Becoming a parent can be one of the most joyous moments in a person’s life – and it brings plenty of changes, too. For anyone thinking of expanding their family, here are a few factors to consider:
One of the first things couples may consider before expanding their family is their finances. Having a child is a big financial responsibility; parents will need to provide for everything from bottles and diapers to clothing and education. Additionally, parents-to-be may need to make some changes to their life in order to accommodate a child, such as buying a larger home or a car. The arrival of a child and all the related expenses may change a family’s financial priorities considerably.
Many new parents also consider getting life insurance to ensure their child is provided for if the parents pass away unexpectedly. Term life insurance may be the most accessible option for couples on a budget.
Another thing for couples to consider before expanding their family is their schedules. Children require a lot of time and attention, and individuals who are already stretched thin with work and other commitments may have difficulty finding the time to spend with a child and handle their share of caregiving. For some couples, this may mean conversations about cutting back on work hours or setting aside a few hours as designated family time. It can help to tackle this as early as possible so couples know what schedule adjustments are feasible.
This is part of the conversation about finances, but it’s often a big expense for parents. If both parents plan to return to work after the baby is born, they likely need to arrange for childcare. Enrolling in daycare or hiring a nanny can be a big expense, so couples should factor it into their budget.
In some cases, friends and family members – especially grandparents – are happy to help with childcare. It’s a good idea to talk to close family and friends about their availability and interest in childcare first instead of assuming they will help.
Having a child can transform partnerships for the better, but it may also introduce stress and new responsibilities. Make sure that both partners are on the same page about having children as well as roles and responsibilities. It’s a good idea to have a discussion about how the relationship might change with a child in the mix as well as how they’ll adjust to their new roles as parents.
Other relationships can change, too. Parents become grandparents, siblings become aunts and uncles. New parents may find themselves making new friends at parent groups and better understanding their friends who were already parents.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM) and its subsidiaries in Milwaukee, WI.
Source: Northwestern Mutual
Contact: Don Klein, 1-800-323-7033