FINANCIAL PREPARATIONS WHEN HAVING A BABY

Many times when we talk about preparing for your baby or things to do before having a baby, we dwell on the medical and forget about the other aspects like finance, and emotional and physical readiness. Today we will take a look at some financial preparations that have helped mothers have a smoother time.

How many times have you heard someone say this; “Babies are Expensive” or “Nyame na 3hw3 nipa, literally meaning - God takes care of humans.” Both statements are very true and will work/happen depending on your readiness or lack thereof. What do I mean by this? Well let’s say you have to go to the market, you take your list and basket, step out but don’t take money – God has made provision for you to see the day, healthy and fit, but your lack of proper planning will mean you get to say the junction or drive all the way to the market but have to come back home because you didn’t take the money. I mean no matter the blessings on your life, in this our economy, no one is going to give you free foodstuff at the market. I may be wrong, lol

So what then goes into preparing financially for your baby or before deciding to have a baby?

When you and your significant other or husband decide it is time to expand the family, it is also time to sit and talk about your finances as a baby will affect it a great deal. Some of the areas you need to consider include:

Medical bills: from conception, during pregnancy, delivery – CS or vaginal, emergencies at any point, etc.

Child Care: nanny, family assistance, school, etc.

Household bills: food, clothes, etc.

Feeding: bottle, formula, breastfeeding, contingency plan

Let’s take a look at the first one:

MEDICAL

If you or your spouse is covered by work insurance or any private health insurance package, you may have some or all the hospital bills covered but it is good to speak to your insurer and be clear of your limits to avoid unnecessary drama at the hospital. For example, some insurers cover certain drugs and may not cover others, or depending on how the prescription is worded, the insurer might pay for it or not. Some procedures are also not covered, an example being anything having to do with hormone therapy or treatment and some tests. Some also have a limit on the number of scans, tests, how much they will pay for the actual delivery – be it Spontaneous or assisted vaginal delivery, C-section or baby being treated for anything after delivery, or the number of days your baby will be covered after delivery, etc.

If you are going to pay out of pocket, you will need to pick and choose the things you can comfortably afford and choose a hospital accordingly. Some Government hospitals are cheaper than others, depending on location but that doesn’t mean travel just to cut costs either.

It is also advisable to have a birth plan that takes into consideration your contingency plan.

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See you next week as we discuss the next topic, Child Care.