- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Planning finances early for having a baby
Posted on 4/6/15 at 12:26 pm
Posted on 4/6/15 at 12:26 pm
Me and my wife don't plan on trying until the end of the year, but we'd like to start preparing early.
We know we need to call insurance to get an idea of how much the out of pocket cost will be. Any things to go ahead and start purchasing? Any other advice?
We know we need to call insurance to get an idea of how much the out of pocket cost will be. Any things to go ahead and start purchasing? Any other advice?
7
Posted on 4/6/15 at 12:34 pm to LSU6262
Sell your cars, by some pieces of shite with no car note. By a cheap house where you can put 20% down, while still having 20k in emergency savings, and 150k in your 401k before 30. If you dont have this then it is irresponsible to have a baby.
I just covered every post you will get so you can shut this thread down now
I just covered every post you will get so you can shut this thread down now
Posted on 4/6/15 at 12:39 pm to lsupride87
quote:
Sell your cars, by some pieces of shite with no car note. By a cheap house where you can put 20% down, while still having 20k in emergency savings, and 150k in your 401k before 30. If you dont have this then it is irresponsible to have a baby.
Damn, I did it all wrong then.
Posted on 4/6/15 at 12:52 pm to LSU6262
I would just start setting aside money for whatever you might need, instead of actually buying stuff. Make sure to call insurance company now in case there is a waiting period or something to add maternity coverage (there shouldn't be, but just in case).
You'll register for a bunch of stuff and get a lot of it, so I wouldn't start buying anything this far in advance.
You'll register for a bunch of stuff and get a lot of it, so I wouldn't start buying anything this far in advance.
Posted on 4/6/15 at 12:58 pm to LSU6262
Well do a baby shower, ask for diapers, wipes, etc. That crap gets expensive. Those are gonna be your biggest expense once baby is born, but remember, before baby is born, with doctor visits and the day its born will cost alot of money depending on how much your insurance covers. Maybe your wife will breast feed? If so, that can help with not having to buy formula. One baby isn't all as bad with cost as people make it out to be. I"ve got 4 kids, buy them what they need, not what they want. Let their grandparents buy them what they want.
Posted on 4/6/15 at 1:00 pm to LSU6262
quote:
Any things to go ahead and start purchasing? Any other advice?
I wouldn't purchase anything till after you have a baby shower. People will want to buy you things for the baby. You may not have to buy many things at all. At least not the basic need type things.
Don't buy a bunch of newborn diapers. The baby will probably grow out of those really quick.
Don't let your wife buy a bunch of button or snap outfits. Zippers are your friends.
If you have decent insurance, out of pocket shouldn't be that much. I think out of pocket was like $100 for the delivery. That included 2 extra days in the hospital. I was pretty surprised how cheap having the baby was...now once the baby got home, that is a different story
This post was edited on 4/6/15 at 1:03 pm
Posted on 4/6/15 at 1:00 pm to lsupride87
quote:
Sell your cars, by some pieces of shite with no car note. By a cheap house where you can put 20% down, while still having 20k in emergency savings, and 150k in your 401k before 30. If you dont have this then it is irresponsible to have a baby.
I just covered every post you will get so you can shut this thread down now
I don't think I understand your post. I'm guessing it is a weak attempt at humor...
OP - I am a couple of years behind you, but I am kind of curious about the responses here. I hope you get some good ones.
Posted on 4/6/15 at 1:06 pm to lsupride87
quote:
I just covered every post you will get so you can shut this thread down now
Don't be a moron.
quote:
Sell your cars, by some pieces of shite with no car note.
Everyone suggests saving to buy a car and to buy a car within your budget for how much you make. Toyota Camry/Hyundai Sonatas are great cars, lots of features and fit in the budget of most people
quote:
By a cheap house where you can put 20% down
With the exception of young couples, there isn't really an excuse to not have 20% down when upgrading homes. ~10k/year is definitely reasonable for joint incomes for a few years which should get you there.
quote:
having 20k in emergency savings
Having emergency savings is the smartest thing you can do.
quote:
150k in your 401k before 30
This is the only one that is unreasonable unless you have a larger income. With most company matches though, doing the bare minimum 401k contribution for median incomes will get you around 100k
Posted on 4/6/15 at 1:09 pm to GenesChin
Save, save, save, obviously. But resist the urge to buy overpriced, matching nursery furniture/decor. Resist the urge to buy plastic crap that takes up major space in your house. Babies don't really NEED much; people go way way overboard buying heaps of unnecessary stuff (baby wipe warmers in our subtropical climate, for example).
Posted on 4/6/15 at 1:17 pm to LSU6262
If you don't plan on even trying until the end of the year, and then even if you get er done on the first shot, you are still looking at late 2016 for an actual birth - over a year and a half from now.
You can ask your insurance company about out of pocket costs but honestly, with the wild changes still hitting the insurance market, i'm not sure if those numbers will be valid in the next plan year.
I would just focus on having conversations. Are generic diapers ok? What kind of furniture? Is your wife going to try to breastfeed? Are one of you going to stop working? Research costs of daycare in your area.
Try to work up an appoximate month budget of baby expenses once baby is here - cost of diapers, doctor visits, medicines, formula if needed (many women can't breastfeed), day care, etc. Then, starting now, try to save that much each month. That will help you get used to the shock of finances when a baby arrives.
Oh, and go have a really nice vacation before you start trying. You will thank me later!!!
You can ask your insurance company about out of pocket costs but honestly, with the wild changes still hitting the insurance market, i'm not sure if those numbers will be valid in the next plan year.
I would just focus on having conversations. Are generic diapers ok? What kind of furniture? Is your wife going to try to breastfeed? Are one of you going to stop working? Research costs of daycare in your area.
Try to work up an appoximate month budget of baby expenses once baby is here - cost of diapers, doctor visits, medicines, formula if needed (many women can't breastfeed), day care, etc. Then, starting now, try to save that much each month. That will help you get used to the shock of finances when a baby arrives.
Oh, and go have a really nice vacation before you start trying. You will thank me later!!!
Posted on 4/6/15 at 1:20 pm to hungryone
This
This
This
.
quote:
I wouldn't purchase anything till after you have a baby shower. People will want to buy you things for the baby. You may not have to buy many things at all. At least not the basic need type things.
This
quote:
Don't buy a bunch of newborn diapers. The baby will probably grow out of those really quick.
Don't let your wife buy a bunch of button or snap outfits. Zippers are your friends.
This
quote:
But resist the urge to buy overpriced, matching nursery furniture/decor. Resist the urge to buy plastic crap that takes up major space in your house. Babies don't really NEED much; people go way way overboard buying heaps of unnecessary stuff
quote:We got one at a shower. My spoiled child took a liking to his warmed wipes and would flinch when we didn't have warm ones. Made me
(baby wipe warmers in our subtropical climate, for example).
. quote:I don't recall how much out of pocket delivery was, but from first appointment to birth I remember it being close to $2000 as my part.
I think out of pocket was like $100 for the delivery
Posted on 4/6/15 at 1:20 pm to hungryone
quote:
Planning finances early for having a baby
Save, save, save, obviously. But resist the urge to buy overpriced, matching nursery furniture/decor. Resist the urge to buy plastic crap that takes up major space in your house. Babies don't really NEED much; people go way way overboard buying heaps of unnecessary stuff (baby wipe warmers in our subtropical climate, for example).
I agree except baby wipe warmers. Those things are awesome, we got it at baby shower so it was also free to us. I think they are relatively cheap anyways.
Posted on 4/6/15 at 1:27 pm to LSUFanHouston
4th kid on the way, so I've got lots of advice if you need it.
Depending on your insurance, total out of pocket will range from about $800 to $1400 (delivery, Dr. visits, and random bills from people who will visit your kid in the hospital that you will never see).
Consider upgrading your insurance ahead of time if you know you'll try to get pregnant. i.e., if you are currently on a 70% program, get on the 80% program.
With your first kid, try your best to get someone to throw you an epic baby shower.
Then, anything else you need, consider buying 2nd hand or at a baby consignment event. There is no need to buy a stroller, high chair, bouncer, etc new.
Get a car seat from Radian Sunshine Kids. Super safe and it's the only seat you'll ever buy (it changes so you can use it from newborn to 65lbs).
I spent a few years working in the diaper field. Quality generic diapers are are clear savings. Target's Up & Up and Walmart's Parent's Choice are solid.
Depending on your insurance, total out of pocket will range from about $800 to $1400 (delivery, Dr. visits, and random bills from people who will visit your kid in the hospital that you will never see).
Consider upgrading your insurance ahead of time if you know you'll try to get pregnant. i.e., if you are currently on a 70% program, get on the 80% program.
With your first kid, try your best to get someone to throw you an epic baby shower.
Then, anything else you need, consider buying 2nd hand or at a baby consignment event. There is no need to buy a stroller, high chair, bouncer, etc new.
Get a car seat from Radian Sunshine Kids. Super safe and it's the only seat you'll ever buy (it changes so you can use it from newborn to 65lbs).
I spent a few years working in the diaper field. Quality generic diapers are are clear savings. Target's Up & Up and Walmart's Parent's Choice are solid.
Posted on 4/6/15 at 1:29 pm to hungryone
(no message)
This post was edited on 4/6/15 at 1:30 pm
Posted on 4/6/15 at 1:40 pm to hungryone
quote:
But resist the urge to buy overpriced, matching nursery furniture/decor
good luck quote:
Babies don't really NEED much; people go way way overboard buying heaps of unnecessary stuff
agreed
although there are a few things that sure do make life easier
like this thing:
This post was edited on 4/6/15 at 1:40 pm
Posted on 4/6/15 at 1:48 pm to LSU6262
Amazon Mom is a must.
Have those wipes and diapers on a scheduled delivery and save hundreds.
We had a c-section (higher than normal delivery) on our last one and out of pocket was about $1500 at a really good women's specialty hospital.
As others have said, don't buy anything until after the baby shower, and don't buy a ton of stuff 0-3 months (newborn diapers, clothes) - Its cute as anything, but baby will outgrow so quickly you'll have stuff with tags still on it.
If you plan on doing formula, go ahead and sign up for coupons under your name, your wife name, your parents name, your dogs name, your fake birds name, etc. They'll send $10 off coupons until your mailbox is full.
Above all remember this - all this crap like "cost of raising child is $245k" and "newborn cost is $1500 a month" is just that - crap. Its intended to scare teenagers into not having a child. Of course, just like anything - you can spend that and beyond, but its really not that bad. Daycare is costly, but with work flex plans, it ends up being manageable. Well baby visits are streamlined - you'll spend about $1000 over the first year.
Have those wipes and diapers on a scheduled delivery and save hundreds.
We had a c-section (higher than normal delivery) on our last one and out of pocket was about $1500 at a really good women's specialty hospital.
As others have said, don't buy anything until after the baby shower, and don't buy a ton of stuff 0-3 months (newborn diapers, clothes) - Its cute as anything, but baby will outgrow so quickly you'll have stuff with tags still on it.
If you plan on doing formula, go ahead and sign up for coupons under your name, your wife name, your parents name, your dogs name, your fake birds name, etc. They'll send $10 off coupons until your mailbox is full.
Above all remember this - all this crap like "cost of raising child is $245k" and "newborn cost is $1500 a month" is just that - crap. Its intended to scare teenagers into not having a child. Of course, just like anything - you can spend that and beyond, but its really not that bad. Daycare is costly, but with work flex plans, it ends up being manageable. Well baby visits are streamlined - you'll spend about $1000 over the first year.
This post was edited on 4/6/15 at 1:51 pm
Posted on 4/6/15 at 2:10 pm to anc
Each insurance plan/provider is so vastly different, you better call the company/review your plan so you don't get stuck with an $5,000 bill that you're not prepared for. The people that had kids for under $1,500 are lucky as all get out and have good insurance. Our out of pocket max is $12,000, so that's how much our kids cost, give or take a little (we are both self-employed, so I know it's a little bit different, but OP may not have great insurance, either). It all depends on your deductible, co-insurance after deductible, and out of pocket max.
Keep in mind that IF you do have to come out of pocket a lot for the baby that 1) the hospital may offer you a discount if you can write 1 check and 2) If you can't pay for it all at once, hospitals bills are interest free, so get set up on a payment plan for $50 or $100/month and just pay it down over time.
Keep in mind that IF you do have to come out of pocket a lot for the baby that 1) the hospital may offer you a discount if you can write 1 check and 2) If you can't pay for it all at once, hospitals bills are interest free, so get set up on a payment plan for $50 or $100/month and just pay it down over time.
Posted on 4/6/15 at 2:29 pm to LSUGUMBO
quote:
Our out of pocket max is $12,000, so that's how much our kids cost
damn
that would definitely make our daughter an only child
Posted on 4/6/15 at 2:32 pm to LSU6262
Put aside about 1-2k just for baby stuff you won't get at showers.
Cribs, changing tables, decorations for the room, expensive arse mamaroo thing that your kid will hate.
You will buy stuff you won't even use. I don't care how much you say you won't, you will.
Cribs, changing tables, decorations for the room, expensive arse mamaroo thing that your kid will hate.
You will buy stuff you won't even use. I don't care how much you say you won't, you will.
Posted on 4/6/15 at 2:48 pm to Salmon
quote:
that would definitely make our daughter an only child
Nah- I'll just be paying $50/month to the hospital until she turns 15.
I actually don't think that either of our kids are up the whole out of pocket max, but I do think it was somewhere around $8-10K for doctor visits, tests, ultrasounds, etc
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News