Planning financially to start a family involves discipline, commitment, and dedication. It’s not something that can be done overnight; it took me time due to other factors in my life that still go on. I think of financial planning as another layer that needs to be added to my already busy life. But with the right steps, planning, and attitude, I was able to get there with minimal stress.
For me, before starting a family, I needed to know what I was starting with income-wise and what money was already allocated to other things. It was important to first figure out what my money was currently going toward — the basics I needed and fixed expenses (like rent, insurance, electricity, car notes, etc.) These are the expenses that will stay the same every month regardless of my situation. These won’t change, so I must factor these into the budget first to see what money is “left over” for me to spend or save.
I next focused on the variable expenses, the bills that could change every month depending on how much I spend (like groceries, food, extracurricular activities, credit cards, etc.) The variable expenses are where I really had to start planning, because these are the expenses that can be changed. I looked for ways to minimize these costs, then I took the money that would’ve been spent on these expenses and put it aside in a savings account for starting a family.
After I outlined all my fixed and variable expenses, I then came up with a specific number that I could save per month while still being comfortable enough to pay my bills and do some fun activities. When choosing this amount, I had to be realistic and practical — careful to not set a goal so high that it will leave me struggling to survive, because that can take a toll on anyone mentally, physically, and spiritually. I also gave myself a realistic time frame to properly save enough money. For me, that was about a year and a half. It did require some cutbacks but still allowed me to live my life while also being able to put aside money for potentially starting a family.
Thinking about my future family also involved understanding my insurance coverage. Family planning is not cheap, even before the baby is born. Once I was pregnant, the number of medical appointments and tests that were needed was a lot. When going to appointments, I was still paying high co-pays and expensive bills before I met my deductible. Some tests weren’t covered at all, so I had to work out a payment plan. There was genetic testing I had done for the baby, and this was expensive and left me with a ginormous bill that I had to pay for. Most visits, I had co-pays and because I have cystic fibrosis I was considered high risk. So on top of regular maternity visits, I also had extra CF visits to monitor my lungs and overall health.
I struggled with some visits because the co-pays were really adding up, but I was able to talk to the doctor about it, and they worked with me on a plan to get the tests needed without causing me to struggle in the process.
One more aspect of insurance I investigated was figuring out how much more money will be spent once a baby is added to my current insurance plan. Babies require lots of attention medically, so I factored in the amount of money that will be paid toward the insurance as well. Having a baby is an exciting time, but the planning part can be overwhelming.
Financial planning for a family can be unpredictable at times and hard work. It is a lot like having CF — no matter how much planning I do, there will always be that element of surprise. But that is exactly why planning is so vital, because if the unexpected occurs, I have the resources, funds, and ability to pivot.
One important aspect I made sure to remember is not to forget myself in the process. Having CF and wanting to start a family can be a weary thought. I must deal with the CF component, which automatically makes my pregnancy a high-risk due to having a chronic illness. So, this requires more medical visits, closer evaluation, and ensuring that my health doesn’t take a decline in the process of starting a family. But I learned there are various resources available that can ease the financial burden of these visits and tests. When I was as open as possible with my medical team, they were able to help make the journey that much easier.
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