We’re Having a Baby

We’re Having a Baby!

What we’re doing to prepare (and who knows what we’re doing wrong!)

By Jamie Griffin, who runs a personal finance blog www.mrjamiegriffin.com to help families get out of debt.

 

The title says it all, We’re having a Baby!!!! I can’t even describe how excited I am to be a Dad. My wife and I get giddy just thinking about being parents, and learning about all the amazing ways our tiny baby is growing. In case you’re wondering, at 19 weeks, the baby is the size of a tomato and weighs half a pound!

For the most part, we don’t feel too freaked out or terrified that we’ll soon be responsible for an entire human life. I mean, there’s a good healthy fear, but we’re not anxious or overwhelmed.

We Want to Be as Prepared as Possible

It’s our first, and so as you’d expect (especially if you have kids), we have no idea what we’re really getting into! We’d like to think “we’ve got this” and we’ll be amazing parents and our kid will always listen to us. I can almost hear all of the parents out there laughing and rolling their eyes, haha.

We’re also pretty realistic and know there’s no way we’ll ever be fully prepared. We’ve definitely got a plan of attack, but I’m sure there’s so many things we have no clue about.

What We Are Doing to Plan for Baby #1: Saving for Medical Expenses

It’s a no brainer that babies are expensive. That’s why we’ve waited so long to have kids. We started trying to have kids after about two and a half years of marriage, instead of right away like we wanted. Having $90,000 of student loan debt was a big deterrent.

Based off our income to debt ratio, it seemed irresponsible to have kids with that much debt. Of course we could’ve figured it out, but we didn’t want to be in over our heads. Now that we’re debt free though, we can plan and save the way we want to.

Related Posts: Goodbye Student Loans: We Are 10 Days From Being Debt FreeHow We Paid Off $29,500 of Debt in 2016

Our first big priority was to stash some money away to cover medical costs. In September, we were lucky enough to have an extra paycheck month. First off, extra paycheck months rock! Secondly, all of our monthly bills are covered with the typical two paychecks, we put the entire 3rd paycheck toward future baby costs.

Going forward, we plan to add $100 a month to our baby fund. When baby comes, we don’t want to worry about paying for unexpected costs. Also, if we need to buy stuff for baby, like a stroller, or diapers, or a car seat, it doesn’t need to affect our monthly budget.

Still need a stroller. So excited to push our little soybean around!

We Have Free Baby Stuff

Now that I’m pretty immersed in the world of all things Baby, I’m learning that I went into the wrong career. It’s like the wedding industry. If you attach the word “wedding” or “baby” to the name of something, the price increases by roughly 8,000%. I might be exaggerating, but baby stuff is crazy expensive and I really don’t want to pay full price for anything in general, especially when it’s hyper inflated.

Here’s a list of free items we’ve gotten so far:

  • Crib: our friends don’t need it anymore and our payment is, “please never give it back”
  • Baby Gate: we’re a long way from needing it, but we can dual use it for our dogs
  • Baby Rockers/Swings: our friend got them for free and is paying it forward
  • Baby Outfits: I’m convinced everything tiny is adorable, especially shoes.

Seriously. Baby shoes are the cutest thing ever!

We’ve already saved so much money by not needing to pay for these necessities. New cribs are hundreds of dollars, a baby rocker is $100, a baby gate is $35, and new baby clothes are way overpriced for how short a time the kid actually fits into it! Long story longer, we are really stoked we got a few freebies.

Of course, we are nowhere near done preparing our house and getting all the necessities. But it sure feels good to take a few off the list.

Planning Ahead for Day Care Costs

In our city, finding a good day care is ridiculous! We started calling at 10 weeks and one day care center had a wait list until 2019. 2019!!!! That means families who aren’t even close to pregnant are getting in line and taking all the good spots!

When my wife heard that, she put down the phone and immediately freaked out! Safe to say we didn’t call anyone else that day.

Luckily we found a family day care a few blocks from our house run by the parent of one of our students. It fits our price range, we trust her, and it’s on our way to work. No waiting until 2019 for the Griffins!

Day care costs are basically the same amount as our student loans were. So sadly, our debt free lifestyle will only last for about 10 more months. Thank goodness we paid those buggers off!

Maternity Leave Will Force My Wife to Take a Pay Cut

The perfect timing for a teacher to have a baby is in the spring. If it happens just right, maternity leave will end right as summer vacation starts. Unfortunately we missed by a few weeks, so Jenna will need to go back to finish off the school year. During her maternity leave, she will get six weeks off, but it’s at 70% pay.

Part of our growing baby fund will got to offset the difference in pay. Like I said before, we want to avoid tampering with our regular budget.

What We Don’t Know: We Still Don’t Have “What to Expect When You’re Expecting”

I think we’ve done a lot right in preparing for our little soybean. One thing we haven’t done is, be prepared for shock and awe, read “What to Expect When You’re Expecting”. It’s basically a right of passage for all new parents, but we just haven’t gotten around to buying it. I’m sure there’s 10 copies sitting on the shelf at Goodwill, so I’m not sure why we haven’t grabbed one yet.

Last week we browsed a few pages at Barnes & Noble, a favorite date night spot. It was really interesting, and would be an awesome resource. For some strange reason though, we still didn’t buy it. We’re only halfway through so there’s still time for us to come around. We’ll see what happens.

What the Heck is an HSA Account and When Should I Start One

Confession, I know an HSA is a Health Savings Account, and I mostly know how they work. A bunch of my coworkers have HSAs and they love them. What I don’t know is when we should open one, or how much to contribute to it.

We’ll also need to research and talk with our HR director to see what benefits an HSA provides. When the time gets a little closer, we’ll need to elect new health benefits, and this is a top priority.

How Do We Introduce Our Baby to Our Dogs

We have two wonderful dogs that we love. Since we don’t have a baby in the house yet, our dogs don’t have much exposure to little kids. They definitely seem to be more protective over my wife and are extra affectionate lately. We hope this means they will lovingly accept our new baby into the house.

Look at these snuggle bugs! All loving, most of the time!

The advice varies depending on which article you read, but we’re doing everything we can to learn how to do this safely and smartly. Is smartly a word? I’m going with it anyway. We don’t plan on leaving our baby alone with the pups under any circumstance, or let the baby sit on the floor without direct supervision. Our dogs are good, but we don’t want to take any chances.

Wrapping It Up

We’re having a baby! We’re prepared for some things and clueless about others. In the end, we’ll figure it out and hopefully be really awesome parents!

Let Me Know in the Comments

What did you do to prepare for your first baby? Any tips or suggestions of big things we’re missing?

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