You’ve picked out a name, the nursery colors, and even put your future baby on waiting lists at day-care providers.

Yet if you are like many expectant parents, those nesting instincts probably haven’t included attention to the family nest egg – even though the household budget is about to take a big, long-term hit.

The government estimates that for a family with an average annual income of $57,400, raising a child from birth to 17 years old can cost about $190,000. And that doesn’t include paying for college.

Parents-to-be may not believe it, but that busy period before the baby arrives is the most time that they will have during the next few years to settle such critical matters as creating a will or buying life insurance.

After the baby comes, such considerations can quickly be pushed aside amid the jumbled fog of diaper changes, feedings and sleepless nights.

“You can choose a plan for the family or you can choose to just let things happen and then operate in panic mode,” financial planner Judy Redpath said.

In a survey last year, about four in 10 expectant mothers said they didn’t adjust their family budgets to include the new baby. About seven in 10 said they hadn’t reviewed their health benefits, according to the poll of 500 mothers by Aetna and the Financial Planning Association.

Financial planners and family counselors say that expectant parents should review their short-term and long-term strategies and prepare for the possibility, however remote, that both parents may die before that child reaches adulthood.

Watching the budget

Revamping the family budget is probably the most important task for expectant parents to do, financial planners say.

Eric and Kristin Merten, of Burke, Va., spent more time remodeling their house than on long-term financial planning before their first child arrived. It

“You have to remember that immediately after having a baby, earnings go down with maternity and paternity leave and the decision by some to stop working. At the same time, expenses go up,” said Dennis Gurtz, a financial planner.

Gurtz and other financial consultants say they tell their clients to prepare a family budget that takes into consideration both big costs, such as day care or a nanny, and small ones, including baby food and diapers. That budget should also factor in contributions to college savings plans.

Parents also should look into ways to maximize each dollar of income, Gurtz said. For example, many employers offer flexible-spending accounts that let workers set aside money before taxes to pay for child care and health-related expenses.

Health insurance premiums, in particular, can increase sharply with the addition of a dependent. Nicole Maxwell, 20, a single mother in Annandale, Va., was shocked when her monthly insurance bill tripled to about $300 a month with the birth of her daughter, Haley, last year.

Financial counselors and family lawyers say that updating life and disability insurance policies is a crucial part of any family’s long-term financial strategy. Gurtz recently advised his son and daughter-in-law, who were expecting their first child, to buy life insurance during the pregnancy.

“It’s not the birth of a child that creates a need for life insurance,” he said. “What if a husband dies while the wife is pregnant? This isn’t something people consider.”

Basically, life insurance is divided into two categories: term and whole. Term plans cover a specific period of time, typically one year to 30 years. Whole life insurance plans do not have an expiration date for their coverage period.

Ideally, the life insurance coverage should also take into account the total costs of raising a child through their adult years and possibly through college.

Writing a will

Lawyers and financial consultants stress the importance of talking through various scenarios when preparing a will and to have more than one plan. It helps to have a first-choice plan and even two back-up plans when thinking about survivorship and estate planning. It’s often a complex decision.

“One of the most important things you need to do with an estate plan is to figure out who do you want to raise your child,” said Pamela Stuart, an estate planning and family lawyer in Washington.

Stuart said parents need to ask: Who is going to pass along the values that you want your child to have? Who is going to best manage finances for your child?

“You’re not only talking about the guardianship of the person but the guardianship also of their whole financial life,” Stuart said.

For many parents, financial planning has been an ongoing learning process. Maxwell is planning to marry next year and has talked with her fiance about life insurance, creating a will and saving for the future.

“I’m learning as I go. If you can be a little more prepared ahead of time, the more time you have to enjoy your child and your family,” she said.