Baby FinancesI have been trying to prepare financially for our TTC adventure, and find it very difficult to even guess how much this whole thing will cost us.
I am the main bread winner in the relationship (and over planner), so I'm in charge of planning/budgeting for the baby. My DW's only responsibilty (financially) is to get her debt paid off before the baby arrives (she was strapped with debt due to her divorce and moving to CA to be with me).
As it stands now, I plan to save about $10,000 to hopefully cover everything (TTC attempts, pregnancy, delivery, setting up the nursery and getting all of the baby gear).
I know that there's no way to plan because there are just too many variables: it could take several attempts to concieve, the insurance may or may not pay for some things, etc.).
But, I'd like to think that I'm at least in the ballpark, if things go smoothly.
I switched to Kaiser HMO insurance during my last open enrollment because I have heard that they tend to cover more than other companies (I'm concerned this will vary from what others have experienced though, as plans within Kaiser could be different). I'm happy with the decision nonetheless because my cousin had 1 baby with Kaiser insurance (although she didn't have infertiility treatment to think about) and 1 baby with Aetna and said her experience with Kaiser was by far less stressful. She found that dealing with Aetna was difficult because she would call on almost a weekly basis asking how much she would have to pay for the delivery and they never gave her a straight answer (in fact they billed her for things they shouldn't have - they tried to bill her for something the day BEFORE she was even in the hospital).
Anyway, in my mind, the breakdown goes like this:
$5,000 for TTC, prenatal care, and delivery
$3,000 for supplemental income when I'm on disability (after the baby is born)
$2,000 for a modestly stocked nursery (including car seat, crib, etc.)
Does this sound absurdly low?
I know that a lot of you already have children and if any of you kept track of your expenses, I'd love to hear from you.