Financial must-dos before your first baby

Having a child comes with big responsibility, both in terms of time required and financial resources.

Preparing for parenthood is not just about tiny clothes and heart-warming ultra sound photos; it involves a whole lot of financial planning. Having a child comes with big responsibility, both in terms of time required and financial resources. The financial cost of raising a child starts even before a child is born.

Very often, parents are caught up in the excitement of welcoming their little one that they overlook the financial aspect of raising a child. Here is a list of financial must-dos for you to plan for before your baby comes along.

Pre-Delivery Preparations

Health insurance + Medical Costs

Prenatal Check Ups

A pregnancy of 9 months can be broken down into 3 trimesters – first trimester is considered to be the riskiest for babies and also unfortunately, miscarriages are most common during this period. During the first trimester, you can have about 1 or 2 visits to the gynaecologist. Usually in the 2nd and 3rd trimester, doctors offer packages that include visits and supplements. The cost varies depending on the type of packages and whether it’s a private or public hospital.

The Delivery 

There are 2 ways through which a child can be brought into this world; pregnant women can have either a vaginal birth or a surgical delivery by a Caesarean section (C-section). The ultimate goal of both delivery methods is to safely give birth to a healthy baby. Let’s take a look at the costs for a normal delivery and a C-section.

Normal Delivery 

More information is available on the MOH website.


More information is available on the MOH website.

Plan your Maternity & Paternity Leave

It is important to know how much time you and your partner can take off work and if the amount that you’re paid during that time is enough for taking care of the additional medical expenses. Understand your company’s policies to get an accurate picture of how your maternity leave will affect your overall finances.

Draft & plan a pre- & post-baby budget

After working out the costs of pre-natal check-ups and delivery, you’ll know how much you are expected to spend out of your own pocket on medical bills. Prepare a list of expenses that you’ll incur for your new addition to the family. Babies come with many expenses – it is important to set a limit on both necessary and optional buys. It is also important to note the recurring costs such as diapers, food, milk etc. and how these items will impact your household expenses for years to come. Plan for them early so that you’re not caught with any surprises in the future.

Read on cost of raising a child.

Get your child insured

Usually health insurances for your child can be purchased when your child is at least 6 months to 1 years old. However, you can get a comprehensive plan that guarantees protection for your child when he or she is still in the womb under maternity care plans. These medical health insurances generally cover expenses – delivery, particular complications and post-natal care. Some plans ensure that the new-born is covered from birth with inclusions for congenital illnesses and hospital care benefits for up to 2 years of age.

Begin planning for infant care

If both of you are working, you would need to make arrangements for infant care support once the maternity leave period is over. A few common options are hiring a full-time nanny, sending your child to infant/child care or engaging the help of your parents. All of these options are going to cost you, and you will have to budget accordingly.


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