Top Tips on How to Budget for Your Fertility Treatment

Even though many of us will try to put aside some money for emergencies, we’ll often only have enough to cover one potential unexpected cost, e.g. a car breakdown. In all likelihood, the vast majority of us will not have set aside enough to cover fertility treatments. After all, it’s not something we expected to have to plan for.

When you first receive that infertility diagnosis, it can feel as though your road to parenthood stops there.

How will you ever afford treatments like IVF?

Thankfully, there are some simple steps and choices you can make to help fit your fertility treatment within your budget. For example, you may want to discuss the differences between using fresh and frozen donor egg.

Below, we’ll take a look at some of the easy steps you can take to save money for the next step in your fertility journey.

1. Figure Out Your Budget and Set Yourself a Target

In order to effectively save for your fertility treatment, you’ll first need to know how much it’s going to cost. Speak to doctors and clinics about the potential costs you may face so you can create a target total.

As mentioned before, looking at the costs may help you decide which treatment route is going to be most effective for you. Frozen donor egg, for example, can save a lot of expense due to the treatment only relying on your cycle (there’s no need to synchronize it with the donors). It’s also beneficial to look at the financial plans the clinic may offer. For example, some clinics may offer discounts for multiple cycles or a refund if a baby isn’t delivered or you decide to stop the treatment.

2. Set Up a Direct Debit Toward this Total Budget

Once you know how much you need to save, it’s time to work out how much you can set aside each month toward this total. For instance, you might already put a certain amount of money toward a saving account, so how much of this could you put into your baby fund?

Jot down all of your living expenses and costs to figure out how much you can realistically save each month. While it may be tempting to put all your savings toward the baby fund, it’s important you still put aside some money for other emergencies–like that car breakdown. That way, you won’t have the awful task of dipping into your baby fund if something unexpected does happen.

3. Look for Ways to Make Extra Savings

Initially, the total amount you need to save and the amount you’re going to put in each month may seem like a huge uphill battle. It may feel like you’ll never get to your target amount.

So, to start eating away at that total and to give your savings the best possible start, why not consider other ways you can make some savings?

If you’ve been thinking about selling that unused gym equipment for a while–now could be the time. Or, if you could commute to work on the bus instead of driving, how much would this save you each month?

Even something simple like clearing out your closet and selling old clothes on eBay can make huge dents in your budget total.

4. Try to Limit Any Impulse Spending

Finally, when you reach for your credit card for an impulse purchase, consider whether or not you really need to and how much you could save if you didn’t. Understandably, saving for a fertility treatment is incredibly stressful, which is why you may feel like you need that weekend break with your partner or that gorgeous dress for a night out with the girls. But how much could you save if you looked at alternatives?

If you had a staycation with your partner and opted for a second-hand vintage dress for your night out with the girls, it could save you hundreds of dollars that you could put in the baby fund.

Create the Right Balance with Your Bank Balance

When saving for a fertility treatment, you shouldn’t feel like you need to put everything on hold or that you can’t spend any money on yourself. Rather, it’s about getting the right balance between enjoying your life and planning for this next huge step.

By creating a budget and being mindful of what you’re spending, you’ll no doubt be surprised at how quickly and easily you can start saving toward your baby fund. And all without sacrificing the odd treat every so often