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How Much Money Should You Save Before You Have a Baby?

I asked countless people this question when I found out I was pregnant. I was shocked that no one had an answer for me.

So many people said babies don’t need much and don’t have to cost as much as you think. Others cautioned that you can never have enough money so don’t even try.

With all of this advice and non-advice, I was left with nothing more than to pick an arbitrary number that I knew I could hit before my baby was born: $10,000.

As many of you know, it’s a darn good thing I picked such a high number since I found out I was having two .

I wish I could tell you that I thought long and hard about that number that I saved, but really, I pulled something out of a hat that I knew was possible and seemed like it would help us make it through the first few months.

However, if I knew what I knew now, here’s how I would have broken down the costs:

1. Out of Pocket Insurance Costs

Everyone’s insurance is different, and we all have different out of pocket maxes. I now know that my own personal out of pocket max is $2,000 and that the out of pocket max for an entire family of four is $4,000. So, I know that in a worst case scenario, if I have to put both twins in the NICU for several weeks, the most I’m going to have to pay is $4,000. I’ve already reached close to $2,000 just because of the super detailed high risk ultrasounds required for twins.

Like I said, it’s a good think I picked $10,000 since

it’s possible nearly half of it will be spent on medical costs alone.

2. Nursery Costs

While you don’t have to have the fanciest nursery on the block, you will need some basic things like a crib, a baby monitor, and diapers. If you are a first time parent, you’ll often be gifted these things at baby showers and so you might not have to spend as much as you think. So far, I’ve spent around $300 on various decorations for their nursery, and I will soon spend about $300-$400 more on some last minute safety items and things we did not receive at our showers.

3. Maternity Clothes

This is one thing I did not think about at all. I have no idea why. Just like vendors jack up prices when you say you are getting married so too do clothing stores when the label says “maternity.” I’m actually quite disgusted at the industry as a whole. No one should have to pay $30 just so a t-shirt will fit them. That’s just wrong. I’ve gotten most of my clothes from second hand stores or on sale. If I worked in an office, the cost would be much, much higher. Luckily, I didn’t have to buy business clothes.

I’m sure I’m forgetting a ton of things like car seats and baby clothes and nursing tanks and that awesome pregnancy pillow that wraps around you like a big snake. However, you can see how I can easily spend the entire $10,000 I saved just because of medical expenses and basic necessities alone.

How much did you save for your baby? Is there anything you wish you would have bought but didn’t? Tell me now while I have a few weeks before mine get here. )

Category: Personal Finance

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