Money Plans for New Parents

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Becoming a parent changes everything – including your money! Let’s learn how to look at your money plans now that you have a little one.

Your Money Needs a New Plan

When a baby joins your family, your money needs to work differently. Dr. Emily Parker from Family Finance says, “New parents often need to change how they spend and save money.” (Parker, 2023)

When to Look at Your Money Plan

Good times to check your money plan:

  • Before baby comes home
  • When you go back to work
  • Every few months as baby grows
  • When big things happen (new job, moving)

Easy Steps to Check Your Money

1. What Do You Want?

  • Money for baby’s school later?
  • Bigger home someday?
  • Time off work to be with baby?

Write down what matters to your family!

2. Count Your Money Now

  • How much comes in each month?
  • How much goes out for bills?
  • Do you have emergency money?

The American Academy of Pediatrics says families should save money for surprise doctor visits or car fixes. (AAP, 2024)

3. Make a Baby Budget

  • Diapers cost about $70-$80 each month!
  • Baby food adds $60-$100 monthly
  • Doctor visits have costs too

“New parents often don’t know how much baby items really cost,” says Mr. James Wilson from New Parent Money Guide. (Wilson, 2024)

4. Save for Important Things

  • Start a small college fund if you can
  • Save $10 each week for baby needs
  • Keep some money for surprise costs

5. Look at Your Safety Nets

  • Do you have good health insurance?
  • Is your job safe if baby gets sick?
  • Do you need life insurance now?

Fix Your Plan When Needed

Things that mean you should change your plan:

  • Baby has special needs
  • Your job changes
  • You want another baby
  • You need a bigger home

Ask for Help!

Many people can help with money questions:

  • Your bank has free helpers
  • WIC can help with food costs
  • Tax helpers can find money you get back for having a baby
  • Call United Way’s 211 Helpline for financial assistance to answer any questions you may have and they provide free resources!

The Consumer Financial Protection Bureau has free guides for new parents about money! (CFPB, 2023)

Remember This!

Having a baby is amazing! Your money will change, but with a good plan, you can take care of your little one and still reach your dreams!

Video Resources:

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Spanish:

Westchester County Resources

Money Plans for New Parents

Women, Infants, and Children (WIC) Program

Provides nutrition assistance, breastfeeding support, healthy foods, and referrals for pregnant women, infants, and young children.

Westchester County Department of Social Services

Offers assistance programs including SNAP (food stamps), Temporary Assistance, Medicaid, child care subsidies, and emergency financial support.

United Way of Westchester and Putnam – 2-1-1 Hudson Valley

Free information and referral service connecting families to:

  • Food assistance
  • Housing programs
  • Child care resources
  • Financial counseling
  • Utility assistance
  • Parenting support
  • Dial 2-1-1
  • Website: https://www.hudson211.org
  • Phone: (800) 899-1479

Family Services of Westchester

Provides counseling, parenting support, and connections to community resources that can help reduce family stress and improve financial stability.

Nearby location:

  • Family Services of Westchester – Echo Hills

Westchester Community Action Program (WestCAP)

Provides programs including:

  • Financial literacy education
  • Head Start and Early Head Start
  • Emergency assistance
  • Benefits enrollment support
  • Website: https://westcop.org
  • Phone: (914) 592-5600

My Money Workshop (Westchester Library System)

Free workshops and educational materials on:

Community Resource Center

Supports immigrant and working families with:

  • Financial assistance referrals
  • Employment services
  • Food resources
  • Family support programs
  • Phone: (914) 835-1512
  • Community Resource Center

Consumer Credit Counseling Service of the Hudson Valley

Offers nonprofit financial counseling and debt management assistance.

Bibliography

American Academy of Pediatrics. (2024). HealthyChildren.org: Financial Wellness for Families. Retrieved from https://www.healthychildren.org

Consumer Financial Protection Bureau. (2024). Planning for Life Events: Having a Baby. Retrieved from https://www.consumerfinance.gov

National Endowment for Financial Education. (2024). Money Management for Families. Retrieved from https://www.nefe.org

New York State Office of Temporary and Disability Assistance. (2024). Family Assistance Programs. Retrieved from https://otda.ny.gov

United Way of Westchester and Putnam. (2024). Hudson Valley 2-1-1 Resource Directory. Retrieved from https://www.hudson211.org

U.S. Department of Agriculture. (2024). Special Supplemental Nutrition Program for Women, Infants, and Children (WIC). Retrieved from https://www.fns.usda.gov/wic

Westchester County Department of Social Services. (2024). Human Services and Family Assistance Programs. Retrieved from https://socialservices.westchestergov.com

Westchester County Department of Health. (2024). Women, Infants and Children (WIC) Program. Retrieved from https://health.westchestergov.com/wic

Legal Disclaimer: The information provided by our nonprofit is for informational purposes only and not a substitute for professional medical advice, diagnosis, or treatment. Always consult a qualified healthcare provider for medical concerns. We make no guarantees about the accuracy or completeness of the information and are not liable for any decisions made based on it. If you have a medical emergency, call 911 or seek immediate medical care.

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