Hello fellow Bumpies!
My husband and I are 41 and 43 respectively and are trying to conceive for our first little one. Besides the normal health insurance and the nursery stocked well with supplies, what other finacial considerations should we be planning for the short term and long term.
Re: Finanically Ready for Children
Besides just the increase in health insurance premiums, be prepared for large medical bills from L&D. Some people get away with hardly any bills, some people pay thousands.
Copays - kids get sick a lot
Estate Planning/Wills
Additional Life Insurance
More minor stuff but if you want to be thorough, clothes (both maternity and post-partum), increased utility bills (laundry and being home more during a maternity leave).
Longer term, other than the obvious formula/diapers for babies, and food, clothes, etc for older kids, the costs of activities can add up (along with equipment for those activities)
And totally ditto what @FemShep said about retirement. Never neglect retirement. Having children have to worry about helping pay their parents bills in retirement is a huge burden, give them the gift of getting yourself financially secure for your future.
BFP 6/15/14 EDD: 2/24/15
BFP #1 12/02/11, M/C 12/08/11
BFP #2 04/06/12, DD born 12/20/12
BFP #3 06/09/14, M/C 06/15/14
Love: March 2010 Marriage: July 2013 Debt Free: October 2014 TTC: April 2015
Oscar born November 20, 2016 at 35w6d
Yup. We knew we would need a larger vehicle before we had a 3rd kid and that DH's car was aging fast. We saved approximately what the car payment would be on a new minivan for 18 months and bought one for cash. We don't do consumer debt, so being able to plan ahead meant I got a great "luxury" minivan without touching our e-fund.
-Waiting for DH to be on board for TTC...discuss again in a year-
-Waiting for DH to be on board for TTC...discuss again in a year-