Major Money Mistakes to Avoid When Pregnant
Staying budget-minded when you're pregnant is no easy feat. Your moods probably swing from high to low, and you may feel that you don't have the time or the energy to plan or budget. Rather than fine-tuning your personal finances during this special time, try avoiding the biggest money blunders expecting couples make.
Spending Sprees and Emotional Purchases
You'll want to get the house ready for baby's arrival, but don't go overboard. Baby gadgets fill stores and magazines, but this doesn't mean you have to invest in all of them up front, or even at all. Think through the first few months with your baby and reject purchasing toys he or she can't use during that period. Spend your money on a new, safe crib and car seat instead.
Not Buying Health Insurance
Carrying health insurance in this country is now a legal requirement for most citizens, but having health insurance that covers you during pregnancy and your baby after he or she's born is also a good idea. The bill for an insured woman to deliver a baby (without surgery) is over $30,000, even without complications. C-section surgery or cesarean delivery can add $20,000 more. Expand your coverage when you start trying to conceive, and be sure you know what hospitals and what procedures your policy covers.
Delaying Buying Life Insurance
Nobody wants to think about death while you're waiting to welcome a new life into your world, but it can happen unexpectedly, if very rarely. Get life insurance in place as soon as possible, insuring at least the life of the family wage earner. If the wage earner is the mother, or if you want to also insure the mother's life, purchase life insurance before she gets pregnant or, at the very latest, during the first three months. You may have more trouble finding options during the second and third trimesters.
Failing to Make a Post-Baby Budget
Baby makes three, but he or she's not likely to eat you out of hearth and home the first year, right? It's still never too early to start thinking about the changes a baby will make to your finances and budget, however. You may have been socking money away in retirement accounts, but now you'll have to think about education accounts for the little one, too. Discuss whether you intend to send your child to a private elementary school and scope out prices in your area. College is coming, but you may need school funds even sooner. Trying using Quicken for your budgeting needs.