Things to consider when planning your pregnancy budget
As new parents, the addition of your newborn will change the way you plan your budget. Having a baby is costly, but that doesn’t mean it has to cost you everything. Consider the following tips to help ease your transition into parenthood and make your budget go a long way.
Clothes, Accessories and Furniture
Everyone wants their little one to have nice things, but getting these items doesn’t have to cost you your total pregnancy budget. The one area many new parents overspend on is expensive baby gear such as clothes, strollers and items for the nursery. As you shop, be sure to stop by consignment shops in addition to big-box retailers. Lightly used items are always being donated and sold to those stores, which gives you the opportunity to buy essential items at a cheaper cost. When your baby gets older, it’s very unlikely they will remember how stylish their clothes were or how flashy their stroller was. At the end of the day, all your baby truly needs is love, comfort and support.
Everyone needs insurance, including your little one. Contact your insurer as early as possible to learn how to add a dependent to your insurance policy, as well as what your insurance policy will and will not cover. Not knowing this information could cost you (and your budget) dearly. Your insurance rates will go up after having a baby, so keep this cost in mind when planning your budget.
It may not be in your budget to be on maternity leave longer for than 6 weeks. If this is the case, begin looking for nurseries and daycare centers early. According to Baby Center.com, the average payment for a month’s care is $972. If this amount is way outside of your budget, consider hiring a babysitter. Here is a list of qualities you may want to seek in a babysitter:
- Previous experience taking care of small children (having positive reviews)
- CPR/First AID Training
- Enjoys being around children
Place of Delivery
Three common locations to consider for delivery are hospitals, birthing centers, or your home. A hospital delivery could cost between $9,000 and $25,000 depending on the type of birth (vaginal or cesarean) and the additional medical amenities acquired during your stay at the hospital. Birth centers offer a more comfortable environment than a hospital and cost around $2,000 and $5,000. However, keep in mind that birth centers are not hospitals. They specialize in natural births, therefore epidurals and cesarean sections are not administered in a birthing center. Home births usually range from $4,000 to $5,000.
If you do choose to have a home birth, be ready to pay out of pocket. Many insurance policies do offer coverage for deliveries at hospital and birth centers. Once you have chosen which option is best for you, be sure to contact your insurance company to determine what your plan will cover.
Having a newborn can get quite expensive, but with these tips, budgeting should be much easier for you. For any concerns or questions, be sure to make an appointment with an Orlando obstetrician at Contemporary Women’s Care.
Photo By Klaus Hoffmeier [Public domain], via Wikimedia Commons