Having a baby is one of the most refreshing things people go through. The idea of bringing a new being to the universe, nourishing it, and watching it grow can never be compared to anything. However, becoming a parent comes with its own responsibilities. You will need to buy things like toys that you never bought before. You will also need to be well-prepared for any health needs that you will go through. This article will explain the simple things you can do when having a baby on a budget.
Before the Birth
If you are a prospective parent, the best thing you need to do is to start preparing early. The early you start saving the better it will be for you. So, do the following:
1. Be Tested for any Medical Issue
When we got pregnant with our first son, we had no idea that my wife had medical issues. She had uterine fibroids and other medical issues that affected the growth of our son. Since we had maternity insurance, we believed that it would cover everything. When she gave birth prematurely, the insurance did cover some parts of giving birth, but we were forced to pay additional costs for the surgery. Therefore, you should always ensure that you are tested in advance so that you can identify any medical issues you might have.
2. Have an emergency fund
To pay the hospital fund, the biggest help came from an emergency fund that we had started developing earlier on. Because we wanted to be parents, we decided to save at least $100 a month. These funds were dedicated towards our baby and other emergencies that were to come up. By saving these funds, for two years, we had more than $5000 when my wife gave birth.
3. Pay Insurance
Hospital bills in the United States can be high. In fact, a normal delivery can cost more than $10,000 while a caesarian section can cost more than $15,000. If there are additional complications, the costs can be astronomical. Therefore, paying a small monthly insurance premium will help you save money on the hospital bill.
4. A side hustle can help
Whether you are employed or not, a side hustle will be essential in helping you increase your savings. Fortunately, these days, there are so many side hustle opportunities out there that don’t cost you a thing. Consider the following:
- You can drive for Uber or Lyft as you go to work. This can give you an extra $50 a day.
- You can rent out your spare room with Airbnb. This can give you at least $200 a month.
- If you are a financial expert, you can write for Seeking Alpha, which can give you an extra $500 a month.
- You can become a marketer or content writer with Upwork and make at least $300 a month.
- Alternatively, you can add at least one hour at your workplace every day or see our other tips on making money.
When giving birth, you want to do it in the best hospital. This will guarantee that you and the baby are well-taken of. Therefore, if you have paid insurance, the costs of giving birth will be reduced significantly. However, there are other additional costs that you can save when giving birth. These will help you achieve the goal of having your baby on a budget.
- Don’t pay for special privileges. Some hospitals charge you between $50 and $300 a day on special privileges like access to the TV. You can forgo such privileges.
- Don’t pay for a single room. It will cost you more money to have your own room in the hospital. This can costs you more than $100 a day. Instead, you should use the communal wards.
- Negotiate the price beforehand. I believe you will have your baby in the same hospital where you go for your prenatal clinics. In the final sessions of the clinics, you should negotiate the price.
- Push. You might be scared of having your baby in the normal method. However, while it is a painful procedure, it is usually cheaper than caesarian section (CS). CS is also very painful after the baby is born. Therefore, if you can have a normal delivery, we recommend having it.
Finally, after giving birth, there are things that you can do when having a baby on a budget. These things will save you money without compromising the quality of life your child has. These things are:
1. Don’t buy luxury clothes. If you are having a baby on a budget, it does not make sense to buy them clothes in luxury stores like Neiman Marcus, Nordstrom, and Alex and Alexa. Instead, you should buy cheap – but high quality clothes – directly from China, using websites like Aliexpress.
2. Don’t buy a baby cot. You might be considering buying one of those cute baby cots you find in furniture stores. We don’t recommend that. Instead, you should buy a big bed that the baby will sleep on for years to come.
3. Ignore the Moses Basket. Again, a Moses basket is a good thing to place your baby on. However, babies tend to outgrow these products very fast and there is no need for buying them.
4. Buy used toys. You can find quality used toys in garage stores or in other discount stores. Instead of buying many new expensive toys, you can buy the used ones.
5. Cancel the baby subscription services: Today, there are so many kids subscription boxes that cost between $10 and $100 a month. We don’t recommend these. By canceling these subscriptions, you will be at a good position to save a lot of money.
Having a baby is such a great blessing. It changed my life and gave me a purpose for life. However, it also comes with additional costs. By following the advice offered in this article, you will be able to have your baby on a budget without compromising anything.
Crispus is a finance professional with more than a decade experience in the industry. Over the years, Crispus has written in-depth articles on leading platforms like CCN, Marketwatch, and Seeking Alpha. He also runs a Forex education and managed account company called WestEndFx.