Financial Preparations for a baby

[Meenah]

Alison, I buy diapers and wipes for Oliver every time I go to any store that sells them!

[ladymoreta]

I agree about the clothes and receiving blankets. I let people know that I was happy to get hand-me-downs, and I have a ton of clothes now. Plenty for DS up through 2T!

I also found that most of the receiving blankets I got aren't a great size. 40 x 40 or larger is great for swaddling, but I have lots that are too small but seem really large for burp cloths. I'm not really sure what to do with them. (Suggestions?)

I would skip the bedding set for whatever theme you choose for the nursery, at least at first. Bumpers aren't really recommended, and you won't be using the comforter for awhile. All I'm using of the set right now is the bedskirt. (And one of the bumpers as a valance for the curtains my MIL made.)

We found that most people did not buy off our registry for showers, so budget for buying most of your necessities yourself.

As far as necessities... So far(3 weeks), all we've needed are: Pack & Play, bassinet, carseat, diaper bag, glider, Boppy, small lamp (for nighttime feedings), swaddling blankets, burp rags, changing pad and covers, diapers, wipes, clothes, breast pump (rented), bathtub, Diaper Genie, pacifiers, and a few bottles.

Some nice-to-haves are: Arms Reach Cosleeper (borrowed), wipes warmer, nursery decorations, white noise machine (my alarm clock has this), covered ice cube trays for freezing breast milk (mine are Tupperware and hold 0.5 oz per cube), tummy time mat, and a TV for wherever you nurse.

The biggest baby expenses for us have been daycare (expect $160-250/wk), formula (My son had to have hypoallergenic formula from 6 months to 18 months. It costed us about $400/mt), and medical expenses (hospital stays are EXPENSIVE!). We bought most of our baby items used except crib, dressers, stroller, car seat. Once Upon a Child is great! I'm SO glad we didn't register for the swing, bouncer, stuff. What a waste of money!!

We have lots of life insurance and disability insurance as well.

Lacy

[alison]

I don't know about swings, bouncers, rockers, and bassinets. Dd hated all of those things. Hated. I bought a rocker well in advance of her birth, and couldn't return it, because I was beyond the 90-day return window. She didn't like the bassinet that came with her stroller either, so I'm glad I didn't buy a bassinet for her room... I felt sorry for her at first, because she was such a tiny little thing in her crib. I took a lot of flack from my mil who wanted to put curtains around her crib....

actually thought one of the best things we purchased was a changing table. It's not always easy to change a baby on the floor when everything is sore and brittle from being malnourished, sleep deprived, etc. etc.

[moonlight]

The biggest baby expenses for us have been daycare (expect $160-250/wk), formula (My son had to have hypoallergenic formula from 6 months to 18 months. It costed us about $400/mt), and medical expenses (hospital stays are EXPENSIVE!). We bought most of our baby items used except crib, dressers, stroller, car seat. Once Upon a Child is great! I'm SO glad we didn't register for the swing, bouncer, stuff. What a waste of money!!

We have lots of life insurance and disability insurance as well.

Lacy

That brings up another good point! I honestly thought I was gong to save so much money by BFing, but it turned out my baby needed to be on the expensive ($30/can) baby formula. That was an expense that I wasn't expecting. On the other hand there is no way you'll know if your baby will need that type of formula in advance. Thank goodness for discount online retailers, ebay, and cvs coupons.

[Thirteen]

RE: hospital expenses/delivery -- we have the best insurance/copayment system I've ever seen, but the gravy train ends with residency. We are actually going to take advantage of it and plan on having #1 before the end of it. Does that makes us cheap? *blush* Naivety has set in...

[moonlight]

RE: hospital expenses/delivery -- we have the best insurance/copayment system I've ever seen, but the gravy train ends with residency. We are actually going to take advantage of it and plan on having #1 before the end of it. Does that makes us cheap? *blush* Naivety has set in...

To answer your question NO! Even for health care workers good FULL coverage is hard to find sometimes. Use it. Use it. Use it!

[scrub-jay]

RE: hospital expenses/delivery -- we have the best insurance/copayment system I've ever seen, but the gravy train ends with residency. We are actually going to take advantage of it and plan on having #1 before the end of it. Does that makes us cheap? *blush* Naivety has set in...

If you have good coverage now and you are planning on utilizing that - no, not naive... smart!! I was very lucky to get a great job with excellent maternity coverage...otherwise the cost for L&D was insane (not even counting prenatal appts).

[GreyhoundsRUs]

We are going to have great insurance during residency, too! I am going to take full advantage and try to pop out as many kiddos as I can

Y'all are smart to take advantage of good insurance. If anyone is thinking about conceiving while on a high deductible plan, budgeting can be really tricky. PM if you want details gleaned from hours on the phone with BCBS and mountains of bills and EOBs.

[Auspicious]

Wait, are you guys saying attending jobs offer worse insurance than residencies? What do you mean the gravy train ends and it's best to get your kids out during residency?

[Thirteen]

For us, I am quite convinced that we will never be covered as well as we are here. Many of the doctors at his hospital jut waive our copayment. I had LAR surgery on my ankle and the total cost was $150. Including MRI, x-rays, pre and post op visits, and the surgery itself. From my research, medically speaking, baby #1's prenatal and L&D will only cost us $150-$200, instead of thousands.

[GreyhoundsRUs]

I don't know about attending jobs - but I know our residency is particularly nice in terms of insurance...so it will either stay the same for us or get worse

[SuzySunshine]

Wait, are you guys saying attending jobs offer worse insurance than residencies? What do you mean the gravy train ends and it's best to get your kids out during residency?

Because DH is looking at academic jobs I'm not as concerned about the insurance but yes, most of my friends that are going into private practice this year are responsible for their own insurance even if they're going to work for a pretty good size hospital or group.

[radwife]

Because DH is looking at academic jobs I'm not as concerned about the insurance but yes, most of my friends that are going into private practice this year are responsible for their own insurance even if they're going to work for a pretty good size hospital or group.

Wow, that is definitely good to know. I never would have thought about that.

This thread is so helpful! Thank you for all the advice.