Planning for a Family

Young expectant couple outside

Kids are wonderful.

If you’re pregnant now, congratulations! If you’re just doing some pre-pregnancy research, good for you! And if you already have kids, you know what we’re talking about! Yes, kids are expensive and we would like to offer a few tidbits of advice for you. (Nine months of pregnancy may seem like forever but try to use them to their fullest as you plan.)

Thinking of the expenses and time and how it will change your life can be pretty overwhelming. Rest assured, it’s all well-worth it. After reading below, let us know if you have any other questions we can help with. We have a soft spot for families.

A great website is a magnificent (and free!) resource for you from pre-pregnancy planning, through pregnancy, up through your child’s 9th birthday. It’s great for momsand dads. This site also offers a calculator called “The Cost of Raising a Child” and it gives you some idea of what to expect, financially.


Pre-plan for the upcoming medical expenses. Do some research now to find out what your insurance will cover and and what you will have to pay as far as deductibles and co-pays from doctor visits and a hospital stay. While you’re doing that kind of research, also check into what your workplace policy is for maternity/paternity/ family medical leave.

Be sure to allow some time in there for bringing your baby into your local Linn Area Credit Union branch so we can coo all over the wee one!


If you have a budget, it might be time to revisit it. If you don’t have one, now is a great time to start. We offer all sorts of budgeting info here. There are a lot of one-time expenses (like a crib and a stroller) as well as ongoing expenses (like formula and diapers) that should be factored in.

Something to consider while budgeting is weighing the cost of daycare against your incomes. If both parents currently work, we offer a SHOULD MY SPOUSE WORK? calculator to determine which route makes more sense for your particular situation after the baby arrives.

Saving and paying off debt

Ideally, we would all be debt-free when we decide to start a family. Wouldn’t that be great?! Alas, that’s not how it happens. Our best advice is to hunker down and really start watching your spending. Save wherever possible and try to get your finances into a manageable state before Junior arrives.

Managing debt can be a tricky business but well worth it in the end. The more debt you get paid off now, the more room you’ll have in your budget for other expenses.

Also get your new baby set up with their first savings account as soon as you get his/her social security number. Once they have a savings account, you might consider setting up an automatic deduction from one of your own accounts to stash a little money away every month for your baby’s future…

…like college. Hard to imagine, but those 18 years go by pretty fast. Check out our Planning for College page for some advice.

Life insurance and wills

No one likes to think morbid thoughts at such a happy time. Now that you have or will have a little whippersnapper depending on you, be sure to add these items to your checklist:

  • Check out this LIFE INSURANCE CALCULATOR – it will help you determine how much life insurance you need. (We also have more information on our Insurance page if you’d like to take a peek.)
  • A will is something a lawyer or attorney needs to draw up. When you schedule your appointment, he/she should give you a list of items you’ll need to bring with you. For instance, if something should happen to you and/or your spouse, who will raise the child(ren)?

Good luck to you as you get everything in order. You’re going to be great!