Expecting a baby is such a beautiful and exciting time, but it can also be pretty overwhelming, especially when it comes to organising your finances.

From hospital costs, to maternity leave, to childcare… the expenses mount up fast. Whether you're pregnant right now, or just planning ahead, this guide will support you with all the practical steps you need to take for saving, budgeting and getting a little bit of support from your friends and family.

How do I start preparing for a baby financially?

It’s never too early to start preparing for a baby financially. In fact, the earlier you start planning the better!

That said, babies have their own timeline, so, these steps should help you to start preparing for your baby whether you’re just thinking about trying or you’re days from baby’s arrival!

1. Assess Your Financial Situation

First things first, sit down and do a deep dive into your current financial situation. If you’re in a relationship, now’s the time to have a frank and open conversation with your partner about your joint finances.

➤ Calculate your household income

➤ List all ongoing expenses

➤ Be transparent about debts and savings

➤ Schedule regular financial check-ins with your partner

Understanding your financial baseline will help you plan effectively for your growing family.

2. Reduce Unnecessary Expenses

Identify areas where you can cut back to save more for baby-related costs.

➤ Essential expenses: Rent/mortgage, utilities, groceries.

➤ Non-essential expenses: Subscriptions, dining out, entertainment.

The more you can reduce your expenses now, the more money you’ll be able to set aside ready for when baby comes.

3. Start a Dedicated Baby Savings Fund

Open a separate savings account specifically for baby expenses. This fund can cover:

➤ Prenatal and delivery costs.

➤ Baby essentials like diapers, clothing, and gear.

➤ Income gaps during parental leave.

Consider using a high-yield savings account to maximize your interest earnings.

It’s probably going to be best to open an account that will allow you to easily access your money – rather than one that locks it away for a period of time.

However, if you think you’ll be tempted to dip into your savings for non-essential (and non-baby-related!) items, you could open a savings account with a different bank from the one you usually bank with. That way, it might be more difficult to transfer money over to your current account on a whim!

4. Explore Available Benefits and Assistance

In the U.S., various programs can provide financial support:

➤ Child Tax Credit: As of 2025, up to $2,000 per qualifying child under 17, with up to $1,700 refundable through the Additional Child Tax Credit (ACTC).

➤ Earned Income Tax Credit (EITC): Provides financial relief to low- to moderate-income working families.

➤ Supplemental Nutrition Assistance Program (SNAP): Offers assistance for purchasing food.

➤ Women, Infants, and Children (WIC): Provides nutritional support for pregnant women and young children.

➤ Medicaid and CHIP: Offer healthcare coverage for eligible low-income families.

Eligibility is going to vary depending on which state you live in, so make sure you check with your local agencies for specific information.

5. Get Clued-Up on Maternity and Parental Leave Policies

Unlike other countries, the U.S. doesn't have a federal paid maternity leave policy, but some protections do exist:

➤ Family and Medical Leave Act (FMLA): Provides up to 12 weeks of unpaid, job-protected leave for eligible employees.

➤ State-specific programs: Some states offer paid family leave benefits.

Check your state's Department of Labor website for detailed information on available benefits.

6. Put together a baby budget

Once you know how much money you’ll have coming in and going out, it’s time to look at how much you have left over to spend on baby items.

Estimate the costs associated with your baby's first year:

➤ Hospital delivery: Average cost is around $13,393, varying by location and insurance.

➤ Baby gear and supplies: Costs can vary widely; consider essentials like a crib, car seat, and stroller.

➤ Childcare: Daycare averages $343 per week; nannies can cost around $827 per week.

Use this budget to plan your savings and identify areas where you can economize.

Put together a list of things you’ll need to buy ready for baby’s arrival. Our list of newborn essentials will be helpful here!

7. Set Up a Baby Registry

A baby registry allows friends and family to contribute to your baby's needs. Platforms like Moonsift enable you to:

➤ Add items from any online store.

➤ Organize essentials and nice-to-haves.

➤ Share the registry easily with loved ones.

This can alleviate some financial pressure and ensure you receive items you truly need.

Set up your free baby registry with Moonsift

That way, you can share all the baby items you need with friends and family, so they can tick them off your list when it’s baby shower time (or when baby makes their grand entrance!).

8. Plan for Long-Term Financial Security

Think beyond your immediate expenses, to make sure your baby is supported throughout their whole life, no matter what happens.

➤ Life Insurance: Provides financial protection for your family in case of unforeseen events.

➤ Will and Estate Planning: Ensure your assets are distributed according to your wishes and designate guardians for your child.

➤ Education Savings: Consider opening a 529 plan to save for your child's future education expenses.

9. Preparing for Twins or Multiples

Expecting more than one baby? Then you'll have to plan for some additional expenses:

➤ Double the essentials: Diapers, formula, clothing.

➤ Shared items: Some items, like a changing table, can be shared.

➤ Childcare: Costs may increase, but some providers offer discounts for multiple children.

Set up your budget accordingly, so you're able to accommodate the needs of all your children.

10. Utilize Community Resources

If this is feeling totally overwhelming, and you don't know where to start, know that there are a lot of great resources out there to support you. A quick Google search will bring up support in your local area - here are a few to look for:

➤ Local nonprofits and churches: Often provide baby supplies and support groups.

➤ Parenting classes: Offered by hospitals or community centers.

➤ Online forums: Connect with other parents for advice and shared experiences.

Building a support network is a brilliant way to get some much needed emotional and practical support for new parents.

How much savings should I have for a baby in the U.S.?

There’s no rule for exactly how much you should save for a baby. After all, everyone’s circumstances are different and some lifestyles cost more to sustain than others!

When you’re working out how much you should save, make sure to consider:

➤ Your household income. Many households operate on just one salary for a while after a baby is born.

➤ Childcare costs. If you’re planning on returning to work soon after baby comes along, you’ll need to factor in the cost of childcare.

➤ Baby essentials. Just adding a packet of nappies and a couple of tubs of formula to your average food shop can quickly eat into your budget.

Get prepared for your baby with Moonsift

With Moonsift, you can collate all the baby items you need in one easy-to-manage place, ready to buy when you have the finances available. In fact, when you save items to Moonsift, we’ll even notify you if the price drops!

Better still, you can send your collections to family and friends as a baby registry. Unlike most baby registries, Moonsift allows you to add items from any store in the world, so your loved ones can help you save money on those all-important baby essentials – wherever they may be!

Sign up for Moonsift to start preparing today.