Adding a new baby to your family will bring you a lifetime of blessings. However, those blessings will also bring many expenses with them. So, once your doctor confirms your pregnancy, it’s a good idea to develop a financial strategy to help you gather the expenses needed for your pregnancy. Here are some financial guidelines to aid you during your pregnancy and to give you a head start on the expenses of your baby’s first year.
Assess Your Current Financial Status
As soon as you know about your new baby, it’s time to look carefully at your financial situation. Look at your current income, and try to predict if and when you’ll return to work after the baby is born. If you’re raising the baby with a spouse or partner, consider their income, too. Once you know how much money you expect to have, it will be time to make a budget.
Look in the baby stores or online for prices of all the necessities you will need for the baby – such as diapers, formula, clothes, and baby furniture. According to Money Help, using an online Baby Costs Calculator will help you to see what expenses you can expect. By reducing any unnecessary costs and saving money now, you can begin to build a small surplus fund to help when you bring your baby home. Open a savings account now, if you don’t already have one, and begin to put every spare dollar into it as you get closer to the baby’s birth.
Trim Your Current Expenses
Start your money management plan by paying your monthly bills by direct debit from your account. Some utility companies will give you a discount for using direct debit. Cut the use of your utilities by turning off lights when you’re not in the room. According to CNET, you can save money on your water bill by setting the temperature of your water heater to 120 degrees Fahrenheit.
Your pregnancy should become a time for savings, including clipping coupons. Using grocery coupons now and collecting baby-related coupons to use after the baby arrives is a great way to save money. Check with your family and friends who have had babies and accept any gently used baby items or maternity clothes offered. When your doctor confirms your pregnancy, your name is likely to show up on the mailing lists of baby-related companies, who are likely to send you free magazines about baby advice, as well as sending some freebies.
How Finances Effect Surrogate Babies
Women who want a child and are unable to get pregnant may choose to work with a surrogate mother. Surrogacy is costly, so you will need more than you typically need. Surrogacy costs can vary, depending on several factors – mainly on whether you will require an egg donor and whether you’ll be welcoming twins. You must also assume the medical costs for your surrogate’s doctor visits and delivery – and any unique medical costs that occur during the pregnancy.
According to Investopedia, the surrogacy process in the U.S. costs an average of $100,000. In addition to the expenses for the surrogate mother, you’ll also need to pay the fee of the attorney or agency that is facilitating the adoption of your expected child. According to Elevate Baby, the first trimester of the surrogacy process will consist of doctor visits, paperwork, and legal matters.
At the beginning of your pregnancy, it may feel like it will take forever. But time will pass, and you will soon welcome your baby. Get a datebook, and keep track of your doctor appointments and your due date. Using these money guidelines and keeping track of your baby’s timeline, you can get ready to welcome your new baby.
