Today’s post is a super fun and exciting one: financial planning and saving for health care!!! Okay, while these topics are likely not your favorite thing to discuss, they are a couple of the most important things you can be talking about. Because your financial and physical health are two of the most important things you can have in life.
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I’ve mentioned it on the blog before, but in case you’re new here: I grew up poor. It’s not something I’m embarrassed about, as it’s shaped me into the person I am today. People always say money can’t bring you happiness, and while that is true, it’s a heck of a lot easier to be happy if you don’t have to worry about how you’re going to pay your bills. Financial and physical health are two of the biggest blessings in life.
Josh and I are really working on being smart with our money and planning for the future. We want a house in a few years and children a few years after that. We’ve been doing a lot of research and want to make sure we save up at least 20% of the cost of the house for the down payment so we don’t have to pay for extra insurance on our home.
I also recently learned that it is expensive to have a baby. Like, really expensive. I always just assumed that you have health insurance, you go have a baby, and then you’re sent on your merry way. My friends with children kindly informed me that this is not the case at all. And that there are insurance options that can help you out with the cost so you don’t have to take out a loan to have a baby.
When I started at my current job I was scheduled a meeting with the insurance company to talk about supplemental insurance policies. The guy sat me down and started off by telling me that Aflac is the gold standard in supplemental insurance and the one by which all other supplemental insurances are measured. I found this a really funny sales tactic, as this company was NOT Aflac. That story stuck with me, and cemented my decision that when Josh and I need to add such plans to our policy, we want them to be from the best.
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Alfac recently wrote an article citing studies that find many Millennials are one emergency away from financial disaster. Reading it was a good kick in the pants for Josh and I to really sit down and discuss how much we’re spending and how much we’re saving. Because if I’m being honest, I’m not too sure how we’d weather a serious financial emergency. And I never want to go back to worrying about paying bills again.
Questions of the Day: Do you feel financially prepared for the future? Any advice for saving up for a house? If you’re a huge over-sharer like I am- how much did it cost you to have a baby out of pocket?
I was selected for this opportunity as a member of Clever Girls Collective and the content and opinions expressed here are all my own.
Saving up for a house can seem overwhelming. We started but cutting down our eating out budget. For me it was watching small purchases and really thinking twice about that “great deal”… Save your change and set up automatic savings deposits. Having a baby is something that can be costly without insurance. Lucky for me we had great insurance so I only paid $30 co-pay and everything else was covered!
That is amazing about your co-pay! I would love to only have to pay $30 for a baby!
Yes, I’m definitely trying to curb excess purchases. Sticking to a budget can be so hard but so worth it!
Sometimes, even at my age, I don’t feel financially prepared for the future. Thanks for the info.
It can be scary! I wish I was an expert at this kind of stuff!
I think my answer varies depending on the circumstances with our family. At times, yes, I feel financially prepared for my future… while other times I panic thinking 3 college tuition, retirement and more! 🙂
Retirement is the biggest fear for me! Josh gets free tuition for our kids as a job perk so they basically have to go to school where he teaches! haha
Babies are expensive. I, of course, didn’t birth my baby, but we found out that if you are on certain insurances that you have to pay an extra fee when you have a baby. The insurance I was going to get a few years ago would have changed me a $3000 birth fee. Check into that. That came along with Obama Care changes.
Oh wow! That’s a lot, but also a lot less than the ~10k people were telling me it cost them to have a baby in my area. It scared the crap out of me!
unless i haven’t gotten a bill yet, my insurance covered my baby…….
That is AMAZING! Friends were telling me to expect about 10k in bills after insurance!
I was not always smart with my money. In fact, my mom instilled on my her terrible habits with credit cards early on. After I graduated from college, i paid off $13k in credit card debt with my first job. It makes me want to cry thinking about how much money I could have saved instead of paying off debt. We are very budget savvy now, and have a good plan for the future!
Way to go paying off that debt! What matters in the end is that it’s gone! 😀
Very, very important to think about these things. Example: When my father-in-law passed away last December, Alfac was a financial lifesaver for my mother-in-law.
I’m so sorry for the loss of your father-in-law. 🙁
Honestly we want to be better with finances, but we are not. We need help 😉 We really hope to start planning more for the future with savings and all.
I wish I was an expert at all this stuff! It can be so confusing!