Whether you’re expecting, adopting a child or becoming a stepparent, bringing a child into your life is a big change. And it has a big impact on your finances.

To raise a child born in 2015 to the age of 17, parents will spend just over $233,000, according to the U.S. Department of Agriculture. This figure is based on the cost of housing, food, transportation, clothing, health care, education, child care and miscellaneous expenses. With that kind of monetary commitment, new parents should prepare for the added costs ahead of time. Keep in mind: unexpected things will come up so it’s best to be prepared for life’s unpredictable situations.

5 Questions to Ask

1. Am I prepared financially if my child needs special medical attention?
2. What is our plan for childcare?
3. How do I know if I have the right car for my new family?
4. What is our liability if another child gets hurt while playing at our house?
5. What would happen to my child if I or my spouse were no longer able to take care of him/her?

Insurance-Smart Things to Do as You Become a New Parent

1. Find out if your benefit plan includes maternity leave. If you think you will need more paid time off than provided, consider a short-term disability policy. 
2. If you’re purchasing a larger vehicle to accommodate to your growing family, keep in mind the implications it will have on your car insurance premium. Shop around for cars before purchasing.
3. If you are adding onto your home or making home improvements,, notify your insurance agent of any renovations to your home to avoid being underinsured.
4. Contact your insurance agent prior to installing backyard playgrounds. You may want to increase your homeowners insurance liability coverage to protect yourself if another child is hurt on your property.
5. A new dependent means a review of your life insurance. Will your current level of coverage be enough to provide financial protection for your family in case something happens to you?

Also check out The Grohers: 2 Kids, Shared Focus, No Worries.