The $204,000 Question
Are you ever financially ready to have a baby?
by Jeanne Sager
June 23, 2009
5. CHECK OUT YOUR HEALTH CARE BENEFITS
Couples need to explore the pregnancy and pediatric costs associated with their health insurance plans. Will they cover prenatal care, delivery in a hospital with a private room? Will the baby be added to the plan at birth, or will that take some time? If your employer doesn't offer an affordable family plan, now is the time to look at your local children's health insurance program to determine what out-of-pocket medical expenses might be both immediately after the birth and as children grow and require well visits to the pediatrician (as often as monthly during the earliest stages of life).
6. CALCULATE CHILDCARE COSTS IN YOUR AREA
The final piece of the puzzle is a look at the expenses that make up that $204,000 figure from the USDA — diapers, shoes, jars of baby food, extra rolls of toilet paper because your toddler is fascinated with the flushing action of the toilet. The answer? There is no one set figure for every child.
"That frustrated me to no end when I was pregnant," Erica Sandberg, author of Expecting Money: The Essential Financial Plan for New and Growing Families, says with a laugh. "Two words I loathed when I was pregnant were 'it depends.' I think what parents crave is to know exactly how much it's going to cost. They need to know diapers cost, say, $75 per month."
So cruise the baby section of the local supermarket and quiz other parents. Just as you'd ask an experienced mother about breastfeeding or picking out the right stroller, ask how much they spend on diapers, on bottles, on clothing.
7. HAVE FAITH IN YOURSELF
"Two words I loathed when I was pregnant were 'it depends.'"
"No matter where you are, you can make changes, become financially ready," Duni says. "You shouldn't feel intimidated to sit down and take that first step — these are YOUR finances. If you are in a more challenging credit situation, give yourself six months to put yourself in a better situation. There are no quick fixes, but everyone can do it." Duni and her husband had no guarantees when they had their child, nor did Erica Sandberg and her husband when they had theirs. They all agonized, but they all made the jump.
"I think fear is healthy," Sandberg says. "No, no one is every one hundred percent ready, but you can get close to it, and close to it is good enough."
©2009 Jeanne Sager and Babble
About the Author
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Jeanne Sager is a freelance writer and photographer living in upstate New York with her husband and daughter, Jillian. She maintains a blog of her award-winning columns at jeannesager.blogspot.com. |
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