Parenting comes with increased financial responsibility, and careful planning for this can reduce stress even before you conceive. Here are some ideas that may help you reorganise your finances to accommodate this major life milestone.

Financial considerations for parents-to-be:

How much will conception cost?

This could range from comparing folic acid prices and preconception appointment fees to figuring out IVF and the time off work it may take to cope with that process physically and emotionally.

How will you pay for antenatal care and the birth?

Do you have a doctor in mind? What will your delivery method be, and how will you deal with added costs if it has to change for medical reasons? Then there are the scans, wellbeing consultations, antenatal classes, and other appointments you’ll have to cover along the way.

Childcare costs

You probably can’t picture your baby yet—much less handing him or her over to a nanny when your maternity leave ends—but finding the right childcare provider can be a major financial commitment, so it is worth keeping those costs in mind, especially if both parents work.

Where are you going to live?

Growing children need more space, and you may need to plan for how you can deal with a new mortgage, higher property taxes, and more utilities, maintenance, and other bills.

School fees

Educational costs may seem a long way off, but some school places are more expensive (and harder to attain) than others, and you’ll also have to consider the costs you’ll incur after they get in.

Healthcare costs

Depending on your location, you may have to fund your child’s doctor’s visits, vaccinations, medications, and other costs.

The costs of being a parent can start to seem overwhelming. Here are some practical tips to help you prepare for them:

Write a budget. Tracking your expenses and identifying where you can cut back can help you plan for the future more accurately.

Be a saver. Start saving early. Even if you're not sure what you’ll devote those funds to just yet, it is nice to cushion yourself against unexpected costs.

Prioritise what you have to pay for: Listing expenses in priority order can help you make smarter decisions. Focusing on your healthcare and housing costs, for example, will ensure you don’t waste money on the inessential.

Be thoughtful with your shopping. There are lots of ways to be clever with money when you are raising children. This includes buying vintage, using discount codes, and shopping in bulk for certain items.

Tax credits can help: Certain allowances may be available to you when you become a parent. These generally depend on your country’s resources, your income, the hours you work, and your childcare costs.

What are some financial considerations for preparing to get pregnant?

How do you financially prepare for pregnancy? Unii’s Preconception Journey has answers.