Financially Preparing to TTC

posted 6 months ago in Babies
Post # 2
Member
2525 posts
Sugar bee
  • Wedding: September 2018

Look into your health insurance. How much is your deductible/OOPM? You can likely get a good idea of roughly how much you’ll spend in medical bills. For us, this cost was fairly significant and something we are glad we planned for ahead of time. If it’s your first baby, you’ll also likely change tiers in your plan and go to a family plan. This can be a significant monthly difference depending on your plan…for us its about $100 a month more. 

For us, childcare was the most expensive by far. I would recommend adjusting your budget now and putting that childcare amount monthly into a baby savings. 

We probably spent an additional $50-100 a month when my son was a NB roughly. We had a huge stockpile of wipes and diapers, but breastfeeding unfortunately didn’t workout for me so we ended up having him primarily on formula after a month.

If it’s your first baby, you’ll likely have a baby shower and get some must have items from that. We probably spent $500-600ish on baby items (furniture and random things/clothes) prior to having my son. 

Post # 3
Member
5598 posts
Bee Keeper
  • Wedding: October 2017

missinthecity :  definitely child care, the next would be health care. What would a family health care plan look like on your insurance plan? Does your company offer voluntary short term disability? Sign up for that during open enrollment because that will pay for a portion of your maternity leave.

Make sure you will be able to take an unpaid maternity leave if you’re in the us and don’t have a disability plan.

I was able to breastfeed so we didn’t need formula, but formula is expensive.

Also, time off from work if the baby gets sick and can’t go to daycare

Post # 4
Member
5598 posts
Bee Keeper
  • Wedding: October 2017

Have you looked at the average cost of child care in your area yet?

Post # 6
Member
5598 posts
Bee Keeper
  • Wedding: October 2017

beevincent18 :  oh yes, being able to afford the birth is a big one

Post # 8
Hostess
1849 posts
Buzzing bee
  • Wedding: October 2017

Keep in mind that if your baby has any allergies the hypoallergenic formula is wayyy expensive and can run over $200/mo depending on how much your baby eats. 

For: wipes, diaper genie refills, diapers, formula, diapers, incidentals like extra soothies, clothes, extra bottles, extra bassinet sheets, and other stuff like distilled water for the sterilizer we probably spent a good $700 on our daughter this first month because there is a whole whack of shit people don’t tell you about having a baby  

Keep in mind also that hospitals tend to recommend to use the premixed/concentrated formula for the first two to three months  (because bacteria can get into the powder stuff.) Premixed is more expensive as is concentrate than the powder stuff. Our daughters hypo allergenic only comes in premixed in one brand in cans of four packs and it’s $48/case which lasts maybe a little over a week at this rate.

Lets not forget all that coffee bc having a newborn is tiring AF. 

Post # 9
Member
8264 posts
Bumble Beekeeper

missinthecity :  for us health insurance was staying the same since hubs and I were already on a family plan so I didn’t have to worry about that. Our insurance is also amazing so the entire out of pocket cost for our birth was only $275 but check and see if yours would be more. 

Childcare was (is) the biggest cost! I asked my girlfriend who lives nearby for her daycare costs and started “paying” it to my savings account as soon as we started TTC. Every week on autopay. It not only got us used to not being able to spend that money, but it covered the unpaid portion of my maternity leave plus some nursery start up costs!

Our ongoing monthly costs outside of daycare have been barely noticeable honestly. Diapers and wipes aren’t that crazy, I breastfed so no formula costs (apart from some early supplementation due to a low milk supply), and she eats what we eat now that she’s a toddler so no special food there either. We’ve been gifted/handed down a lot of clothes, but if we weren’t I’d shop sales and second hand stores. 

 

Post # 11
Member
179 posts
Blushing bee
  • Wedding: August 2018

My baby isn’t here yet (due in July), but I’ve been somewhat shocked at the price of prenatal care (and I have pretty good insurance). I’ve needed additional ultrasounds (which add up quickly) plus I had an overnight hospital stay. Not saying this to scare you, but just factor that into your costs that there are expenses for you before the baby comes that could vary greatly depending on the level of care you need. The estimate for my delivery is around $2K (vaginal delivery) and could go up if I need a c-section.

Post # 12
Member
917 posts
Busy bee
  • Wedding: January 2017

We spent about $250 a month on hypoallergenic formula, and then another $50/month on his meds (would have been a lot more but we’re in Canada and they have a child perscription cost limit) Besides childcare that was our biggest expense. You can find most of what you need for a baby second-hand except a car seat and maybe crib, and you really don’t need much. I agree with PP that the other thing is healthcare costs. Deductibles go up and birth is insanely expensive, even when it’s uncomplicated. 

Post # 13
Member
2525 posts
Sugar bee
  • Wedding: September 2018

missinthecity :  We probably spent about $100 a month on formula when he was a NB and it gradually reduced as he got older and was having less bottles/more food. This was 5 years ago, and he was able to drink store brand/generic formula with no allergy issues. Obviously it could fluctuate depending on your kiddos needs, or if you’re able to breastfeed

Post # 15
Member
8264 posts
Bumble Beekeeper

missinthecity :  you could also just look up averages for your city and go with that if you feel too awkward calling a couple places and asking. The only issue is that it can vary wildly within the same region. I live just outside of Boston and our infant daycare was $1825/month. I had neighbors that used a center closer to their offices in downtown Boston and it was at least $1k/month more than I was paying just 10 miles away!

Leave a comment


Find Amazing Vendors