Budgeting for New Parents
Money and finances usually cause great strain on marriages, and it certainly needs to be discussed when you are expecting a child. Make a list of short- and long-term goals you need to save for, such as potential loss of income during family leave, a family-sized car, a new home, your child's future college education, and so forth. Prioritize your goals in the order you would like to accomplish them. Make lists of what you owe per month and what you own. Add up your monthly income. If your total debt is greater than a third of your income, you may want to consider paying down your debts as a priority.
With the addition of a child to your home, your monthly expenses will increase depending on the need for child care, formula, diapers, baby equipment, and clothing. You will need to estimate a total for the upcoming expenses and add them into your total monthly budget. Make this estimate realistic; for example, check the prices of diapers and formula at your local supermarket or price club.
Set up a budget and list of long-term and short-term goals for your family. Devising a budget and maintaining it can be overwhelming, so set small goals for yourself, so that you will not get frustrated. Working towards the goals you can reach will help you feel successful and stay on budget.
Workplace Options. (Revised 2025). Budgeting for new parents. Raleigh, NC: Author.
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