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Financial Goals to Consider Before Starting a Family

New family with financial plan


Save for Retirement With These Tips

Starting a family changes every aspect of your life, particularly your finances. When it comes to family planning, financial planning should be a large part of the equation, whether you are only thinking about starting a family or if a baby is already on the way.

The cost of raising a child born in 2015 to age 17, according to the U.S. Department of Agriculture, is $233,610 for a middle-income family–not including the cost of college. One of the first things you should do when planning a family is to look at how your children will impact your day-to-day finances and retirement planning.

While it is easy to get swamped by the baby planning that involves everything from cribs and car seats, to diapers, baby clothes, and countless other items, there are other important things you will want to focus on, such as health insurance. You will want to look at what kind of coverage your health insurance provides, along with the cost of adding a new dependent, and then compare that to the coverage of your partner (if they also have health insurance). It is also helpful to know what kind of coverage your healthcare will provide for your child’s birth.

Life insurance is another important consideration. You’ll want to ensure that your child will be cared for in case something happens to you or your partner. It is also important to have a will in place and to determine who will care for your child if anything were to happen to both you and your partner.

Another major factor in having children is daycare. According to data from, the average cost for one week of childcare for a single infant in the U.S. was $211 in 2019 or $596 for a nanny. Depending on where you live, childcare could also be significantly higher and is something you should look into. Depending on your salary, it might make sense for one parent to stop working instead of paying for childcare, particularly when multiple children are involved.  


Learn More About Family Financial Plans          

These are a few factors to consider in creating your family financial plan. You may want to consider hiring a financial advisor to help with your personal finance planning. Be sure to start building up enough emergency savings to get your family through any unexpected issues, such as the loss of a job or a serious illness. Financial advisors typically suggest saving at least six months of day-to-day living expenses to give yourself enough time to get back on your feet from such an event, something that can be even harder once you have a child depending on you.

About This Author


Alpine Bank Staff

Alpine Bank is an independent, employee-owned organization with headquarters in Glenwood Springs and banking offices across Colorado’s Western Slope, mountains and Front Range.

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