Here are some smart financial moves for new parents

There are a lot of “firsts” for new parents — and measures to shore up household finances are among them.

Expenses for a new baby are often higher than parents expect, according to financial advisors.

The average middle-income married couple spends $12,350 to $13,900 a year to raise a child, according to most recent estimates published by the U.S. Department of Agriculture. (The data, for a 2015 birth, includes costs like housing, food, child care and health care. It doesn’t include pregnancy or college costs.)

But there are important factors beyond everyday costs, too. Here are some top considerations for new and expecting parents.

Budgeting might seem like an obvious necessity.

But managing cash flow goes beyond saving for big upfront costs like medical bills for hospital stays, clothes, nursery furniture and baby gear, according to Eric Roberge, a certified financial planner and founder of Beyond Your Hammock in Boston.

“While it is smart to save in advance for these expenses, you also need to consider the fact that having kids introduces more ongoing fixed costs into your normal spending,” Roberge said.

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Such costs may include baby formula, bottles, diapers and wipes, for example. Parents should weigh these fixed expenses alongside others that may also arise, like a higher monthly rent or mortgage for a larger living space, Roberge added.

Expecting parents should also cut back on unnecessary expenses, and save or pay down debt (like credit cards, car loans and student loans) aggressively before the baby arrives to free up wiggle room in their budget, according to Sophia Bera, CFP, founder of Gen Y Planning in Austin, Texas.

Parents should also determine how their health plan covers birth costs and what they may need to be paid out of pocket, Bera said. Further, they should review their maternity and paternity leave benefits, and determine how to optimize them. (For example, should each parent use the benefits at the same time or stagger them? Will parents need, and be able to afford, extra, unpaid time off?)

Life insurance offers financial protection for a new child in the event of a parent’s untimely death (and associated loss of income).

Financial advisors recommend buying it before the baby arrives, if possible. Term insurance, which lasts for a specified period, is typically easiest and cheapest and has a fixed premium.

A 20- or 30-year policy is appropriate for most families, to cover children through high school or college to legal adulthood, advisors said.

Parents should buy enough insurance to cover 10 to 15 times their current income, according to CFP Stacy Francis, president and chief executive of Francis…