updated - December 6, 2021 Monday EST
It's the moment you've been waiting nine months for, the birth of your new baby! And that said, you may have your go-bag ready, planned and organized the nursery, stocked up on baby products, but even then, there's going to be some things that you forgot or underprepared for once the baby is here.
You've planned for some of the major expenses, such as the hospital costs that insurance may not cover (upward of $6,000 out of pocket), a certified car seat, stroller, and more.
Then there are the continuing costs such as diapers, baby formula, rash cream, and more.
Before you even leave the hospital, you may have spent 10,000 dollars without even knowing it!
Don't fret over the sticker shock, but be prudent in your planning.
You have 8 months approximately from the time you discover your pregnancy to when you give birth to prepare and budget.
One of the great things about pregnancy is that so many friends and family want to help with some costs by purchasing gifts from a baby registry. That said, don't count on everything being picked up off your registry.
Think of it more as a "wish list" of higher ticket items that may be necessary, but you should plan to purchase just in case someone doesn't, or can't, pick up that tab.
When planning on all the things you need to be prepared for before you bring your bundle of love home, there are always more things that you'll need to consider. Sometimes these things are physical items. Other times it's what you, as a new parent, must do to meet your child safely.
Your Pregnancy Preparation Guide
There are plenty of things you can do around your place to prepare for a new arrival, such as organizing a nursery or sleep space, preparing your other kids and pets for a new child, and getting your life organized around the birth of your child.
But things like "baby-proofing" all outlets and sharp corners can wait and aren't among the first things to do, as it will be months before your little one is squirming around the room.
● Hospital Costs
● Car Seat
● Life Insurance Plans
In a previous article, we discussed how to budget for a new baby, which includes some of the financial costs you need to plan for ahead of time. Insurance should and will cover most costs of giving birth, but depending on your individual experience and needs, insurance may not cover everything.
In general, it's best to plan about $5-6,000 out-of-pocket expenses, though hospitals will set up a payment option for you.
Then there are costs associated with food and caring for your child. In addition, expenses such as a certified car seat are mandatory for you even to leave the hospital. Then there are diaper and formula costs, bottles, and more. It can add up quickly.
Then there are soft costs that are often overlooked but need to be done before bringing your child home.
Some of these soft costs are things like having a life insurance plan if something happens to you as the parent.
Other Considerations Before You Meet Your Newborn
Then there are the necessary vaccinations that are often covered by insurance but may need to be paid out of pocket. Some of the mandatory vaccinations include:
Tdap (tetanus, diphtheria, pertussis), MMR (mumps, measles, rubella), flu, and pneumonia are recommended.
Also, in light of the current COVID pandemic, negative tests are mandatory, even for vaccinated adults, for those in the hospital delivery rooms and nursery.
Additionally, it may be a good idea to have some at home COVID test kits handy and available to protect you and your little loved one.
As you get closer to your child's birth, it's normal to feel like you're underprepared, and a sense of panic can take over. By creating an organizational list, that you can check off, you'll have a better sense of security and confidence that you've done all you can to provide the safest space for your newborn.
Once you come home with your newborn, enjoy every moment. It's true when people say the time flies by and your newborn will never be as little or young as right at this moment in time.
Don't worry; it's normal to feel unprepared and overwhelmed, but by planning, you can have the peace of mind that you've prepared everything to the best of your ability.
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