Saving Money for Unexpected Family Expenses: How Why

Growing and raising a family is part of the American dream. Unfortunately, its also part of learning how to manage your money to make sure you can continue to care for them.

You may think that health insurance will cover every aspect of your pregnancy, and in most cases it will, or at least a good portion of it.

Sometimes, though, circumstances arise, especially during the third trimester of pregnancy, that make it necessary to pay some out-of-pocket expenses.

For this reason, as soon as you discover that you are pregnant, you should contact your insurance company to find out exactly what your policy covers. While you’re obtaining this information, go ahead and ask them about some of the problems that can occur during the third trimester of pregnancy (enforced bed rest in the hospital, for example) and ask them how much will be covered should these occur.

Contact Your Insurance Company

You may find that your insurance company will only cover a portion of a hospital stay before the baby is born. If this is the case, and you enter your third trimester of pregnancy and find yourself faced with this, you might be able to appeal for expanded coverage. It’s better to have saved some money beforehand just in case this becomes a reality.

How To Save Money

Now that a baby is coming, you might think that this is the hardest time to save money. This isn’t necessarily true. There are several ways to set some money aside.

1. If you already have a savings account, consider raising the amount that you have deducted from you salary. Even a few dollars each paycheck will help.

2. If you receive money as a gift during your pregnancy, put that money into a special account. Leave it there until after the baby is born. Then, you can either choose to leave it in as a college savings fund, withdraw it for baby necessities, or to help pay bills while you are on maternity leave.

3. Do you have a CD or similar account that is maturing? If so, check with your financial advisor about rolling it over into a savings account that you can have easier access to but will still allow you to avoid paying taxes or withdrawal penalties. Again, if all goes well, and you don’t use it, you can always re-invest the money or use it to start a college fund.

4. Take a good hard look around your house. (Do this as soon as you know your due date.) You’re going to be making room for a nursery anyway, so now is a good time to get rid of furniture or other items that have just been taking up room. Sell what you can and put that money into a savings account.

These are just a few suggestions for saving money for unexpected expenses during pregnancy. Again, there is always the chance that you won’t need it, but it’s better to have it there than to have something occur and the money not be there.

Who wouldnt want to plan ahead instead of struggling to pay for ones hospital stay during pregnancy later?

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