Financial Planning for Baby

iVillage Member
Registered: 01-25-2010
Financial Planning for Baby
16
Sun, 06-06-2010 - 5:12pm

Are you doing anything special to prepare financially for your future LO? I know a lot of the process of ttc, especially for those of us experiencing IF, gets very expensive so planning for baby isn't always at the forfront of our minds.


After this last cycle, I had an OMG moment where I fast forwarded 9 months and tried imagining how much money I would have in savings, whether or not I would go back to work or be a SAHM and what I would to to financially prepare. DH and I both work, and if needed I could stop working (although I think I have a need to contribute financially to my family.) I just want to make sure that if I am out of work for any extended period of time that we have enough money put away to cover that. We're not big spenders anyway, but I know that preparing now will be better for us and our future LO.


What are you doing? Cutting out an extra latte? Not doing anything differently?

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iVillage Member
Registered: 11-15-2009
Sun, 06-06-2010 - 5:57pm

About 3 years ago, we had gotten in a lot of debt. About 21K worth. There were numerous times where I wanted to just throw my hands up and surrender, stop paying, or even filing bankruptcy... but never had the guts to. I am glad that I didn't.


Anyways, after paying off the debt this past January, I have had a complete overhaul of spending, needs vs wants, etc.


Well it started about 1 year ago when we started getting really serious about paying off debts.


Anyways, we are very frugal people... only once in awhile will we splurge.


As of now, we have a little nest egg put away for emergencies. I think that we will be fine and will cut corners when we can. While paying down debt, our income kept changing. Every time it changed we were like "there is no way to cut anything else", but then when it would drop, we would find a way without getting deeper into debt.


Nonetheless, we'll find a way... we'll figure something out.


Great topic Kim.

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iVillage Member
Registered: 04-21-2004
Sun, 06-06-2010 - 7:39pm

Great question!


My main concern is I put my mortgage on hold in 2009/10, so I'm not sure they'll do it for me again.

iVillage Member
Registered: 01-18-2009
Sun, 06-06-2010 - 10:53pm

Great question, Kim!

We're in an interesting point in our lives, really. My DH is in law school and will accept a permanent offer in 2012. Until then, I work and he makes a respectable living working for law firms in the summers. Our plan is for me to leave my job whenever our LO is born and live on our savings & DH's summer salary. Thankfully, he's on a full ride to law school, so we don't have to worry about tuition.

Our plan has been fine until now, and of course, the longer it takes to have a LO, the easier it will be financially. However, now that we're looking at the possibility of needing to see an RE (and paying out-of-pocket), we've really got to think long and hard about what we can do.



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iVillage Member
Registered: 11-15-2009
Mon, 06-07-2010 - 1:37am

Hey Brittany-


I was wondering if you knew if any type of insurances covered reproductive doctors and tests and all that?


That's really awesome that your DH has a full ride!!! Good for him, and in 1 1/2 years you guys will be sitting pretty!!!

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iVillage Member
Registered: 01-25-2010
Mon, 06-07-2010 - 2:37am

I am so jealous of your potential PAID maternity leave! I'll have to use vacation and sick days if I want to get paid. I do think that depending on the situation that you can get disability during the time away from work.


And holy cow, you can put a mortgage on hold? I wonder if we have that in teh States? I hadn't heard of that, but that's pretty awesome!

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iVillage Member
Registered: 01-27-2003
Mon, 06-07-2010 - 2:45pm

My insurance, thankfully, covers a lot.

Rachel

iVillage Member
Registered: 04-21-2004
Mon, 06-07-2010 - 6:00pm

Many banks offer a

iVillage Member
Registered: 01-25-2010
Wed, 06-09-2010 - 12:00am

My insurance is a lot like yours in that I have everything covered up until IVF. The biggest thing I am thankful for is that we live down the road from one of 5 military hospitals with an IF clinic. I cannot even begin to tell you how big of a help that has been, not only commuting wise but for paying. I haven't had to pay for any of my visits, meds or procedures. If we do end up going the IVF route, we'll have monitoring and meds covered but the procedure itself would be done at a civilian clinic.


Probably the biggest drawback of this, howevever, is that appointments can be hard to come by. The IF clinic is only open M-F 8am-4pm...talk about not convenient! If only I could command my cycles to cooperate with that schedule. lol Some of the other issues I've encountered include sharing a waiting room with the regular Ob clinic (now THAT is a difficult reminder that I don't have children and am facing IF) and I don't always see the same dr. I have my main RE, but if she's not available I see someone else. It can feel impersonal sometimes, but I have really liked everyone so far so that hasn't been too big of an issue yet.

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Avatar for trinigirl2010
iVillage Member
Registered: 03-26-2010
Fri, 06-11-2010 - 12:36pm

Hey Kim.


Me - (Amanda 27) My dh-- 26 We have been ttc # 1 for 3yrs 5mths My dh has severe oligospermia, Ivf with icsi is our only option. Ivf # 1--- failed Ivf # 2--- failed Ivf # 3-- hopefully in March 2013 at a new clinic!

 

iVillage Member
Registered: 11-23-2009
Mon, 06-14-2010 - 11:28pm
Hi, Trifectagirl...my husband's name is Ian, too! Only he's the one with the job. He makes a decent living and would be able to take care of me if I got pregnant. However, I have a whopping $163,000 in student loan debt. Half of it was racked up doing the 5-year counseling certification program I went through only to discover counseling wasn't for me. So now I have a general Masters degree trying to apply for jobs in a very narrow field. I am extremely limited in what I can apply for but I also apply for the occasional office position that comes up. So far I've had temp jobs, but keep doing searches coming up with nothing. There is 1 beacon of hope right now that I hope comes through for fall. I just keep getting older and the jobs aren't getting anymore plentiful. So we started trying anyway. My husband is the financial planner. He is very good at what he does. He keeps a spreadsheet of expenses so I'm sure we will come up with a plan. I'm almost scared to look at this point, though we will have to talk about it soon."God bless the whole wide world" -unknown


Edited 6/14/2010 11:35 pm ET by sewmuse
"God bless the whole wide world" -unknown

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