Join our #CreditChat every Wednesday at 3 p.m. ET on Twitter and YouTube. This week, we discussed how to be financially prepared for a baby. Our #CreditChat panel included Emerge Benefit- a Workplace Financial Wellness Program, Mina Ennin Black- Founder of Life Event Financial Planning and In The Black financial workshops, Chad Smith- Certified Financial Planner at Financial Symmetry, and Damian Davila- Personal Finance and Wisebread Staff writer. We were also joined by several influencers in the personal finance community on Twitter. This deck features tips from: @SFCUNews, @emergebenefit, @FEC_Philly, @CityParentsLaw, @LeslieHTayneEsq, @DebbiKing, @DavilaDamian, @Frostbe, @sougboneparth, @lenda, @WealthWithMina, @kevincswanson, @Payoff,

1. #CreditChat
Wednesdays | 3 p.m. ET
What to Expect (Financially) When Expecting
Featuring: Emerge Benefit, Mina Ennin Black, Chad Smith and
Damian Davila

2. Join our #CreditChat every Wednesday at 3 p.m. ET.
This week, we talked to the community about the cost of having
kids.
ex.pn/expecting

3. The average
middle-income
family will
spend $12k on
expenses in the
baby’s first
year.
Source: Parenting.com

4. #CreditChat
Wednesdays | 3 p.m. ET
What are the first financial steps a couple
should take after learning they are expecting?

5. Review your current budget. Find
ways to increase savings and decide
what your income and spending look
like once the baby is born.
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Emerge
@emergebenefit

6. Consider including steps like
updating insurance needs. Not just
life - also short-term and long-term
disability.
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Brad Sherman
@shermanwealth

7. Create a pre and post-pregnancy
budget. Review emergency savings.
Get/Review insurance: life, health,
and disability.
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Mina Ennin Black
@WealthwithMina

8. Sit down with a CFP professional and
discuss financial planning. Estate
planning and insurance planning are
now critical steps.
“
Wednesdays | 3 p.m. ET
Douglas A. Boneparth
@dougboneparth
#CreditChat
”

9. #CreditChat
Wednesdays | 3 p.m. ET
What does a baby budget look like?

10. Large items to consider in a baby
budget are child care, diapers and
formula/food. #SoManyDiapers
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Grace Kvantas
@GraceKvantas

11. A baby budget accounts for all the big
and little things they may need- from
diapers and wipes to doctor visits and
insurance.
“
Wednesdays | 3 p.m. ET
Emerge
@emergebenefit
#CreditChat
”

12. Don’t get overwhelmed! Meet with
a financial advisor and look into
insurance, emergency fund, and will
and trust options.
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Payoff
@Payoff

13. Babies don’t just require large
amounts of money, they also
require time. Important to consider
how that affects finances.
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Brad Sherman
@shermanwealth

14. #CreditChat
Wednesdays | 3 p.m. ET
What are some unexpected costs associated
with having a baby?

15. Don’t forget that Dad will want to
take time off from work to spend
time with the new baby. Budget for
that.
“
Wednesdays | 3 p.m. ET
Southeast Financial
@SFCUNews
#CreditChat
”

16. Mom and baby may need some
additional doctor visits, which can be
easy to forget when budgeting for
prenatal care and delivery.
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Emerge
@emergebenefit

17. It’s always a good idea to have an
emergency fund to cover unexpected
costs. Consider starting a separate
baby emergency fund.
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Philadelphia F.E.C.
@FEC_Philly

18. If planning to get pregnant, get life
insurance BEFORE becoming pregnant.
Life insurance for a pregnant woman can
become prohibitively expensive.
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Shannon McNulty
@CityParentsLaw

19. “Carve out
some funds to
enjoy time
together before
the baby enters
the picture.”
- Chad Smith
CFP, Financial Symmetry

20. #CreditChat
Wednesdays | 3 p.m. ET
What are some frugal tips for preparing your
home for a baby?

21. Pre-make meals and freeze them!
Trust me, when you’re exhausted
those first couple of nights home,
they’ll be a godsend.
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Leslie H. Tayne, Esq
@LeslieHTayneEsq

22. Thrift stores and yard sales have
awesome baby items- many in
excellent condition.
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Debbi King
@DebbiKing

23. Through local parents of multiple
groups, my wife and I have been able
to receive, exchange and provide great
items.
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Damian Davila
@daviladamian

24. Teeny onsies and itty-bitty shoes
may be irresistible, but control those
impulse buys - save the money for
necessities.
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Emerge
@emergebenefit

25. Seek hand-me-downs. Chances are a
friend or relative can share some
baby furniture or other supplies!
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Leslie H. Tayne, Esq
@LeslieHTayneEsq

26. #CreditChat
Wednesdays | 3 p.m. ET
How can parents save money on baby clothing,
diapers, food, etc.?

27. AmazonMom is a great way to save
on diapers (even more than COSTCO).“
Wednesdays | 3 p.m. ET
#CreditChat
”
Becky Frost
@Frostbe

28. Find out if your insurance covers a breast
pump. Most insurances cover them, even
the $300+ top models!
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Damian Davila
@daviladamian

29. Buy diapers in bulk, or go the
eco-friendly route with cloth
diapers.
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Emerge
@emergebenefit

30. #CreditChat
Wednesdays | 3 p.m. ET
How do parents decide if they should stay home
or work and use a daycare?

31. The average cost
of center-based
daycare in the
United States is
$11,666 per year
($972/month)
Source: National Association of Child Care
Resource and Referral Agencies (NACCRRA)

32. Look at the financial sacrifice you’d
be making on both ends. Another
option: split time between daycare
and staying home.
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Leslie H. Tayne, Esq
@LeslieHTayneEsq

33. Very personal decision. Look at
what’s right for the parents and
what is healthy and affordable for
all involved.
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Becky Frost
@Frostbe

34. Check with your work about what
your options are. Run that against
your budget and what you need to
keep your goals in place.
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Douglas A. Boneparth
@dougboneparth

35. It seems like more employers are
embracing working remotely. Worth a
shot!
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Lenda
@lenda

36. Create two budgets: for staying at
home and going to work. Consider:
retirement contributions and possible
Social Security ineligibility.
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Mina Ennin Black
@WealthwithMina

37. #CreditChat
Wednesdays | 3 p.m. ET
What are ways to save money on daycare
costs?

38. See if a relative or friend will keep
your child. Costs are less and they
are in good hands.
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Debbi King
@DebbiKing

39. Check to see if your employer has
partnered with any local daycares for a
discount.
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Southeast Financial
@SFCUNews

40. Get help: Friends and family every
once in a while; form a babysitting
co-op with other parents.
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Mina Ennin Black
@WealthwithMina

41. Work your social network. We didn’t
know a friend ran a licensed daycare
out of her home until we posted about
needs on Facebook.
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Becky Frost
@Frostbe

42. #CreditChat
Wednesdays | 3 p.m. ET
How can parents start planning and saving
for their child’s education?

43. Save for college, but don’t forget
about yourself! You can borrow for
college, but you can’t borrow your
way through retirement.
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Brad Sherman
@shermanwealth

44. Start slow and be prepared to
adjust your saving strategy as
life changes.
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Kevin C Swanson
@kevincswanson

45. When it comes to saving, compound
interest is powerful. No matter how you
save, contribute regularly.
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Becky Frost
@Frostbe

46. First things first, make sure your
finances are in order as a parent. You
can’t help them without helping
yourself first.
“
Wednesdays | 3 p.m. ET
#CreditChat
”
Payoff
@Payoff

47. #CreditChat
Wednesdays | 3 p.m. ET
Any final tips for parents-to-be?

48. The financial
expense will be
rough, but enjoy
it!
Your children
are only little
for so long.
- @LeslieHTayneEsq

49. Having a baby
isn’t just about
the cost, of
course- it’s a true
miracle. So don’t
lose sight of
what’s really
important.
- @EmergeBenefit

50. Nobody’s 100%
ready to have a
baby. Don’t be
too hard on
yourself.
- @DavilaDamian

51. Check out videos, podcasts, and list of upcoming chats:
experian.com/creditchat

52. Subscribe & Check Out: