ESTIMATED 1MIN READ
My wife, Chelsea, and I are expecting our first child this November. I will not be the first person to be a new dad, nor will I be the last. While many humans find themselves in the position of raising a child at some point during their lifetime, that experience is unique to each individual or family unit.
We all experience and view things through a different lens so it is difficult to know what your specific experience will be like before it happens. You can ask countless people about their own experiences and ask for endless advice. Even after all of that, you can still find yourself feeling overwhelmed and unprepared when the time comes for your family’s first child to be born.
Does this mean that planning for the financial impact of having your first child is fruitless? No, it means exactly the opposite.
Chelsea and I have been doing our very best to plan for the unknown.
- The simplest step in preparing for the unknown has been to increase our emergency fund savings.
- Another simple step was to purchase specialized health insurance for Chelsea that is designed for pregnant women.
- The key here was purchasing the right health insurance before Chelsea got pregnant. While this took a bit of planning ahead and the health insurance premiums were hefty, having that insurance helps us have peace of mind in the face of the unknown.
- We have kept a watchful eye on household expenses, and we have projected an increase in those expenses once the baby arrives.
There is a lot more for us to think about once the baby is here with us. But for now, we are planning to be ready for anything.