most pressing financial decisions that parents need to think about is maternity and paternity leave. The first thing you need to do when planning your maternity or paternity leave is to find out how much paid time off your company is willing to offer. Your company’s paid time off policy will affect the amount of time you will be able to take before returning to work. There are some cases in which companies do not offer paid parental leave for new parents, so it is a good idea to speak to human resources at your company before you decide how much time off you want to take. The average maternity leave at most jobs is 10 weeks, though the duration will vary depending on your company’s policies. Paternal leave—on the other hand—is much shorter and often lasts only one week. Many new fathers agree that this is not enough time, and thankfully more fathers are becoming able to take more time to spend with their new babies.

We want to take the time to note that unpaid maternity leave is required by law under the Family and Medical Leave Act, which stipulates that employers must offer 12 weeks of unpaid maternity leave. This is an important point to keep in mind when discussing your maternity leave with the human resources department at your company.

3. Find a Pediatrician

Finding the right pediatrician is a difficult, but necessary step to take before your baby arrives.

pediatrician with young child at doctor's appointment

Babies require frequent pediatrician visits.

Though finding a pediatrician may not seem like a major financial decision, healthcare is a major cost associated with having a child. In fact, during their first 3 years, your child will see their pediatrician an average of 9 times. These appointments are just for routine checkups and vaccinations, not for any sickness or other health issues. Since you will be visiting a pediatrician so often, we highly recommend using an in-network pediatrician to avoid overpaying for visits. Finding in-network options is as easy as visiting your insurance provider’s website and looking at a list of covered practices.

Deciding on a pediatrician is the more difficult part of the process since parents want to find the best possible pediatrician in their area. There are also a lot of different factors expecting parents need to consider before making their decision including:

  • The location of the practice
  • The pediatrician’s experience and education
  • Office hours
  • Preferred methods of communication

After going through the different factors, you can decide on a pediatrician for your child. If you are having trouble finding a pediatrician that fits your needs, we recommend asking other new parents that live in your area for suggestions. Sometimes, people who have just been through the process of welcoming a child into the world can be your best resource for these types of decisions.

4. Establishing a Will

Plan for your child’s future by creating a will

meeting with an attorney pointing at document with a pen

You can always alter your will as you age.

Just like purchasing a life insurance plan, establishing a will is an important step in financial planning for your child’s future. No one wants to think too hard about what will happen after they die, but it is a necessary step before your child is born. Without establishing a will, your property and other assets will be divided up according to local law without any of your input. The most important thing you will dictate in your will is a power of attorney. In the case of your untimely death, the person you designate as power of attorney will be tasked with executing the requests made in your will. In most cases, power of attorney is designated to a spouse or another very close relative. You will also stipulate any care preferences for your child in the event of your passing as well as assets that you intend to leave to your child. Without a will, these decisions will be left up to remaining family members and courts, which only creates confusion and can turn into added stress for your family.

To start writing your will, you will need the help of an attorney. Your attorney will make sure that all of your assets are taken care of and all future plans for your child are noted. Remember, your will does not have to be written in stone, you can make alterations to your will at any time as your life and priorities change.

5. Get Healthcare Coverage for Your Child

Before your child arrives, you need to make sure they are covered under your health insurance

healthcare coverage concept art medical professional picking up building blocks

Notify your insurance company before your due date.

As an expecting parent, securing medical coverage for your child is a must. Many health insurance companies will cover new babies for up to 60 days after their birth. However, some insurance companies require you to notify them within 24 hours after your child is born, which is why we recommend letting your insurance company know about your due date before it arrives. After your child is born, you do not have to wait until the next enrollment period to establish coverage, as giving birth is deemed a qualifying event.

If you are an expecting parent who does not currently have health insurance through work, we recommend purchasing a policy from the Affordable Care Act Marketplace or Medicaid.

We’ve just explored the top 5 financial decisions expecting parents need to make, but our list is far from exhaustive. There are so many financial decisions expecting parents need to make regarding saving money, budgeting, debt management, and more. We hope you found our list of financial considerations helpful! For further advice, we recommend consulting a financial advisor to make sure you have all of your bases covered before the big day. Your financial advisor will answer all of your most pressing questions and help you make sure that you have properly planned for your new baby. The more you can take care of ahead of time, the less you will have to deal with while you are focused on raising your child!

Have you considered any of these financial decisions too? 

*Disclosure: Collaborative Post

Thanks for stopping by,

Love you all ❤️

Franca  💋

Related

Filed Under: Finance / Money, Collaborative Posts

Reader Interactions

Comments

  1. Laura Johnson says

    4 June 2022 at

    Lots of helpful information to consider here!

    Reply
  2. Hekna says

    4 June 2022 at

    Some great advice here. I wish I’d researched local childcare options and fees too, as they were a bit of a surprise!

    Reply
  3. Sarah KNIGHTLEY says

    4 June 2022 at

    Really good advice. I have 3 children and was a single mum at first with my eldest. The most important thing I ever did was to get life insurance as it put my mind at rest for them financially if anything should happen to me.

    Reply
  4. Claire Nutman says

    4 June 2022 at

    Older and with hindsight now, I feel the most important thing is to relax and trust in Mother Nature and the maternal instinct, giving birth and being a momma is the most beautiful natural thing in the world,,,,,but very hard work too lol !

    Reply
  5. Tracy Barber says

    4 June 2022 at

    Some good advice here, it’s all too easy to get so caught up in the excitement a new baby brings that practicalities get put on the back burner

    Reply
  6. Sharon Everett says

    4 June 2022 at

    Really good I’d ice and ideas on here. We just had to pray and hope for the best when I had my three.

    Reply
  7. Liz says

    4 June 2022 at

    It’s hard for a new parent to navigate through all the (conflicting) advice, but good suggestions here!

    Reply
  8. Adrian Bold says

    4 June 2022 at

    Thanks for the great tips and article.

    Reply
  9. Dawn Samples says

    4 June 2022 at

    I’m looking into Life Insurance so my children will be looked after x

    Reply
  10. Claire Hamilton says

    4 June 2022 at

    You need to do a lot of financial planning when starting up a family, that’s for sure!

    Reply
  11. claire Little says

    4 June 2022 at

    excellent tips.

    Reply
  12. Laineyms says

    4 June 2022 at

    Great advice here, thank you.

    Reply
  13. Wendy Lam-Vechi says

    4 June 2022 at

    Really good advice. Always good to plan for the future even when you’re young and healthy. You never know what can happen and it’s never bad to take precautions

    Reply
  14. Patricia Barrett says

    4 June 2022 at

    Lots of great tips – plenty to think about when expecting children.

    Reply
  15. A.E. ADKINS says

    4 June 2022 at

    And then if it’s a multiple pregnancy/birth, there’s the extra equipment , larger vehicle to transport it all etc, etc

    Reply
  16. Gill Mitchell says

    4 June 2022 at

    This is interesting thank you. Lots of people dont think about things like this initially.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

HI THERE, I’M FRANCA!

Hi, I'm Franca, a lawyer mum of 2 gorgeous girls married to my best friend, living in London. Award nominated parenting & lifestyle blogger. Read More…

Christmas Offer

Pines and Needles Discount Offer

Family Days Out

  • The Best Light Trails In London 2022
  • The London Transport Museum During Christmas
  • Monopoly Lifesized Review

Collaborative Videos

Popular Videos





AWARDS

BritMums



BritMums

Tots100

Tutora Best Parent Insight Blog Award Shortlist

RANKING

Tots100
Top 20 UK Parent Blog 2020

Flea Network Top 20 UK Parent Blog 2018

MEMBER

LINKY

Keep Calm and Carry On Linking Sunday
✨Breakfast✨.Nothing like a healthy filling b ✨Breakfast✨.Nothing like a healthy filling breakfast, right? I have been trying to keep eating a good breakfast every morning to help me with my low iron! .Most days I have branflakes and sometimes weetabix but Fridays to Sundays, I make a little effort and prepare overnight oats. I love them! They are so tasty and leave me satisfy for hours which means not craving for snacks until lunch time! Win win 😀.I prepare the oats with chia seeds, almond milk, vanilla extract, honey and leave it overnight. In the morning, I serve it with strawberries, blueberries, banana and honey. It is so good! 😋 I vary the fruit that I put in but everything else is the same..What do you like eating for breakfast?.#overnightoats #oatsforbreakfast #easybreakfast #simplebreakfast #togobreakfast #quickbreakfast #breakfastideas #healthybreakfastideas #breakfastinspo #breakfastbowl #breakfastgoals #breakfastlover #oatmealbowl #breakfastclub #oatmealbowl
✨Teacher’s Strike Day✨.Happy hump day! So ✨Teacher’s Strike Day✨.Happy hump day! So we have our first teacher’s strike day today which means no school and learning from home..Bella is doing her school work via Google classroom so she will follow her normal school day that way and Sienna doesn’t have a structured day from school today so she should have a day off but we have agreed for her to do some work too, so she will be reading, practicing for her spelling test and doing some maths. This way we can all have a productive day 😉, well hopefully! 😬. Have you been affected by the strike today? What are your plans? .#sistertime #sisterlylove #sistersgoals #sisterhood #hermanas #sistersforever #sistersforlife #sisterslove #siblingslove #lovemydaughters #raisingdaughters #mydaughters #westfield #westfieldlondon #londonkids
✨Happy Friday✨.Did you have a good week? Unf ✨Happy Friday✨.Did you have a good week? Unfortunately, it wasn’t that good for us because the girls have been under the weather. Bella started first with a sore throat and high fever for a few days and then when Bella got better, Sienna started! She got a horrible cough but no temperature. Her cough was that bad that she couldn’t sleep very well for a couple of nights. They are both much better now and back to school.. The weather hasn’t helped either. It has been so cold lately! I literally feel frozen all the time. Thankfully it is looking better atm as the temperatures are starting to rise. I decided to get my flu vaccine, so I hope it protects me from all these viruses that are going around! Have you had the flu vaccine too? .On another note, I went yesterday to a parents meeting about GCSE options for Bella. I can’t believe she needs to think about it already ahead of Year 9. The time really goes fast. Are your kids dealing with GCSEs too?.📸 Sharing this beautiful bouquet of flowers from @freddiesflowers to brighten up our day.#flowerarrangement #flowerdelivery #bouquetofflowers #flowersmakemehappy #loveflowers #flowersoftheday #flowersoftheweek #flowerlover #freshflowers #flowerobsession #bunchofflowers #foreverflowers #flowersofinstagram #homesweethome
Ad✨FUL London✨.I love going to the hairdress Ad✨FUL London✨.I love going to the hairdresser. It is one of my favourite things to do. There is nothing like the feeling you get when everything is done and your hair looks fantastic! I was so excited when @livetruelondon invited me again to visit one of their salons in London to try out a new treatment using their new hair care brand @ful_london Swipe left to see the final look ☺️.On the blog there is my review of this new hair treatment that has transformed my hair! Check the link in my bio ☺️.Do you invest in hair products? Do you like hair masks? .#livetruelondon #haircareproduct #haircareproducts #haircaretips #colouredhair #hairtreatment #blondehair #hairmask #balayagehair #over40 #over40blogger #overforty #overfortystyle #over40andfabulous #over40mom
✨Cadbury World✨.During the holidays we went ✨Cadbury World✨.During the holidays we went to @cadburyworlduk in Birmingham. The in-laws live close to the city so we decided to visit..I was surprised with the amount of activities they offer. I thought it was just a quick visit to the factory but how wrong I was. See below all the activities included with the price 👇🏻🍫 Aztec Jungle🍫 The Cadbury Story🍫 Journey to Europe🍫 4D Chocolate Adventure 🍫 Manufacturing 🍫 Gill Cocks Collection🍫 Making chocolate story🍫 Cadabra car ride🍫 Bull Street🍫 The Bournville Experience🍫 Chocolate Making🍫 Advertising Avenue🍫 Purple Planet🍫 Have a go discovering different chocolate making techniques and doodle your name with chocolate🍫 Cadbury World Chop with amazing prices🍫 Cadbury World Cafe🍫 African Adventure Play area (outside)🍫 Green Screen (you pay extra for photos)🍫 Character Meeting.You don’t have to do all the activities. You can go at your own pace and skip the activities you don’t fancy doing. Useful Information:📍 Cadbury World, 69 Linden Rd, Bournville, Birmingham B30 1JR💰 £18.95 Adults (16+), £13.95 Child (3-15), £59.85 Family of 4 (max 2 adults), Free for Under 3. 🍫 You get free chocolate! ⏰ THE MAIN ATTRACTION LASTS 1.5 - 2 HOURS. On average, visitors spend around 3-4 hours visiting Cadbury World. ℹ️ AGE RECOMMENDATION suitable for all ages.As you can see, there was plenty to do which entertained us for hours! The Cadabra car ride was cool! Watch the video until the end to see the activities we did ☺️.It was such a fun day out. We definitely recommend you to visit if you are in the area. And…..who doesn’t want some free chocolate, right? 🍫We sure did! 😂😋🙌🏻.Have you visited Cadbury World before?.#cadburyworldbirmingham #cadburyworld #cadbury #cadburydairymilk #cadburychocolate #chocolate #chocolatefactory #familydaysout #familydayout #familyfuntime #familyfunday #ukattractions #thingstodoinbirmingham #thingstodowithkids #familytime💕
Ad PR Invite✨Matilda The Musical✨.I was so e Ad PR Invite✨Matilda The Musical✨.I was so excited to take Sienna to watch @matildathemusical at Cambridge Theatre in Covent Garden thanks to @londontheatre (swipe left until the end to see a short video of the stage beautifully decorated) 🎭.I have already seen this musical twice with Bella but it was finally the time to take Sienna now she is older. She is the No 1 fan of Matilda. She knows all the songs and dances so she was over the moon to watch it in person. Apparently, she would love one day to be in that stage too! Bless her! 🥰.Even though I have seen it before, each time has brought a different experience for me as they change/rotate the cast often so it feels like a new show watching a new Matilda each time. This is the type of show that you wouldn’t mind watch it many times! 😀.Useful Information:📍Cambridge Theatre, Earlham St, London WC2H 9HU (near Tube is Covent Garden)💰 From £20.00 – No fees⏰ RUNNING TIME 2 hours, 35 minutes (including 20 min interval)ℹ️ AGE RECOMMENDATION 6+.It is such a fantastic show. This cast is amazing! We were so impressed! We can definitely recommend you to go and watch it too! Check @londontheatre for fabulous deals for this show and many others. .Have you seen Matilda?.#MatildatheMusical #londontheatre #theatrelife #westend #musicaltheatre #theatrekid #whatsonstage #8yearsold #thingstodoinlondon #londonwithkids #whatsonlondon #timeoutlondon #letsdolondon #musicaltheatrelife #theatreforkids
Load More… Follow on Instagram
Copyright © 2023 · A Moment With Franca · Privacy Policy

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings.

A Moment With Franca
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.