Friday, May 18, 2012

Budgets and Babies

Don't go together... not in my world. Not yet anyway.

As of right now, I won't be returning to work in the fall after we have the baby. I want to stay home with Petite badly (Coxy is behind me 100%) so we are beginning to budget for the loss of income.

When we found out I was pregnant in February, we instantly starting putting my paychecks into savings. This isn't a ton of money but it a) allows us to start living on one income and b) provide us with the opportunity for our child to have one parent stay at home with him/her at all times. Not using my check for bills and every day living is harder than we thought. I am constantly thinking "Stephanie, is this purchase really necessary?" and we have cut back on dining out and spending when we are out with friends. Also, a week after my first OB appointment I got a form detailing that I need to pay a pre-delivery fee (what the doctor makes off me having him/her deliver the baby) for a lovely total of $2950.00. I about came unglued. I didn't plan on this but it is what it is. This total has to be paid in full by August 15 (3 months from now) and we still need to be saving for baby supplies and for a cushion when I stop working. On top of that (yes, something else), the company I work for doesn't offer maternity leave so I will be using my short-term disability (which is an elective purchase with our benefits - thank God I had the whit to buy in when I did last year) while I'm off for 6 weeks, which will only pay 60% of my wages. And lastly, I have to pay for my own benefits for the 6 weeks I'm out using my short-term disability. This $900.00! This is all going through my mind on a daily basis and I can't help but feel a bit overwhelm at everything we need to think about, consider and plan for all before bringing Petite home from the hospital.

But as overwhelming as I can be, I know that I am going to be able to do something that many Moms can't - stay home with their child/children. I am lucky to have this opportunity and I am blessed beyond measure with a husband who supports my need to stay home. In the end, the job I have after leaving NH, the one that includes diapers, tears and restless nights is going to be my all time favorite.

Fellow bloggers, what have you done to help prepare financially for a baby? Any tips/tricks you could pass my way are very  much appreciated!

5 comments:

  1. I cannot tell you how much I relate to this. We pretty much live off of one income. I mean, I do work weekends but then I also carry our insurance so my paycheck is minuscule. Jeremy works and goes to school too so even his checks are a whole lot less than what we should be able to live off of - not to mention I've had issues with my insurance and until I get this whole issue figured out, we've paid a lot of Henry's medical bills out of pocket.

    We've always lived so cheap though. We've gone without a lot of what we want and just had what we need. When it was just the two of us, we lived in an apartment that was so tiny that most people would go crazy, but the rent was cheap and we were able to save A LOT of money doing so. We don't eat out often and we buy a lot of off brands (while using coupons and buying while on sale).

    To be down right honest, we live on an income of about $350 a week. But we know that will be better when Jeremy finishes school and can work more than 20 or so hours a week. We don't lease anything, we don't have credit cards, we don't have the most updated and newest ANYTHING and we pray about EVERYTHING. If you want to do this, I know you can. I mean, if we can do it, ANYONE can.

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    1. We have already starting saving and cutting back. I'm not much a spender. Mr. Cox, on the other hand, is way to generous with his income. But I think that once we start working on the baby's room and buying for him/her, James will see how expensive it can be.

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  2. Once the baby is born, will you be able to go on your husbands insurance to avoid having to pay your own benefits for those 6 weeks? I know normally you have to wait until open enrollment, but having a baby is considered an exception to that rule and you *might* be able to add yourself as well. Just a thought.

    Another thing to consider which I did not and was REALLY surprised after baby was born. That bill you got from your OB is only their services, I was naive enough to believe that was going to cover everything. Haha. Jokes on me. We also got 2 hosptial bills. One for me and one for baby. A bill from the anestheiologist for my epidural and a bill from the pediatrician for the check ups and circumcision that happened in the hospital. Just another thing to consider. Who knew having a baby was so expensive!! At least I didn't end up with a C-section because that would have been even more!

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    1. My OB's payment department explained this to me. I didn't think I would owe anything till AFTER I had the baby but she explained I had to pay the dr. up front and that I would get the other bills after. She told me that as long as I paid something monthly, they hospital would be fine. We shall see!

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  3. I was also surprised by how much it cost to have the baby even with insurance but I had a $2500 deductible I had to hit AND it restarted Dec. 1st and of course I was due end of Dec so all the money I had put towards the deductible prior to that didn't count. Sucky timing for sure. I so wish I could either stay home or work part time and I'm hoping if we have another by then we'll be able to afford to, we've been saving a lot and paying off most of our debt. You're very lucky and I hope it all works out well.

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Thank you so much for commenting on today's post. I reply to comments via Disqus so if you are curious as to what I may have to say in response to your message, just visit this post and check your comment. -- xo, Stephanie