10 Financial Tips For When You Start A Family

If you are planning on starting a family soon there are financial tips to take into account first. Having a baby will change your life, forever. This big step will teach you about sacrifice and unconditional love. Nothing compares to becoming a first-time parent.

There’s a price tag to being responsible for another human being and it’s crucial to be prepared for the change to your finances.

So how can you financially prepare to have a baby?

Save money by:

1. Look at those monthly subscriptions and cancel any that you are not using.

2. Use coupons. Coupons can go a long way if you learn how to use them the most efficient way.

3. Make sure that you understand the costs of having a baby and understand what your healthcare covers. If you want to understand how Impact Healthcare Sharing handles maternity check out Impact's Maternity Guide.

4. Adjust how much you save. You may want to increase the amount you are setting aside for savings.

5. Reach out to family who may be able to babysit instead of putting your child in daycare or hiring a nanny. This will bring a great reduction in spending.

6. Start a 529b college savings account to give your child a head start financially.

7. Reduce spending by eating at home more. Those restaurant meal costs add up quickly.

8. Reduce debt before having a baby. Due to the added continuous expense of having a baby, it’s best to pay down debt before as keeping up with payments could be difficult later. 

10. Only buy clothing that is on sale or from a thrift shop and accept hand-me-downs from friends and family.

You will want to re-evaluate your budget. Look at what your bills are now and what your bills may look like once you start growing your family. Don’t forget to consider changes to your health coverage, life insurance, and will.

Bringing a little one into the world will be exciting and also overwhelming at times but it’s also the most rewarding. To reduce stress by have a financial plan in place before your baby arrives.

The Impact Health Sharing community loves babies. That's why members that have been on membership for 12 months or more could have their pregnancy shared. The 12-month requirement is determined by the Estimated Due Date (EDD) documented in the medical record. If the EDD is at or after the 12thmonth of membership, then the maternity event is eligible for sharing

Want to learn more about maternity and healthcare sharing?  Still have questions? Contact us.