Taking a critical look at your finances before trying to get pregnant
Before you decide that it is time to start trying to conceive , and add a baby to your family, you are likely to go through a mental or actual checklist and read up about fertility and general health. You might well start using an ovulation calendar , get to know your menstrual cycle, and buy ovulation predictor kits. But have you taken a critical look at your finances?
Babies, in my humble opinion, can be as cheap or expensive as parents want them to be. But the bigger financial picture does matter. These are some factors that I think every couple should think about before they ditch the birth control pills.
Do you have medical insurance?
If not, it is time to get some. Pregnancy and birth are costly events, and you want them covered. If you do have an insurance policy, you might want to investigate whether it covers the type of care that you want during pregnancy. If you want to give birth at a freestanding birth center or at home, this is especially important as not every insurance policy covers these options, but some do.
Do you have an emergency fund?
All financial experts recommend that families have enough savings to cover six months worth of living expenses in case of redudancy or health problems. If either partner loses their income during pregnancy or with a small baby in the house, that makes for a stressful and unwelcome surprise. Having an emergency fund to last you six months can make all the difference.
How do you plan to organize your family once maternity leave ends?
Do you think it is important that one parent stays at home with the baby, or do you plan to have your baby attend daycare facilities? In either case, that will put considerbable strain on your finances. How would you cope with living on only one income? What is the cost of childcare in your area? You might even consider living off your “new†income with the relevant costs deducted, plus the amount you think you will spend on your baby, to see if it is adequate — and what changes you might need to make in your spending patterns.
