Preparing for Having a Child: A Comprehensive Guide

Step 3: Save Strategically: How much should you save? Experts recommend having at least 3-6 months of living expenses in an emergency fund before the baby arrives, plus an additional $5,000-$10,000 for initial costs like medical bills and gear. If you’re in a high-cost area, aim higher. Automate contributions to your savings to stay consistent, and consider cutting discretionary spending—like dining out or subscriptions—to boost your nest egg. If you qualify, look into government programs or tax benefits like the Child Tax Credit to offset future expenses.

Step 4: Stock Up on Essentials: Babies need a surprising amount of stuff, so plan your purchases. Must-haves include a crib or bassinet, car seat, stroller, diapers, clothes, bottles, and a baby monitor. You’ll also need a safe sleep space that meets current guidelines (e.g., no loose bedding). Buy second-hand where practical—items like high chairs or changing tables don’t need to be brand new—but invest in quality for safety-critical gear like car seats. Make a checklist and spread purchases over months to avoid overwhelming your budget.

March 7, 2025 | 6:51 am