When my husband and I were expecting our first baby ten years ago we had no idea what to expect. I had never even held a newborn before, let alone knew how to prepare financially! We decided to start buying one package of diapers each week to stock up before we were pregnant, by time our son arrived I don’t think we had to buy diapers for months!
The funny thing now looking back is, while stocking up on diapers in advance was a great idea, we were so naive about the full scope of expenses having a baby entails. We didn’t think about the hospital copays and the long range tasks such as getting wills in place and investing for college. Bottom line, we were pretty darn short-sighted.
Now, three kids and a whole lot of life experience later I can truly understand what a gift it is to be financially prepared when you expand your family. For instance, take the quiz below to get an idea of the average first-year expenses:
How did you do? I know if I had seen some of those numbers as an expecting mom I might have fainted!
The great news is that Northwestern Mutual has put together a variety of planning and educational tools to help you get a handle on the financial changes that come with babies. Their eBook Financial Boot Camp for New Parents is a treasure trove of helpful short and long term financial planning advice (and it’s free!)
Just click here to download a copy for yourself or any expecting parents you might know.
Do you have children already? What was the biggest financial surprise you faced when starting your family?
This is a sponsored conversation written by me on behalf of Northwestern Mutual. The opinions and text are all mine.