Having a baby is one of the most magical experiences in the world. It is such a blessing to bring new life into the world, and many expectant mothers are excited to embark on this journey. As wonderful as it is, pregnancy also comes with some costs. Beyond just the morning sickness, feet swelling, physical discomfort costs, pregnancy will also cost money.
There are some costs associated with pregnancy that are obvious, like doctor’s visits or adding on a nursery to your home, but there are also some unexpected costs you may not have expected. This is why you and your partner should have a serious conversation about your lifestyle and finances before deciding to add to your family. As wonderful as the experience is, you need to be prepared for the extra expenses for the nine months of pregnancy and 18+ years after that. Here are just six things to prepare for financially during your pregnancy.
1. Expanding or Renovating Your Home
Bringing home a new family member means they’ll need somewhere to sleep. This usually means expanding or renovating your home to make a special nursery. Depending on your current space, this home improvement will either be a minor or major project. For add-ons and big renovations, you may need a personal loan or to borrow off your home equity. You can use equity as a deposit to your home to cover the extra costs. As a homeowner, you’ve already invested a large sum into your home, so a home equity loan is simply using that line of credit to get a lump sum of money. This can help you put a down payment on projects to increase your home’s value.
2. Medical Expenses Throughout Pregnancy
It’s no secret that the medical expenses of childbirth can be high. Depending on your health insurance, you may end up paying out of pocket for certain medications or appointments. Just be aware that you may end up with medical bills your insurance doesn’t automatically cover from your monthly checkups.
3. Birth Costs
When the day comes to give birth, the delivery process will cost you as well. Working with a medical professional to finally meet your newborn isn’t a cheap operation. So be prepared to pay at the end of the birthing process.
Unfortunately, not every childbirth goes off without a hitch. Birth injuries happen when there is negligence or medical malpractice involved or if the delivery process goes unplanned. If your child is left with a congenital disability or brain injury, you may have legal options. In larger cities, you can consult a Chicago birth injury lawyer to see if you’re within the statute of limitations to get compensation for your birth injury case. An experienced attorney will be able to file a lawsuit to help you cope with your child’s injury.
4. Decorating the Nursery
Getting ready for a baby’s arrival means decorating the nursery. You’ll need new furniture, and it’s a good idea to get some fun toys and decorations. Just know that cribs, changing tables, blankets, books, and rocking chairs are going to cost extra money.
5. Maternity Clothes
Pregnant bodies go through many different changes. This will mean you’ll need a new wardrobe to stay comfortable during your pregnancy. A pregnant mother will need maternity clothes every step of the way, which can be an added expense.
6. Time Off Work
Depending on the severity of your side effects from pregnancy, you may not be able to do many of your normal activities. Some women need time off work before and after the baby is born to recuperate. Even if you aren’t dealing with a serious injury or permanent disability, time off work can be an extra expense to plan for.