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For a Rainy Day and Beyond
Start Saving Before Baby Arrives By Gina Roberts-Grey
Cost of Childcare vs. Staying Home If you compare the combined cost of travel and childcare expenses against net salaries, both parents returning to work after a baby does not always produce significant financial gain. Explore alternatives such as working from home, forming a babysitting co-op with friends and neighbors or the cost of commuting before the baby is born. These factors may weigh heavily on whether returning to your current position is financially and emotionally appropriate for your family. Budget for Baby New parents budget to spend money on a crib or to decorate a nursery but often do not anticipate the actual day-to-day costs of having a baby. Parents like the Ryans realized that even though it is convenient to pick up a pack of diapers at the local grocery store, you pay for that convenience. "I wish we would have compared the prices of formula, diapers, baby food, developmental toys and items, etc., at grocery stores, discount centers and pharmacies before our daughter was born to have better planned our budget," Beth Ryan says. Consider online and bulk purchases as alternative options to replenish your stock of high-consumption items.
Another area of consideration is medical expenses for your newborn or baby. Know your health insurance plan's limitations and practices for all co-payments, prescriptions plans and referral requirements ahead of time to determine the most economical pharmacy for your child's prescriptions.