I once told a friend of mine the two most important things when living on less are no debt (excluding the house) and health insurance.
Health insurance is very important. Ironically it is something you may never really use but can”t go without. It will cost you money to have it but if you do not have any and you need it, the costs will be much much higher. when you are starting a family, this is a major issue you do not want to worry about, especially for your children.
In most cases, your employer doles out the benefits. Different types include health, vision and dental. Having all three of these is a very good thing. By themselves, insurance could run you into the thousands of dollars. Having a baby costs anywhere from $10,000 to I-don”t-want-to-know and your medical insurance should cover most of that.
If you do not have good medical insurance from work, there are some government programs to help you out. You can put some money away tax deductible and use that. These are called Health Savings Account. You can use your handy budget to figure out your normal costs. Just remember that you will have an extra person that will need some of that money. Although, hopefully your child will only need to pay doctor office co-payments for regular checkups. If you baby has health problems, it will be much more.
You will also want to have a higher deductible than normal if you can afford it. This will usually lower your monthly premium but just make sure you have some way to pay the costs! Saving a few bucks every month will quickly become a moot point if you have to pay for it with a credit card at a hefty 20 percent rate.
Some of the first year costs of your baby will include, labor and delivery, weekly, then monthly, then semi-monthly checkups. All of the immunization shots, plus any medications for illness or other health issues. This may also include lactation consultants and other specialized stuff.