Life choices inevitably cost money so learning tips to save for medical treatments and home modifications is important to couples.
Having a baby is one of the most life-changing choices a person can make because a child impacts everything from your body to your bank balance.
Tips to Save for Medical Treatments and Home Modifications
In fact, middle-income, married parents of a child born in 2015 can expect to spend $233,610 — $284,570 with projected inflation costs — for food, shelter, and other necessities to raise a child through age 17, according to the U.S. Department of Agriculture.
And that daunting dollar figure doesn’t include items such as college costs or the cost of conception, which can be significant for some couples.
Making an Investment in Family
Recent research shows one in six couples worldwide struggle with infertility.
And others may opt for non-conventional conception methods to reduce the likelihood of passing on a rare genetic disease that causes a disability or creates other health challenges.
Fortunately, the success and availability of in vitro fertilization have given hope to many infertile couples who have not been able to conceive.
Since 1978, 5.4 million babies have been born worldwide with the help of IVF, according to Qunomedical.
But IVF sometimes requires a significant investment of time, energy, effort, and money from parent hopefuls before they successfully conceive.
According to the American Society of Reproductive Medicine, the average cost of an IVF treatment cycle is $12,400 and a study by the online lending firm Prosper found 84 percent of women who responded to a survey sponsored by the company underwent at least two treatment cycles.
So it’s not surprising a majority of survey respondents took on a considerable amount of debt — especially credit card debt — to pay for treatments, which are often not covered by insurance.
Saving for IVF
Most financial planning professionals recommend saving as much as possible to put toward IVF treatment rather than taking out large loans or running up high-interest credit card debt.
And it could be especially important for prospective parents with disabilities or other medical concerns to keep their debt under control if they already spend more than average to manage their health or expect to in the future.
If you want to save for IVF treatment, start by setting a timeline.
That will give you a better idea of how much you need to put aside each month to cover the costs.
Then, take a look at your budget and look for ways to cut optional expenses.
A blog post from the credit counseling company Clearpoint suggests replacing cable with a streaming service subscription and opting for a pay-as-you-go cell phone service provider, for example.
Preparing for Parenthood
These cost-cutting measures will also help you save for modifications to make your home safer for an expanded family or otherwise prepare for parenthood.
For example, if you or someone else who will be providing childcare has mobility issues, it might makes sense to install grab bars in the bathroom to make handling a slippery little one easier.
Similarly, adding a ramp to the exterior entrance could make it safer and simpler to move a baby, stroller, and other gear from the car to the house.
Summary – Tips to Save for Medical Treatments and Home Modifications
Adaptive baby gear or assistive technology can also make it easier for parents with disabilities or other health challenges care for kids.
For instance, some manufacturers make wheelchair-accessible cribs that sit low to the ground and have openings in the side.
But buying baby gear can be expensive, no matter what your wants and needs. So it makes sense to keep saving for expenses after you successfully conceive.
If you or a partner have disability, you may also want to explore possible funding sources for adaptive equipment and other expenses related to preparing for parenthood.
Although raising a child is expensive under any circumstances, with some money-smart strategies and early planning, you can save to help cover the costs associated with IVF and equipping your home to ensure it will be a safe and happy place for you and your family — including its newest member.
These Tips to Save for Medical Treatments and Modifications will be a great planning guide for a young couples future.
Ashley Taylor is a freelance writer, photographer, and advocate for people with disabilities. She created DisabledParents.org to provide information and resources to other parents with disabilities. When she isn’t working, she enjoys spending time with her husband and two children.