In her comprehensive book on the subject of all things related to family financial planning, "Making the Most of Your Money," author Jane Bryant Quinn recommends taking certain steps even before you become pregnant. If you're reading this, it's probably a little too late for THAT, but don't panic. No one is ever fully prepared for a baby, yet life goes on, and families thrive.
It won't hurt, however, to take stock now of where you stand, what you'd like to accomplish in terms of providing for your child's needs, and how to go about it. A good place to begin is with an inventory of your assets, and an assessment of your projected expenses. Consider the extent of your medical insurance coverage and save now for your inevitable contribution to the cost of prenatal care, labor, delivery and pediatric visits.
If you work for a large employer, remember that you are entitled to at least 12 weeks of unpaid family leave, should you choose to care for your infant in the first few months of his or her life. If your spouse needs a C-section, your presence at home may be mandatory while she recovers. Some employers provide several weeks of paid Paternity Leave. Unless you are utterly indispensable to your job, I recommend taking full advantage of such a golden benefit. You'll treasure forever the time it affords you to bond intimately with your newborn.
Some dual-career couples opt to share child care duties in the first few months of their newborn's life. This can be a matter of choice or necessity. Often day care centers will not accept infants until they reach a certain age; keeping your child at home may be your only alternative. Additionally, day care centers tend to charge the most for the youngest infants. You may want to weigh the benefits of one spouse abandoning their job to become a stay-at-home parent as a means of saving on child care expenses. If your wife has a better-paying job, with better benefits, perhaps you should consider the possible advantages to the family of becoming that icon of the '90s; the stay-at-home dad.
