Preparing for a new baby can be an exciting and stressful time for anyone. As the baby’s due date approaches, there is a lot to prepare for mentally and physically. There is a laundry list of needed items when coming home from the hospital with a newborn, including blankets, bottles, and clothes. These costs can add up quickly depending on the brand you buy and if you purchase all new items versus some gently used ones. Additionally, costs could be associated with your hospital stay, depending on your insurance coverage. This article will discuss some of the costs and how to best prepare for them.
Saving for a baby
Once you know a baby is on the way, one of the best things you can do is to update your monthly budget and begin putting money away for baby expenses. Utilizing a budget will assist in keeping your costs on track and soften the blow for some of the larger needed purchases. It may be helpful to establish a separate savings account to help keep funds separated and to track your savings more easily.
One of the best recommendations is using hand-me-downs or purchasing used items, such as cribs. It’s too common for families to get caught up in the moment and desire to buy all new things. This is ok if your budget supports it; however, many baby items are only used for a few months or a year before a child outgrows it. By purchasing used, you can save enormous money, especially if items can be easily cleaned, such as a crib. Using sites such as Facebook and Craigslist will produce countless baby items for purchase, many in like-new condition.
Hospital expenses
The cost of childbirth can vary widely depending on the type of birth, but in 2023 the average costs were between $15,000-$25,000. With good insurance, the majority of those costs will be covered, but it’s typical for there still be out-of-pocket expenses. The wide range of costs is based on variables such as length of stay, medications, need for specialized care, and if there were any complications. While everyone hopes for a smooth birthing process, surprises can happen, which can increase unexpected costs. In preparation for the baby, you should consult your insurance company to see what is covered to better prepare for those out-of-pocket expenses. Lastly, if expenses are higher than expected or your insurance doesn’t cover all the needed procedures, consult the hospital for possible payment plans, which can help you pay those expenses over time.Â
Paternity/maternity leave
Regarding paternity and maternity leave, this varies enormously depending on your employer. For most employers, maternity leave has been pretty well established to give the mother time with her newborn and establish a good routine. When it comes to the fathers, however, there is no set standard, and it can range from an unpaid week off to several months of paid leave. Paternity leave policies will not only depend on the employer but can vary by position as well. The importance of fathers taking paternity has been studied well, and the positive effects are known. Fathers are advised to consult their respective HR departments to understand the company’s leave policies.
Additionally, review the details on how many days you’re allowed and when it must be taken. Some companies may allow you to delay taking your maternity leave up to a year after the birth. This can be very helpful if you know family is available to assist immediately, and saving your time for later is more beneficial. Â
Mental well-being
As a baby brings enormous excitement to a new family, it can also bring significant stress. It’s essential to take things slow and not get overwhelmed. It is too easy for multiple stressors to compound and become emotionally drained. It’s crucial for the months leading up to the birth to plan accordingly to minimize the emotional impact that’s to come. There’s no avoiding sleep deprivation, changing routines, and new responsibilities. As the emotional impact begins to take a toll, it’s not uncommon for mothers to experience some form of postpartum depression. Identifying it earlier and making adjustments where possible to improve the situation is essential. Don’t be afraid to ask for help from family and friends. Additionally, outside agencies can assist to include your local church.
Ultimately, be proactive leading up to the child’s birth. Don’t let the stressors of a newborn overburden you to the point you miss out on the joy of a new child. Start the budget early and begin planning for those future expenses. Talk with your employer and insurance company to better understand what to expect when the baby comes. Don’t hesitate to buy gently used items that can save you a ton of money in the long run.