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|Did you know that you can begin saving money BEFORE your baby even arrives? Review our tips and start saving today!|
1. Here's some food for thought, did you know that announcing your baby's gender to friends and family sets you up for receiving tons of blue or pink baby clothes. Wouldn't you rather get more useful items for your baby shower? If you can keep a secret, don't let anyone know that you are having a boy or a girl.
2. Open a savings account as soon as you can and start earning interest on your money. This extra money can come in handy when you stop working. Also look into CDs and other interest earning investments.
3. Buy maternity clothes and baby supplies at discount retailers, from consignment (second-hand) stores, or on-line resale sites (such as E-bay or Craig's List).
4. Be sure to review your health insurance plan and review exactly what your insurance plan will and will not pay for. Inquire about: hospital stay, anesthesia or other medication used during labor and delivery, tests and procedures, well-baby coverage, sick baby coverage (neonatal intensive care costs), physician visits (both your doctor and your baby's doctor), private room vs shared room, prescriptions, alternative therapies (such as chiropractor and massage therapy), circumcision coverage (if you choose), and cord blood banking coverage. Also, look to see if your insurance provides short-term disability coverage.
5. Maternity disability leave is a component of short-term disability insurance. If your health care provider deems that you are unable to work due to pregnancy or postpartum complications, maternity disability leave can provide you with 50% or more of your base pay (depending on your insurance provider and employer). This option may not be available to everyone, but it's worth checking into.
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