Photo-Illustration: by The Cut; Photos: Getty Images My partner and I are expecting a baby and are planning to get married. We’ve been together for years and are on the same page about our financial decisions, but we need some guidance now that things are getting … real. We’ve always split our expenses down the middle and been fine settling up the bills at the end of the month.
Congratulations! Your ability to plan for your growing family, financially and otherwise, is great for your baby right off the bat. Research has shown that children raised in economically secure households tend to have better cognitive functions, fewer behavioral problems, and stronger reading abilities among a host of other advantages. I wish everyone could have the choice to prepare for parenthood the way that you and your partner are doing.
It’s worth talking to a professional about whether to file taxes together or separately. “Find a tax preparer and have them run the numbers both ways,” says Stephanie Genkin, a certified financial planner based in Brooklyn, New York. “Any good tax preparer should be able to tell you whether or not to file together in ten minutes or less.” In most cases, filing together will save you money, but in a few instances, it won’t.
My own baby just turned 9 months old, and I can tell you that he has been both more expensive than I anticipated and less than I feared. Giving birth itself can cost thousands of dollars, even with good insurance . Diapers are pricey. So is formula.
You’ll also want to understand your respective employers’ family-leave policies. Depending on what they are, it might make more sense for you and your partner to stagger taking time off; I know a lot of couples who split up their parental leave so that they could delay the need for child care, save money, and spend more time with their new baby.
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