How to Create a Start-up Family Financial Plan?

Nov 22, 2021 | Live, Only Berlin

How to make a family financial plan

Do you have a financial plan before you even start your family? Becoming a parent can be expensive. Firstly, you need to pay for your birth if your health insurance doesn’t cover the whole expense. On average, the standard delivery is about $13,800, and the ICU or neonatal care is still not included here. 

How to Create a Start-up Family Financial Plan?

Then you need to have a constant supply of baby essentials to ensure your children are getting everything they need for at least the next 18 years. You need to consider saving for a college fund, too, their first car if ever, among other needs and wants.

Given all these expenses that come with having a child, how can you possibly budget for parenthood?

Plan Ahead

Reports suggest that the cost of raising a child can be around $230,000 for middle-income families in the US over 18 years without college fees included. This is the equivalent of finding and earning just under $13,000 a year. 

The reality, however, is you never know how life will happen. But you can always start with saving if you want to have a family. If you plan far enough in advance, you can reduce the financial impact of such a high cost of raising a child. Allow us to share some lessons learned as we financially plan for our family. Tips here are also very useful for startup families.

Figure Out Childcare

The next step to consider is thinking about the kind of daycare is available for your child and how you’ll be able to finance it. For example, the cost of newborn daycare is approximately $1,000 per month. It is wise for future parents to determine the monthly expense of having a kid and place that amount under baby fund. This allows couples to save enough money to meet the initial costs of becoming parents while also giving them time to factor in other expenses. This kind of strategy also helps parents not be caught off guard when the child is born. 

If you can effectively save $1,000 per month, for instance, for your baby fund, you may be confident that you can afford daycare for your child.

Budget Accordingly

If you have plans to become pregnant at a certain point in your life, you need to consider your budget for baby items from retailers like  Foryourlittleone

Create an approximate budget, save for them, and schedule your purchases. If there are sale, for instance, and you believe you will save a lot from that sale, buy your baby’s essential needs little by little until you realize you have completed your list already. 

Creating a financial plan also means avoiding splashing out on the latest gadgets and non-essentials. These items may only be too good to be true for your little ones. A talking laptop toy, for instance, is a waste of money if you buy it when you are just trying to conceive. In addition, such toys upgrade so often that the gadget may be passe already by the time your child is born. Instead, put your money on an emergency fund or add them to your health coverage plan or get a college education fund.

How to Create a Start-up Family Financial Plan?
How to Create a Start-up Family Financial Plan?

Start a family financially prepared

Preparing for your start-up family financial plan can be quite overwhelming. As some remain prudent to consider the matter seriously, many find it easy to jump into their feet and worry about money when the need arises,

Better ready yourself to be financially stable as you plan for your family than act only when faced with the situation. It pays to be prepared and have a fund readily available even before becoming a parent. We learned it the hard way.


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Motherhood, as I live it, is a gift not everyone can appreciate until she learns to truly live it. More musings and realizations, fun discoveries, and mommy tips at Momi Berlin's blog.

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