Baby…Three Expenses That Comes With Having One

Growing your family is such an exciting time! I was so excited when we were finally ready to add a little person to our family. Although there is no “right time” – there is a possibility that you can be more prepared with a bit of planning. If you can afford this time and you are expecting to have a baby, there are some expenses you should consider as you navigate your family planning.

Expenses Before Your Baby Comes

One of the first things to take into consideration is your health insurance, costs and co-pays. How much will you pay out of pocket for doctor’s visits, ultrasounds and various blood work and tests? It is a great idea to check with your doctor’s office or call your insurance for and estimation of typical health appointments leading up to your birth.

What will you wear? Maternity clothing can really add up, especially if you have a job that you need to dress professionally for. Luckily there are many websites you can shop for gently used clothing on. There are also many websites that can help you plan a capsule or coordinated wardrobe. Make sure to include the budget for your clothing in your expenses…it isn’t alllll about the baby (at least not yet!)

Delivery Of Your Little One

This is another thing to check with your health insurance company about. It can be easy to breeze over this one in your brain when you are looking at the big financial picture. I have friends that have paid zero dollars out of pocket and friends that are still making monthly payments on their 5 year old. Knowing this expense in advance can help you make better plans.

Second, you should consider the time you need to take away from work. It is optimal if you have a paid maternity leave or you have disability insurance to cover while you are off. Many of us don’t have that luxury so a little planning leading up to the birth can go a long way in keeping your financial health in check while you are off.

More Expenses When They Arrive

These seem to be the expenses that everyone focuses on! Formula, toys, clothes, supplies and more. Diapers alone can really add up and effect your weekly and monthly budget in a big way. Anticipating these expenses can prepare you for just a few of the changes happening in your lives. May as well plan the simple stuff…the rest of the stuff can be a little harder to predict!