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Most couples don’t think about the finances of starting a family until they’re pregnant. This is a huge mistake. There are many costs associated with having children, and if you’re not prepared for them, you could be in for a rude awakening. Here is a closer look at some of the financial challenges of starting a family and reasons why you should prepare now.

Cover Medical Bills

No one likes to think about the possibility of medical problems, but the truth is that even healthy families can face unexpected medical bills. A new baby, for example, can require a lot of medical care, from doctor’s visits to vaccinations. And if a child develops a chronic illness, the costs can quickly add up. Planning for these expenses is essential, and there are a few different ways to do it. 

One option is to create a savings account that can be used specifically for medical expenses. Another is to purchase a health insurance policy that covers your family. Whatever approach you take, the important thing is to make sure you’re prepared financially for whatever health challenges your family may face.

Plan for Fertility Troubles

Raising a family is expensive- there’s no doubt about that. But what many young couples don’t realize is that the cost of starting a family can be even higher if you factor in the possibility of fertility problems. And while there are a number of treatments available, they can be both emotionally and financially draining. In fact, the average cost of in-vitro fertilization (IVF) is over $12,000 per cycle, and many couples require more than one cycle to conceive. 


Additionally, many insurers do not cover the costs of fertility treatments, leaving families to foot the bill on their own. Tax credits can cover a big chunk of the cost of adoption. For example, the federal Adoption Tax Credit allows families to claim up to $13,460 per child for qualifying expenses such as adoption fees, attorney fees, and travel costs. So if you’re planning on starting a family, be sure to factor in the potential costs of fertility treatments – and take advantage of the tax breaks that are available to help offset those costs.

Start Saving for College

One of the most important long-term expenses to consider is the cost of college. According to the College Board, the average cost of tuition and fees for the 2017-2018 school year was $34,740 at private colleges, $9,970 for state residents at public colleges, and $25,620 for out-of-state residents at public colleges. These costs have only been increasing in recent years, making it more important than ever to start saving early. By beginning to save for college when your child is born, you can help ensure that they have the opportunity to pursue their dreams without being burdened by student loan debt.


Starting a family is a wonderful and amazing opportunity to embark on. But it can also be a journey that costs a lot of money. In order to be financially stable throughout your children’s lives, it is crucial that you start planning now.

Here’s more to read: What Families Should Know Before Selling Their Home