How To Manage Your Money When Going Through Infertility Treatments
While most people want to become parents, it may be difficult for some women to actually get pregnant. While there are ways to help a person get pregnant, fertility treatments can be costly, and there is no guarantee that they will work. Therefore, it is important for those going through these treatments to effectively manage their finances to ensure that the financial risk is worth the potential reward of having a child.
Take a Look at Your Current Financial Situation
The first thing that you will want to do is to take a look at your current financial picture. This will help you determine if you can afford treatments without making any adjustments to your budget. If you do need to make adjustments, this is the time to figure out whether you need to cut expenses, increase your income or both. It will also be necessary to determine if you and your partner can afford to get by on a single income in the event that you cannot work during treatment.
How Do You Pay for Treatment?
There are a variety of ways that you may be able to pay for treatment. First, it may be possible to put payments on a credit card, which allows you to settle your balance upfront and make payments over time. While that may be helpful today, it could mean paying interest on that balance if you can’t pay it off in a timely manner. If you decide that you want to pay for treatment in cash, it may be necessary to start saving for it today. While you may pay less in the long run because you won’t pay interest on cash, it could impact your finances before you even being treatment. Ultimately, you have to decide whether it is easier to stay on top of your bills and other financial obligations by paying now or by paying later.
What Do You Absolutely Need?
Whatever money that you have left over after paying for infertility treatment needs to be spent on the things that you need to live. This may mean that you live with your parents or with a friend instead of paying rent if you can’t afford to live on your own. It may also mean that you get rid of your smartphone or ditch your habit of eating out two or three times a week to be able to afford that rent or mortgage payment. If you have pets, you may need to start giving them baths at home or walk them on your own instead of relying on a groomer or dog walker to do it for you.
Your Creditors May Work With You
If you have a good history with your credit card company, it may be possible to for them to waive fees and interest associated with any late payments that you may make. It may also be a good idea to ask them to delay or postpone future payments until you are done paying for treatment. Credit card balance transfers, debt consolidation loans, and debt forgiveness may also be ways to help you reduce interest rates or reduce principal balances on existing debts. Selling your car or home in favor of taking the bus or living in a less expensive apartment may also be ways to cut expenses without ruining your credit.
Going through infertility treatments may be your only shot at having a biological child. However, even basic treatment programs can stretch your budget to the limit. Therefore, it is critical that you review your current financial situation and make a plan before you start treatment and incurring the costs that come with it.