Believe that preparing for your family’s financial future is little more than setting up your new baby’s college savings plan? Think again. Parenting comes with a whole host of new expenses and considerations, each rife with potential conflict. If you are expecting a child, therefore, use this time to talk with your partner about the following five topics. Finding common ground before baby arrives will help avoid serious problems later.

1. Stay-at-home-parenting. Not everyone wants to be a full-time parent, so discuss your personal desires at length. If you do want to resign, draw up a detailed budget to know if living on a single income is feasible. In many cases, it requires significant downsizing, so be sure you are both committed to living within tighter financial constraints.

2. Your spending habits. Whether one or both of you will be earning an income, you are now a family and must act as a unified force. Talk about and set spending limits, keeping your partner’s level of comfort in mind. There are a lot of new products you’ll be buying for the baby and it is easy to have conflict over what you need versus what you want.

3. Credit and debt. If ever there was a time to get a handle on debt and credit issues, this is it. Even if you are in the black now, babies come with a lot of new expenses that can easily wind up on plastic. Commit to never charging more than you can afford to repay in a few months’ time. If you are currently holding onto consumer debt, concentrate on repayment.

4. Money management. Who is taking care of the bills in your home - the person who has the opportunity and know-how, or the one who always seems to lose the paperwork? Choose the right money manager. As new parents, you’ll soon be lacking sleep and concentration, making even simple financial tasks challenging. While you’re at it, streamline your finances. Set up online bill-pay and direct deposit with your bank and arrange an automatic savings plan.

5. Your family’s future. Now is the time to dream and plan. Do you want a new home or home improvements, a better or second car, to take exotic vacations, or pay for private schools or higher education costs? Discuss and prioritize your goals, and then start funding them with regular contributions. While you are at it, don’t forget an emergency account – it’s an essential part of every family’s savings plan. Aim for at least three months’ worth of essentials tucked away.

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Erica Sandberg is a nationally recognized credit and money management authority with over a decade of experience delivering personal finance and industry information to consumers, businesses, the media, and courts of law. She recently published a book: Expecting Money: the Essential Financial Plan for New and growing Families

You can visit her website at http://ericasandberg.com/index.html