15 Pointer Financial Checklist Before Planning A Baby

10 min read

Written by Editorial Team

Editorial Team

Financial Planning Tips For a Baby

Raising a child is a challenging task. The baby has many needs and essentials which are expensive ones. These only keep increasing as the child grows. Pediatric visits, feeding supplies for the baby, diapers, etc., can take a toll on the pockets if things aren’t planned well. Saving well in time can help in going a long way. The child’s health, education, and expenses are always rising. It is thus prudent on one’s part to have proper financial planning in place. This article has a financial checklist and a few financial planning tips for a baby to help parents plan well and avoid any unnecessary surprises.

Having a baby can create expenses that are sometimes not in plan one. Having the right savings plan makes the process a smooth one. Irrespective of the expenses, whether long-term or immediate, having a fixed deposit plan helps in saving more and even managing all the unforeseen expense that occurs currently.

In This Article

Top Financial Tips For Planning For a Baby

Planning for a baby’s financials is not a simple proposition. The expenses start at the conception stage and continue after the baby is born. For ease, we have broken down the expenses and the necessary financial tips for planning for a baby into three stages- Prenatal expenses, Delivery and childbirth expenses and Post-delivery expenses

What Expenses Can You Expect?

As a to-be parent, it is important that you familiarize yourself with where you are heading and what expenses you can expect with the new arrival. This will reduce financial inconveniences and any unnecessary surprises.

Here are some of the most important expenses you can expect.

1. Prenatal Expenses

Prenatal Expenses Financial Planning Tips For a Baby

The best way to have a healthy baby is to have a healthy pregnancy. It is vital to get the necessary prenatal care and go for check-ups to improve the chances of having a healthy pregnancy. The care starts before pregnancy by visiting a health care practitioner. Even before conception, you can start visits to the doctor who will conduct a physical examination, blood tests and/or ultrasound to assess the health of the prospective parents.

These checks and visits will continue through the period of pregnancy for the pregnant woman. Wellness care, yoga classes as recommended by the doctor, and hired help in case of bed rest are all expenses the couple must plan for. Proper prenatal care is essential to ensure a healthy pregnancy and delivery and can be an expensive proposition

a. Doctor Visits

Throughout your pregnancy, you will visit the OB/GYN on a regular basis. Tests, ultrasounds, and check-ups cost a considerable amount of money. The cost of private clinics and hospitals ranges from 500 Rs to 2000 Rs for every appointment. Tests will also cost money, depending on the kind of labs you choose for testing.

b. Medication And Supplements

Medication and supplements are a must for the pregnant woman to for a safe and healthy pregnancy. Supplements such as prenatal vitamins, Vitamin D, and folate supplements will be routinely recommended by doctors to ensure a healthy pregnancy. All these costs are a must and must be run till delivery happens.

In addition, women with any additional health complications may incur extra expenses. Women with diabetes or hypertension during pregnancy may need regular monitoring and testing and have to take regular medication to keep their health in a good form.

c. Maternity Clothing And Activities

The body of a pregnant lady keeps undergoing many changes. With a growing belly, regular clothes do not fit after a while. This is the point where maternity wear comes into the picture. Maternity wear comprises jeans, ethnic wear, comfortable and loose dresses, and footwear that will be a must-buy. All these clothes are branded and cost above Rs. 1500, also depending on the quantity and type of cloth one wants.

Overall, the prenatal phase is an expensive affair.

2. Delivery And Childbirth Expenses

Delivery And Childbirth Expenses

Once you are ready for delivery, you will have to prepare yourself for a new set of expenses.

a. Delivery Charges

The delivery of the child is the biggest expense during this period. Before this, the OBGYN has already done checking for any possible complications and the overall health of the mother and the fetus. Depending on this, the doctor will recommend a normal vaginal delivery or a C- section. The costs vary for both the deliveries with C-section being the more expensive one.

Besides that, the room rental, tests etc., will all increase the overall hospital charges. Post-delivery, the doctors recommend rest for 48 hours, thus, increasing the room cost. The costs also increase if the mother has had a C-section and needs more time to heal which may require more hospital stays.

b. Unforeseen Expenses

In some rare cases, medical complications arise unexpectedly with either the mother or the baby. The costs thus escalate in this situation as well. It is also important to keep the child or the mother under observation, thus adding to the delivery costs. In total, the delivery of the baby costs from 25000 to 2 lakhs in any private hospital.

3. Post Delivery Expenses

Post Delivery Expenses

Bringing a baby into the world is an expensive deal. It is important to be ready with the things that a newborn needs.

A few expenses that parents can expect include

a. Baby Essentials And Home Equipment

Post the arrival of the baby, one must be ready for handling all things needed by the newborn. These comprise cribs, cots, burping clothes, diaper essentials, nail clippers, thermometer, wet wipes, swaddling clothes, diaper rash cream, soft pillow, clothes, pacifiers, bath essentials etc. A superior or superior crib will cost 5000 and above, diapers of 76 pieces is around 800Rs. Cribs and cots are a one-time investment, but diapers and other essentials need a change from time to time.

The repeated cost of baby essentials is close to 3000 monthly while a crib will be around 5000 to 25000 Rs. This entirely depends on the features that the crib offers.

b. Nursing Gear For The Mother

Breastfeeding or nursing the baby is a new experience for first-time mothers. It takes time to get habitual to it, and certain things are a must to make it work smoothly. Things like a nursing pillow, nursing pads, nursing bra, milk storage bags, breast pump, nipple cream, bibs etc., are a few of them. If the mother-to-be cannot breastfeed immediately, they do need a milk bottle, powder, and a cleaning liquid to feed the baby. A manual breast pump comes for Rs. 1500 while an electric one comes for Rs. 2500 or so.

c. Clothes And Toys For The Baby

Toys and clothes like onesies, sweaters, pyjamas, caps, booties, mittens, socks, and napkins are an all-important part of the newborn baby’s wardrobe. This is also the time when mobiles and baby smoothers can be purchased. These toys are built in a way to help the baby have a good sleep and a few colorful rattles that can attract their attention. Baby clothes are expensive and cost about 3000-5000 in the initial months. The baby toys are equally expensive and start at Rs. 500 onwards.

d. Vaccinations For The Baby

With the birth of the baby, the doctor starts administering vaccinations. In the span of 12 months, different types of vaccines are given. These are also expensive but not all given at the same time, so the payment is not a lump sum. Its initial payment is Rs. 2500 for each visit.

Overall, the cost would vary between 20000 to 50000 for settling well and smoothly with the baby. Besides this, the costs of setting up a room or a nursery etc., are a one-time purchase, however, these costs are not mandatory. Many parents do not keep kids in separate rooms or do not set up a nursery so it is one’s choice and can keep changing as per their needs.

15 Pointer Financial Checklist Before Planning A Baby

15 Pointer Financial Checklist Before Planning A Baby

It takes a lot of financial planning to prepare for a baby, which doesn’t only involve tiny clothes and adorable ultrasound images. Medical bills and insurance claims will be among the first financial obligations you’ll have while pregnant, so begin there. The next step is to budget for your pregnancy and the first several months of your baby’s life. here comes the importance of a financial checklist.

Bringing a new family member home comes with a long list of obligations. You may enjoy this exciting new chapter of life by carefully preparing and following these 15-pointers.

15 Pointer Financial Checklist Before Planning A Baby

It is excellent to have some financial planning before you plan for a baby. A sound financial setup will help you to take good care of your family.

Given financial checklist may help you to make some smart financial moves before your baby arrives.

1. Your Saving Plan

saving plan

Based on your variable and fixed expenses, you can look down to cut some unnecessary expenses to save for a baby. Open an account and start depositing some amount from your salary on a monthly basis for upcoming expenses. A small sum will also be able to contribute a good deal to the future.

2. Review Your Budget

Make a budget for various categories of expenses like car expenses, household, bills, shopping, etc. This is one important point of the financial checklist.  Now try not to go beyond the set limits. It will also help you to track where your income goes. Some smart spending adjustments will help you to stick to your budget.

3. Life Insurance

No one likes to talk about it, but life insurance is something that every parent must have. You never know what is going to be next in life. At least this will provide financial security for your family/children in case of any unfortunate event. In fact, many financial analysts advise buying life insurance as soon as one attains the age of 25.

4. Health Insurance


Check your health insurance plan to confirm whether it covers your wife’s maternity expenses, regular pediatrician visits, vaccinations, and general checkups for the baby. Also, check whether it covers your wife’s screening checkups during pregnancy.

5. Your Maternity or Paternity Leaves

Once you get pregnant, check with your employer whether you are eligible for maternity leave or not. Most of the big companies offer paid maternity leave as it is compulsory by law, but if you work for a small company where you have already agreed to work without any such benefits, you may look for other ways of getting leave like saving your sick leaves, personal leaves or vacation time, etc., for later.

6. Resuming Work

If you are a working woman, would you be able to resume work after your maternity leave gets over? If yes, you might need daycare, which adds to one more expense that needs attention. In case not, you need to ascertain if only one income would be sufficient to manage the house and the baby. You may try out work-from-home options.

7. Plan Your Estate

Planning an estate helps you decide who is going to take care of your child if something happens to you. It also helps you to decide in which manner your child is going to inherit your property or assets.

8. Emergency Funds

Emergency Funds

Babies can cause emergencies at any time. You should keep some emergency funds as per your comfort, which may be used for the time when you come across a sudden heavy expense.

9. Child Taxes

Once your child begins attending college or school, you should investigate the various tax credits and deductions that are available to families with children.

10. Review Your Investment Plans

Many children’s plans are available with insurance companies, which can be good for your child’s future education. Go for the one which offers waiver of premium along with maximum benefits. Invest smartly for a better future for your family.

11. Be A Smart Buyer

When you go shopping for baby’s stuff, look for her comfort instead of looking for brands or fancy items, which add to the cost of the item. Invest in baby gear that is safe and comfortable, no matter if it is a bit costly too.

12. Clear Your Credit Card Bills

credit card bills

If you have any debts, make sure you pay them off before the baby arrives. You may not be able to pay off your debts later because you will be preoccupied with so many other expenses. This will ultimately raise your debt by adding more interest to it.

13. Plan Your Purchases

It is prudent to purchase these items prior to the birth of the child, whether it is a new car or a larger home. If your budget allows, do it before planning a baby so you can devote all of your attention to your new baby.

14. Disability Insurance

After getting pregnant, you cannot get disability insurance, so plan it before pregnancy. Your husband can take it even after becoming a father. Make sure you choose the appropriate plan as per your need.

15. Ways To Increase Income

If you can, increasing your sources of income would be the best solution for all of your financial needs. If you have a good job offer or other part-time work, you should take it if it meets your needs.

Thus, planning a family is not an easy affair. There are way too many things that need attention. But if prior planning for the savings is done, the parents are more confident of getting a child and bringing him up in the best possible manner without having arguments or clashes. It is thus said, the earlier you save, the better returns come.


1. How Much Savings Must be There For Having a Baby?

A normal pregnancy costs between 2Laksh to 3.5 Lakhs without any insurance and with coverage, about 3 Lakh 15 thousand.

2. How Much Are The Monthly Costs For Raising a Baby?

It is important to plan well for a baby, it costs 20000 a month initially for the first year and then some changes do occur.

3. How Much Should I Budget For Diapers a Month?

Diapers are a costly affair, and the costs keep varying. On average it is 5500 a month.

Thus, planning a family is not an easy affair. There are too many things that need attention. But if prior planning for the savings is done, and a financial checklist is ready, parents can be more confident giving birth to and raising a child in the best possible manner without having arguments or clashes. It is thus said, the earlier you save, the better returns come.

Editorial Team,

With a rich experience in pregnancy and parenting, our team of experts create insightful, well-curated, and easy-to-read content for our to-be-parents and parents at all stages of parenting.Read more.

Responses (1)

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Nikky Bella

Feb 20, 2017

Thanks for sharing these wonderful sites. But We don’t have kids, but I think most people pay a LOT more than you do for health care. In fact, you are the only ones I have ever met who have a plan that essentially covers everything; most people it costs at least a few grand before their out of pocket cost is maxed out. I would definitely say the costs of having a child is a reason we are holding off for 6+ years (or planning to, at least).

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