While many of us have a ‘rainy day fund’ we can rely on if our boiler busts or car breaks down, most don’t have enough to cover expensive medical treatment like IVF.
Add this to the fact that infertility diagnoses often come as a shock, and you may be wondering how on Earth you’re going to fund the next stage in your fertility journey.
Whether you’re transitioning to a new treatment or are at the beginning of the process, time is of the essence when you’re planning to start your family. Simple saving plans may not work on their own, as they rely on long-term saving goals and savvy ongoing spending.
Rather, you’ll need to quickly assess your spending habits to see where you can make those all-important savings to fund your IVF treatment.
It doesn’t need to be!
With the following six tips, you can save enough money for your next treatment sooner than you think.
1. Start with a Clear Budget and Goals
Before you start saving, it’s important to know exactly how much money you’re going to need to fund your IVF treatment. Get a quote from your clinic and an estimated start date so you can work out the monthly savings you need to get you there. Seeing the figures in black and white should help you plan your next steps with greater ease. Watching your savings add up to this final total provides great motivation!
2. Turn Monthly Savings into Your Baby Fund
Do you already save X amount of money each month (or know that you can safely put a few hundred dollars aside without changing your spending habits)?
Set up a direct debit into a saving account so this money goes straight into your baby fund each month. This immediately bumps up your monthly total while removing this money from your standard bank account. In turn, this removes any temptation you may have to dip into these funds.
3. Get Rid of Impulse Spending
Impulse spending and stress go together.
When your every waking thought is about your fertility treatment and when you’ll finally get the happy news you’ve been waiting for, impulse spending becomes even more tempting. From a spa trip with the girls to a shopping trip with your partner, try to reduce impulse spending as much as possible.
However, this doesn’t mean you shouldn’t practice self-care or shouldn’t allow yourself time to de-stress.
Instead, look for ways you can reduce these costs. For example, why not host a spa day at home?
4. Put Any Extra Income into Your Baby Fund
When you’re looking for extra funds, now may be the time to clear out your closet/garage/attic/basement that you’ve been wanting to do for the past few years.
List items on eBay, hold a garage sale, or share items on your local Facebook buy and sell groups. A few dollars here and there can soon add up! Be sure to put this extra money straight into your baby fund so it’s out of your (immediate) reach.
The same goes for any overtime work you and your partner manage to do, or any monetary gifts from your friends and family.
5. Leave Aside Funds for Other Emergencies
Even though it’s tempting to put all your savings into your baby fund, don’t leave yourself vulnerable to other unexpected expenses.
Try to keep as much of your emergency savings intact as possible. If anything does arise (e.g. that boiler or car break down), you’re not dipping into your hard-saved- baby fund.
It’s worth noting that when you start IVF treatment, you’ll likely need time off work for appointments or related activities – meaning you may lose a few work hours here and there. Try to include how this may affect your income into your budget, so it isn’t an unwelcome surprise when it happens.
6. Track Your Savings and Have a Realistic Plan in Place
As mentioned before, tracking how much you’re saving each month is a great incentive to continue frugal spending. Additionally, it helps you understand how many IVF treatment rounds you can afford.
While you may not want to think about IVF treatment failure, it’s important to know how far your savings will get you. Not only does this help you become aware of how many rounds you can undergo, it provides the opportunity to consider other infertility treatment alternatives before your funds run out.
For example, if you undergo two traditional IVF treatments without success, you may look into other options that could offer a greater chance of success sooner than you would if you didn’t know how much exactly you could budget towards treatment. If you’re finding success with traditional IVF treatments elusive, utilizing donor eggs could be one of those great alternatives.
Your IVF Treatment is on the Horizon
The eye-watering costs of IVF may give you sleepless nights initially, but by breaking it all down and budgeting you can turn saving money for your IVF treatment – and future family – into manageable chunks. This helps you achieve your IVF treatment goals in no time. Plus, practicing good spending and saving habits now is a great way to set yourself up for future success!
In fact, once you’ve completed your family, why not turn the money you saved each month for IVF treatment into your baby’s college fund?