Financial Wellness Tips for Expecting Parents

Friday, March 2, 2018, 6:00 PM | Leave Comment

If you’re an expecting parent, you might be feeling a little unsteady right now. Go ahead, have a seat and let it all sink in.

This is one of the most exciting, scary, unpredictable, and rewarding experiences of your life. Financial wellness could be the first or the last thing on your mind right now.

For American parents, it’s likely a priority.

In this article, we’ll outline what to expect when having a baby and provide a few tips for maintaining your financial well-being:

  • How Much Does It Cost to Have a Baby?

    On average, it costs American parents $10,000 to $15,000 to have a baby. That is, as long as there are no complications.

    Estimates like this don’t always factor in common costs like:

    • Fertility treatment or in vitro fertilization (IVF)

    • Prenatal care

    • Insurance deductibles

    • Newborn care

    • Lost income during leave

    • Daycare expenses

    It’s nearly impossible to know what the future brings and to fully plan for the financial cost of having a baby. How much should you save? Is your current insurance going to cover enough of the costs?

    We can speculate on the cost of having a baby based on what parents have paid in the past, but there’s no way to know exactly how much a parent’s out-of-pocket costs will be.

    What can expecting parents do to ensure they’re prepared for the costs of having a baby?

    For starters, adding short-term disability and dependent coverage to your insurance package can help.

    Parents should also use tools that keep them on track to pay their medical bills on time and get them paid off as quickly as possible.

    There are also a number of ways new parents can save money. We’ll go over some tips in this article.

  • Medical Bills and Your Credit Score

    What happens when new parents can’t pay their medical bills? Unfortunately, unpaid medical bills will go to collections and could negatively impact not only the credit score but affect a new parent’s financial well-being.

    Fortunately, there are ways to prevent this. Here are a few tips:

    • Start a baby savings right now for one-time purchases like a crib and car seat.

    • Automate your savings and debt payment.

    • Negotiate a settlement for any outstanding amounts owed.

    • Seek help from charities that pay medical bills.

    These options are far easier than dealing with a collections agency and the impact it has on your credit and financial wellness.

  • Ways to Save

    Whether you’re saving up for the birth of a child or working to pay off medical bills, any new parent can find ways to save.

    Here are our money-saving tips for expecting parents:

    • Cancel Netflix or other TV services and rent videos and books from the library instead.

    • Pick a few DIY crafts instead of buying new items like a crib mobile and clothes.

    • Buy a breast pump. You’ll save in the long run as formula can end up costing new parents even more than the one-time cost of a pump.

    • Make your own baby food. It’s cheaper and healthier!

    • Invest in multi-use items like a crib that turns into a travel bed.

    • Clip coupons!

    • Ensure your insurance offers the coverage you need as well as a reasonable deductible and copays.

    • Shop around hospitals and birthing clinics for the best price and services.

    • Buy used maternity clothes or start a maternity clothing swap with friends.

    • Only buy what is necessary.

    • Look for free samples.

    • Prep and freeze meals for those hectic days where you don’t want to cook.

Financial wellness for expecting parents looks means you’re able to care for your family’s needs while paying down debt and contributing to your savings.

Unfortunately, the rising costs of healthcare, among other modern expenses, has made this difficult for many parents to achieve. We hope you’ve come a little closer to your goals with these tips.

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