For many mothers, the biggest dilemma about having a child is to put their professional career on pause. Some moms find themselves forced to start a side hustle venture from home to make ends meet. Others go back to work earlier than planned because they can’t afford to stay on leave any longer. Ultimately, having a baby can put your career on hold, but more importantly, it also puts your income on standby. As new parents, if there’s one thing you can’t afford to ignore is your household income. Indeed, having a baby puts your finances back. For professional women who enjoyed a successful career, going back to work can be a challenge. But more importantly, managing the debts of motherhood and pregnancy can prove tricky without a thorough plan.
A brutal call to reality
Having a baby in the US doesn’t come for free. Indeed, featuring pregnancy care, delivery, and post-birth care, mothers are likely to pay on average $30,000. Maternity costs in the US healthcare system are going through the roof. A rule of thumb is to ensure that your health insurer can help you to cover some of those astronomical costs. However, the costs remain significant throughout the US, even for insured women. Having a C-section in Vermont with insurance is going to cost over $10,640. However, in Alabama moms pay less than $8,000 for the same service.
There are affordable alternatives
You can” t save money on your pregnancy and delivery – it’s unwise to go through pregnancy without medical checkups. However, you can make sure you’re smart about purchasing your baby gears. Indeed, you can find cost-effective options online, such as coupons for diapers or even Facebook Marketplace. Used items are not always a bad choice, as long as you make sure they are safe for your baby. High chairs, strollers, and even baby clothes can be bought second-hand without putting your family at risk. Alternatively, you can also ask your relatives and friends for hand-me-downs they don’t need anymore.
Most parents think about college already
Do you know what the first thing that many future parents do is? They open a savings account to help pay for their child’s education. Indeed, students spend on average almost $99,500 throughout their academic studies in college. American universities, unfortunately, can be a financial drain. Top-tier universities add up living costs to $60,000 per year to the student fees. Even with funding and financial support, academic education can lead to lasting debts for your child and yourself.
Can you compensate for the extra baby expenses?
Can you recover the expenses through smart saving tricks? The answer is, unfortunately, no. However, you can gradually transform your household budget to accommodate new financial projects. For instance, changing your mortgage deal can be a good idea to free up a lump of money every month. If you prefer a long-term investment, switching your energy supplier to an off-grid solution can help you to reduce your utility bills and maybe create a savings pot for your family.
From the cost of pregnancy care to kitting your baby, there are a lot of expenses you need to consider. Money, of course, isn’t everything, but when you’re starting a family, it’s important to budget for the essentials and develop saving strategies. Your household will be a lot happier if you don’t have to worry too much about money!