If a baby is in your future, it’s important to know how much you should save. There are plenty of ways to cut back on spending with depriving your children of the things they need most. Realistic planning now may save your wallet, and here are a few tips to get started:
Get Only The Essentials To Start
Every baby department has tons of delightful baby equipment, each piece with its own price tag. Ask your friends who have babies which pieces they really needed, and check a few lists online. A car seat, a baby wrap or carrier, and a stroller are pretty indispensable. If you know there will be a baby shower or two, put these items in your registry.
Check With Your Health Insurance
First of all, do a reality check on your biggest expenses, the cost of the birth. What will your insurance cover, and what will be your responsibility? There choices you can make that will cut your out-of-pocket costs. Check with your birthing facility, your doctor or midwife, and your insurance company to see what’s covered. A few phone calls can save you dollars without sacrificing quality.
Find A Good Doctor
After checking with insurance, it’s important to find a doctor you are comfortable with who can treat your individual needs. If they can get all the blood work you need in one visit, you will save co-pays and time by getting more done at once. A doctor who specializes in high-risk pregnancies can keep a close watch on you and prescribe needed medication more effectively than your family doctor, says Dr. Gilbert Webb at Mercy.net. This can save you lots of money in unneeded tests, visits and medication.
Don’t Buy Too Many Clothes
Many soon-to-be moms make the costly mistake of buying too many clothes, especially of the same size. Babies grow incredibly fast, and you wont’ need every many outfits for the child since the will grow out of them before you know it. You can also save money buy using hand-me-downs from friends and family.
Many people believe cloth diapers are money savers, but the up-front cost is high. If you choose this option, put them on your baby shower wish list. If you have to use a laundromat, though, disposables may actually be cheaper. Generics can provide good quality at a lower price, or you can check out subscription services.
Budgeting for a baby might seem like an overwhelming task, but saving is not meant to be done all at once. There are many steps you can take before and after the baby is born to save money and even start a savings fund your child. Get started with these tips to help you feel ready financially to have a baby.