4 Financial Factors Every Pregnant Woman Should Consider in the USA

Any new mom-to-be will have dozens of things she needs to think about and plan. One of the most important areas you don’t want to overlook is your finances. There are numerous financial factors you need to consider before you welcome your new baby into the world. Here are four of the most important.

The Cost of Giving Birth

In many countries, the cost of having a baby is free. For instance, in the United Kingdom, all prenatal and postnatal care is covered by the National Health Service. Unfortunately, it isn’t the same in the USA. On average, the cost of having a baby in the US ranges from $10,000 to $30,000. The precise cost is determined by the delivery method, whether you have any pre and postnatal complications, and what health insurance policy you have. Furthermore, the cost of a birth varies greatly from one state to another. Check out the childbirth costs by state so you can get an accurate picture of just how much your birth could cost. The costs can vary greatly depending on whether you have insurance. For example, in Alabama, a vaginal birth typically costs around $5,230 if you have coverage but it costs around $9,516 without insurance, and in Georgia, it costs around $7,264 with an insurance policy and around $13,410 without coverage. If you have complications and require a cesarean section, the expense could be even higher.

The Cost of Parental Leave

A key financial consideration, which many parents overlook, is the cost of taking time off work when your baby is born. While most employers provide a certain amount of paid time off for women before and after the birth, and sometimes for new fathers too, the time given by your employer could not be enough. If you or your partner needs to take unpaid leave, which you are able to do for up to twelve weeks due to the Family and Medical Leave Act, it will massively impact your financial situation, so make sure you carefully calculate whether either of you can afford to take additional time off. If you can’t, you need to explore other options, such as getting a relative to help out.

A Lack of Space Could Impact Your Future Finances

While it may not be an immediate concern, you need to think about whether you have enough space for your growing family. If you know how many children you want to have, you can better estimate your future specific needs. But regardless, you need to think about all the new things that will take up space. You don’t only need a room for your child, you also need space for all the toys, buggies, and everything else that comes with having children. Once you have evaluated your situation, you may find that you need to plan for moving to a bigger property. If you will need to do that further down the line, it’s best to start financially planning it as soon as possible.

Long-term Costs

Speaking of planning for the future, many new parents make the mistake of not planning how much their children will cost in the long run. Babies don’t stay as babies for long, so you will need to provide new clothing and toys as they grow up, not to mention the cost of school uniforms and other schooling costs. A little later on, you may even need to find the money for your kid to go to college. You probably aren’t looking that far ahead when you become pregnant for the first time. But there’s no getting around the fact that children cost a lot, so you need to know you can cover the expenses in the years to come.