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March 2018 Moms
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Budgeting for Baby

ladybugsamomladybugsamom member
in March 2018 Moms
How are you planning to budget for baby?

Do you have a savings plan in place?

Are you using a specific app or budgeting tool to help?
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Re: Budgeting for Baby

  • hullabalouhullabalou member
    We re worked our budget to include the cost of daycare tuition for a second baby. I am funneling that money into savings while pregnant so we have more of a cushion while I'll on maternity leave.
    We have a "zero sum" budget so every dollar is assigned a category and it really helps keep spending under control. I have read a lot of the Dave Ramsey principles and like his concepts. We were working on a modified "debt snowball" to pay off a loan we have from old credit card debt and our car loan, but that is on hold since our daycare expense is doubling.

    We cut cable after I found out I was pregnant.
    Married 6/2013, TTC 9/2013.
    ***TW***
    MC 12/2013, Blighted Ovum 04/2014, CP 06/2014
    Began RPL testing 07/2014
    BFP #4 10/26/2014; Theo born 07/2015
    BFP #5 06/17/2017, EDD 02/28/18


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  • ladybugsamomladybugsamom member
    @hullabalou  I follow Dave Ramsey, too.  His Every Dollar tool has been helping us keep things on track.  I have been trying to decrease expenses in order to have more to funnel into savings for maternity leave as well.  I know what I would like the cushion to be when I take my leave, I just hope  we can get there (we're a single income family).
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  • KristinUM12KristinUM12 member
    We have been using YNAB for years and really like it. I've found it to be so helpful not only for budgeting and saving money, but also for communicating about money and spending with DH. Since I'm a SAHM and we have most of the baby stuff we need, we're not doing as much budgeting to prepare for this baby as we did last time, but we will need to make some purchases without the convenience of a baby shower this time around...so we'll be setting something aside to prepare.

    Also, birth center/hospital costs...I feel like we didn't really factor that in last time. Oops.
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  • ladybugsamomladybugsamom member
    @KristinUM12  I have a high deductible health plan with an HSA so I'm definitely fearful of the medical expenses, too. I'd rather pay for my visits as they come up over the course of the pregnancy, but I know my doctor won't bill until delivery.  Then I'm hit with a pretty hefty bill from their office plus the hospital bills.  It can be overwhelming if you're not prepared for it.  Thankfully, I'll have Open Enrollment before the baby comes, so I can switch to a lower deductible plan.
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  • hullabalouhullabalou member
    Luckily our medical expenses will be much lower this time. My OOP costs with our awful insurance last pregnancy was over $6000. This time I paid $35 for my first OB copay and everything else is covered 100% with my current job's insurance.
    Married 6/2013, TTC 9/2013.
    ***TW***
    MC 12/2013, Blighted Ovum 04/2014, CP 06/2014
    Began RPL testing 07/2014
    BFP #4 10/26/2014; Theo born 07/2015
    BFP #5 06/17/2017, EDD 02/28/18


    BabyFruit Ticker
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