Keeping Your Savings Safe: Why Financing Fertility Treatment Can Be The Smart Move For Prospective Parents
The cost of fertility treatment is an unexpected and often burdensome expense for many individuals and couples hoping to start a family. It can mean paying $20,000 or more out of pocket – a major blow to the average person’s savings. Some patients undergo multiple treatment cycles or use a sperm or egg donor or surrogate – all of which can cost tens of thousands more.
The cost of treatment should never be a barrier to having a family. But as prospective parents, fertility patients also need to consider the longer term costs of having a baby before draining their savings account. That’s why financing your fertility care can be a smart, sensible option– allowing you to break up that $20,000 bill into manageable monthly payments – and keep your rainy day fund intact for the needs of your growing family down the road.
The Importance of Savings for Prospective Parents
Most financial experts recommend having enough savings to cover 3-6 months of basic living expenses. But new parents have a whole host of new costs to consider. The average price of childbirth alone is nearly $3,000 for those with health insurance (and over $18,000 for those without it). Then there are all the new expenses that go into caring for a baby, including childcare, diapers, nursery essentials, baby gear and baby food. Babycenter recently calculated the first year cost of a baby to be approximately $15,775. This total includes major ongoing costs like:
- Childcare: $725 / month
- Diapering: $92 / month
- Food (Formula + Solids): $249 / month
As well as some one-time expenses:
- Nursery furniture & gear: $1387
- Car Seat: $230
- Stroller: $309
Each family’s first year spend will vary greatly depending on their particular circumstances, needs and wants, but you can get a better sense of your year 1 budget with Babycenter’s costs calculator.
Even once you are past the baby stage, raising a child is expensive. According to the Brookings Institution, from the day a baby is born to the day they turn 18, a family will spend $310,605 – between housing, education, food, transportation and healthcare. And that doesn’t include saving for college!
Of course, for many hopeful future parents, no price is too high for creating the family of their dreams. With a low-rate personal loan you can not only make your fertility treatment costs more manageable, but also improve your credit history for future big purchases for your growing family. And with Future Family’s financing options, there are no pre-payment penalties, meaning you can pay off your loan anytime. There’s no question that having kids comes with a lot of financial considerations, but making smart decisions now will help you avoid a lot of stress in the future.
Finance with Future Family
When you’re ready to take the next step and align with our recommendation, you can finance your fertility treatment with Future Family where we make paying for fertility treatments easier, so you can relax and focus on nurturing and finding fulfillment in all other aspects of your experience.