Preparing for a baby is exciting, but it can also be expensive. For that reason, in April, Tal and I established two funds to cover prenatal care, hospital expenses, and baby essentials. Over the last five months, Tal and I have saved over $4,000 in order to prepare financially for Hadley's arrival:
1. Hospital Fund: After talking with our insurance and OB financial coordinator, Tal and I learned that we would need to save around $4,000 before Hadley's birth. In May, our OB office required us to pay $927 in prenatal and physician fees in order to meet our deductible. Our maximum out of pocket is $4,726 (which includes our deductible). This is the maximum amount that Tal and I will have to pay before our insurance will start paying 100% for prenatal and hospital expenses.
2. Diaper Fund: In April, Tal and I started our diaper fund to pay for last-minute baby essentials before Hadley arrives. We considered buying and stockpiling a pack of diapers and wipes from Wal-mart every week. However, Tal and I nixed that idea because we were concerned that Hadley might be allergic to a particular brand of diapers and/or wipes. Then, we'd have lots of diapers to return to Wal-mart.
Instead, Tal and I got a Wal-mart gift card and put $10 on it every week that we went to Wal-mart. To date, our diaper gift card has over $200, which we plan to use to buy diapers, as well as wipes, formula, butt paste, etc. that Hadley will need when she comes home from the hospital (or in the coming months).
Tal and I strive to live within our means by paying cash for almost everything, as well as by saving for emergencies and big ticket items. By setting aside some money every month for Hadley's arrival, Tal and I have peace of mind knowing that we will be prepared financially when Hadley is born.
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