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Catch up on some of the latest posts with this week's roundup:
11 Common Mistakes Couples Make When Combining their Finances
Most couples come to me because they have a lot going on. They’re getting married, having children, combining finances and/or paying student loans. Often these pairs have been together for a while, yet they still don’t have an idea how to plan for these events together.
Or maybe they do have an idea, but they’ve reached an impasse. Sometimes one spouse is more motivated than the other (or more scared than the other). Couples may fight because of previous baggage with money discussions (that was the issue for me and Ben andwhy we saw a financial advisor).
If you find yourself pregnant, congratulations! Now let’s talk finances. (See that suave transition, there?) Following are The Basics of what you need to think about if you’re about to have a kid.
This is simply an overview, to get you thinking about the things that you should dobeforebaby comes. Because Lord knows you won’t have the time or wits to do it once baby’s here. (It’s just possible there’s a bit of transference going on here.)
They tease me because whenever anyone asks if Ben and I are going to have children, the answer is a resounding “no.” Candidly, that kind of responsibility terrifies me.
But despite not wanting kids of my own, I love being the doting “uncle” to some of the greatest kids in the world. We had our first overnight babysitting gig this past weekend with three of our most cherished kids. (I was anxious for several weeks in advance but luckily it was completely fun.) We also get to meet my brother’s first child next week. Ben and I will be her guardian if anything happens to him and his wife.
For whatever reason; pace of life, having kids later in life etc, few couples I know seem to be able to get pregnant without some amount of help. This seems to just be a fact of modern life.
As you can imagine, the cost of help with conception can vary greatly depending on what is required. Procedures start at a couple of thousand dollars and run up to the ultimate option which is In Vitro Fertilization or IVF. Based on a 2014 study, the median out-of-pocket expenses for a couple undergoing IVF was more than $19,000. IVF may take several cycles with the probability of success increasing with each round to around 90% by the third. Each cycle typically costs somewhere around $12,000. Many providers sell packages that allow multiple attempts for one up front price. In 2016 a three cycle package can be found for around $25,000.
The good news is with that level of medical expenses, you are likely to get some help from Uncle Sam via deductions on your income tax return. That’s right! Fertility treatments including IVF are a legitimate medical expense and can reduce your income tax bill.