Mommies..how much did u save?

Question

How much should me and my husband save up for when the baby is born? i was thinkin maybe 10,000?

well im high risk so im alot more exspensive, i got my first bill in it was 200 dollars for two vag. ultrasounds, a have a bicornuate uterus

my husband and have insurance.

Answer 1

Save enough for the labor, baby gear, the money you you will be losing when you re out on maternity leave (if you work) and then a small nest egg to make you feel comfortable. We never were able to build a savings so it's not the end of the world if you are un able to.

Answer 2

I guess that depends on what particular expenses you're referring to. Are you just wanting to cover the medical bills? Because that could be hard to estimate. For instance: both of my pregnant friends had insurance, however one friend had much better health insurance. The out of pocket expenses for my friend with the good insurance was about 200 dollars TOTAL from her first prenatal visit to her delivery. While my other friend's out of pocket expenses were well over 3,000 TOTAL, because her insurance wasn't as good. So, it's hard to say, it all depends on the type of insurance you have and what types of extra expenses you're going to have since you mentioned that you're a high-risk case that needs more care.

I guess it would help if you were to elaborate more about what type of expenses you were planning on utilizing this 10 thousand dollars for. If you're planning on using it for college- forget it. Ten thousand dollars, 18 years from now will probably cover just the boooks =)

Are you just wondering if 10k is going to cover you for the year for the extra expenses like formula, diapers, food, etc? If so, you'll be more than "covered" Are you expecting daycare expenses as well? If you are paying 100 a week for daycare (that's the very low end of the costs in my area) That will end up costing about 5,200 a year

Either way, having ten thousand dollars saved up beforehand is something that not many couples do, believe it or not, and they end up doing just fine. So I imagine if you have been financially responsible enough to have saved that much already before the baby has come, that you won't have any trouble budgeting and figuring out yoru finances once your bundle of joy arrives, so even though financial responsibilities of a child is every parents concern, I wouldn't waste too much of your energy being overly-concerned about it.

Good luck and congratulations!

Answer 3

Wow, I feel lucky! Our health care system in Canada pays for your hospital stay, medical bills, ultrasounds, blood tests...everything!!! I have a private insurance through my hubby's work that provides me with a private room at the hospital but that's about all the extras they don't cover. We also get maternity leave benefits for a year after baby is born, so I can take a year off, paid about 60% of my salary by the gov't. Not to mention medical leave, which I am on right now because my OB recommended I stop work early. Good luck to you, it must be so difficult to try and be prepared financially for all of this!!

Answer 4

We really did not save much. Insurance covered most and we did not need excessive use of the Doctor, just regular checkups.
If, you really want to save up for your baby, here what you do. Once the Baby is born you may as well apply for his/her Social Security Card. The hospital did most of this for us once we gave them a name.
Then you have options!!!! If, you not a Financial Wiz, talk with Banks/Investment Companies and set up a Trust Fund. IF, you know a little about investing, you can also setup one of those on-line Stock Broker accounts as a Trust. Then add what you can each month for the next 18-20 years! LOL!
IF, everything goes as planned (For us), our son "Could" (Details on down) retire when he Graduates High School. BUT!!! I have this setup so he can not access interest until he is 30 years old and he can not access the principle until he is 40.
I hope he goes to College and etc., etc. as I want him to learn about life and people and caring. Then I hope when he get his hands on the money he will use it wisely and generously.

Answer 5

As soon as my husband and I found out we were pregnant I phoned the insurance company to find out exactly what the maximum our out of pocket expenses would be. We have saved that much up in a medical savings account. It comes out of our paychecks before taxes, so even though the ammount is quite high ($5,000 out of pocket max for a high risk pregnancy) we haven't really felt it because we are saving on taxes.

After medical expenses we figured out how much we were missing in my salary while I am on maternity leave (about $2,500). We figured I would be on leave for a minimum of 8 weeks. We subtracted out my saved vacation and sick time (about 3 weeks) and the $190 a week I will get from New York State Disability for the remaining 5 weeks.

Factoring in the insurance max of $5,000 per pregnancy, 8 weeks of maternity leave (I make about $2,000 per month after taxes) minus 3 weeks of vacation and sick time, plus five weeks of disability payments, and an additional cushion in case I am put on bed rest early...we are saving $8,000 total.

But also remember that most hospitals will allow you to make payments (sometimes as low as $20 a month) without interest. So worry more about some basic expenses for your child and your time off from work and you'll be fine.

Congrats!!

Edit: We didn't factor in child care because my husband's company offers free daycare and we've been paying for baby items right along out of our regular checking, so we didn't factor in any additional for that.

Answer 6

$10,000 should more than cover the cost of medical bills and then you should have plenty left over for the nursery. If you are just referring the the birth of the baby and supplies, you probably will not even need that much money. Maybe a little more than half of that.

Answer 7

10,000 is probabl;y a good amout. you'll end up getting alot of stuff like clothes, diapers, high chair, crib, furniture and accessories from friends and family. of coarse i know the feeling of having a new baby and wanting to buy it clothes and shoes and toys and so much stuff so that's basically what the money is for. most of the bigs things family and friends will get you you just need to buy diapers and some clothes and formula, bottles, the little things, but 10,000 is defiantly a good amount. congratulations and may god bless you! good luck. Love Shelby.

Answer 8

Wow, I am veryglad you can save that much within a short period of time! Why don't you send some my way as well??? ;)

If you are talking about for the birth and doctor visits, if you have insurance it should cover a good amount. I have no idea how much doc's usually charge for a delivery, but I have heard it to be from 3,000-5,000. but hopefully you have insurance to cover most of that!!!

Answer 9

woa thats a lot of money. lol. right now me and my hubby are putting back $600 a month (daycare) and $300 (insurance) so about $900 a month. so we will have about $5400 saved up for when the baby gets here.

Answer 10

I feel so lucky here in the UK NHS is free i have paid my national insurance which goes to the nhs since i was 16 so i feel i have paid enough to have my babies or people in the UK can pay to go private