Your Finances

							Your Finances:
How to Prepare for Pregnancy
Babies are costly, and the expenses begin adding up as soon
as you become pregnant. Whether your pregnancy was part of
a carefully considered life — and fiscal — plan, or a complete
surprise, consider some of the following to get your financial
ducks in a row before your little duckling arrives.

  If you don’t have health insurance, now’s the time to sign up. If you don’t have insurance through your own
  or your partner’s employer, look into plans offered by groups you may be a part of (such as a freelancers’
  union or small business organization) or call an independent broker. If you’re already pregnant, be sure to
  ask about coverage for pre-existing conditions (since the health-insurance reforms that will make it easier
  for those with pre-existing conditions to get insurance won’t kick in until 2014).
  Can’t afford health insurance? Look into programs in your state that may offer low-cost or free insurance for
  expectant moms.
  Find out now what prenatal services your health insurance does and doesn’t cover (ask about screening
  tests, labor and delivery options, alternative therapies, doulas, and prenatal vitamins). If you can, give yourself
  enough time to switch insurance plans if you need better coverage.
  Look into the maternity and family leave policy where you work. Do the math now: How will the financial impact
  of an unpaid leave affect your finances? Can you save up now to make it possible?
  Look into any special programs you might qualify for, like WIC and Medicaid.
  Update the beneficiaries on any 401k and retirement accounts if you need to.
  Purchase life insurance. If something should happen to you or your partner, you’ll want your child to be
  financially secure.
  Update (or write) your wills. You’ll need to name a guardian for this child and any future children, and make
  financial arrangements for them in the event that you and your partner aren’t around.
  If you don’t already have disability insurance, you won’t be able to get it once you’re pregnant — but your
  partner can. And since your partner’s paycheck is more important than ever now, make sure he has both
  short- and long-term disability coverage.
  If you don’t have one already, create a savings plan. How much will you put away each month for your
  future child’s future expenses, from preschool to summer camp to college to (gulp) wedding?

Finally…
  Do a thorough, realistic budget assessment. Determine what kind of home you can afford if you’ll need
  more space once the baby arrives, what baby gear you’ll want, and what kind of child care you’ll need.
  Practice living on your new family budget before the baby actually arrives, and sock away what you’re able
  to save.
  If you plan to borrow or buy gear secondhand, make sure everything checks out with current safety standards.
  Ask yourself if you need to purchase all your maternity clothes new or if you can borrow some. Can you
  shop at secondhand stores, or adapt non-maternity clothes for pregnancy?