More Financial Considerations
You've been doing all you are required to do in order to ensure that you conceive. It's been an expensive process, but finally the IVF treatments have produced a pregnancy. Everyone is happy and excited and looking toward the bright future with a new baby to bring love and joy to a grateful couple.
Cost of Conception - Are You Insured?
For couples who have been going through IVF and fertility treatments, the cost of conception can be financially draining. If they have been covered to some extent with medical insurance, they may still be able to see their way clear to do some things for the future. If the treatments were not covered by insurance, the cost can be overwhelming. And, with a new baby on the way, there may be a need to do some fancy financial footwork to stay afloat.
Making Ends Meet
It may be necessary to raise your income to support the new addition to your family. The time to set that in motion is before the baby arrives. Increasing your income could come in the form of asking for a raise, finding a better, higher-paying job or starting a business on the side to generate income while you continue to work. Once the baby arrives you may find that the added stress of being a parent is more than enough to handle, and that looking for more sources of income is out of the question.
Refinance If Possible
Don't be too quick to move into a bigger living situation. Babies are pretty small and don't take up a lot of room, so making a move into something bigger and more expensive is not always necessary. Certainly it is nice to have more room - but can the budget handle the expense? Taking on a mortgage means taking on added expenses, expenses which you may not be able to afford. If you are in a home and already carrying a mortgage, it may be prudent to have your mortgage re-evaluated and perhaps consider refinancing if it would be in your best financial interest to do so. Sometimes this can allow for more cash flow and if you can lower your interest rate, you are saving some money as well.
Seek Professional Help
It can be a very good idea to secure the help of a financial planner if you find yourself financially stressed after paying large sums of money for fertility treatments. With the additional costs of having a baby, including hospital costs and the cost of furniture and clothing, it may be very difficult to see how you can make it through the forest. A financial planner can help you get clarity and focus and help you to find the money you need to keep things on a relatively even keel. He can guide you into some wise investments and help your organize your financial future.