Financial planners share their best advice about having kids

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When it comes to having kids, wouldn't it be nice if all first-time parents could have their own personal financial advisor to help guide them through the intricacies of financially preparing for their little bundle of joy?

While it might not be possible for each set of parents to have their own personal advisor, it is possible to gather some general information — and we can help. We checked in with multiple finance experts and asked: "What's the most important thing you would want first-time parents to know about finances when it comes to having kids?"

Here's what they had to say.

Tip No. 1: Add term life insurance before getting pregnant

Source: Sophia Bera, CFP, founder of Gen Y Planning

The reasoning: Believe it or not, once you're pregnant it could be harder to qualify for a preferred rate because they do a weight/height calculation that will factor into the amount you pay, says Bera. To that end, if you haven't been able to get a policy before conceiving, signing up for a plan within the first few months of your pregnancy should be totally fine, too.

Tip No. 2: Figure out a plan for paying your medical bills

Source: Ed Snyder, CFP, ChFC, Oaktree Financial Advisors, Inc.

The reasoning: Even if you do have health insurance, chances are some of the tests and procedures you can opt for (like genetic testing, for example), may not be covered by your plan. At the very least, you should assume you'll probably meet your out-of-pocket deductible.

Luckily most providers will let you set up a monthly payment plan with no interest if you can't pay the full amount, says Snyder. Consult with your health insurance about what is and isn't covered, then chat with your doctor's office to find out what options you have.

Check out this piece for five more ways to save on some of the biggest parenting expenses.

Tip No. 3: Plan for the pregnancy, as well as the baby

Source: Bellaria Jimenez, CFP, Managing Director of MetLife Solutions Group 

The reasoning: When considering having a baby, it's important to plan for additional costs during the pregnancy, as well as the cost of caring for the baby, says Jimenez. If you have a good insurance plan, the cost of prenatal care might just mean the cost of co-payments, but without good insurance this can cost you thousands out of pocket (or even with it).

On top of that, prenatal vitamins purchased over the counter can range from $10 to $20, and if you are like many moms-to-be, eating healthy and organic during pregnancy can mean an increase in monthly grocery bills, as well. Some other things to consider: The cost of an uncomplicated cesarean section was about $15,800 in 2008, and $9,600 for vaginal birth, according to WebMD.

Many moms hold baby showers to prepare for the upcoming baby, but be smart about your gift registry to help save you money down the line. For example, requesting gift cards in lieu of gifts can assist you with purchasing diapers and formula if you choose not to breast-feed. There are subscription services and bulk purchases for baby items that help. Several websites also offer "cost of raising a child" calculators that can be helpful for planning.

For more on this aspect of financially planning for baby, check out this piece.