Perhaps one of the reasons why an unplanned pregnancy is so overwhelming is the prospect of being financially responsible for the care and needs of a child. Being a parent comes with a great deal of responsibility and will require some financial preparedness to ensure that the child’s basic needs are met.

If you have an unexpected pregnancy and are in the process of deciding whether to parent or to choose adoption, one important factor to consider is whether you are financially ready to be a parent. Although one’s financial standing should not be the sole basis of your decision, it is nevertheless an important and long-term consideration.

In a 2010 report, the US Department of Agriculture states that a parent will spend over $12,000 annually for the child’s needs. This includes the following:
– Food. Even when you plan to breastfeed, you will need to earmark a portion of your budget for baby formula and food. Breastfeeding also means ensuring that you maintain a healthy diet yourself. Over the years, you will also need to provide healthy food on the table at least 3 times a day, as well as provide for school lunches and vitamins.
– Housing. This includes rental or mortgage payments, as well as basic household appliances. If you own the house, you will also need to account for property taxes.
– Childcare and equipment. If you will be a working single mother, you will need to engage the services of a nanny or a day care center. With a baby, you also need a variety of baby-related equipment such as a car seat, stroller, a crib, baby booster seat and changing table. As the baby grows, you may want to provide the child with his own room and furnishings.
– Medical care. You need to set aside an amount for your delivery. The hospital bills for a normal delivery can amount to $9,000 while a Cesarean section can run up to $12,000). During his growing years, the baby will need regular visits to his pediatrician to ensure that he is developing properly and to get his immunizations. Even with insurance, a stay at the hospital (due to sickness or accident) will involve deductibles and co-payments and will also be subject to maximum limits. Of course, you will also need to cover the monthly insurance premiums.
– Clothing and other needs. Babies need onesies, other baby clothes and shoes that he will soon outgrow. You can also choose between disposable diapers or washable ones. As he grows, you also need to budget for personal care items.
– Education. This includes baby books, CDs, records, multi-media apps, as well as transportation costs of going to and from the school. If you desire to send the child to college, you can also start saving up for the cost of matriculation.

It is important to assess your current financial standing to see whether you have the financial capability to meet the current needs of your pregnancy and the future needs of the baby. This is especially urgent if you are currently struggling to meet your personal needs.

The good news is that if you are determined to parent, there are places where you can turn to get support. For instance, Medicaid can help you with some of your medical care expenses. The Special Supplemental Nutrition Program for Women, Infants, and Children can relieve the financial strain of providing for the nutritional needs of your child. There are also ways and means by which you can lower the costs for housing, baby equipment and other related costs. For instance, you can go through eBay or second-hand shops for the baby’s crib, stroller and other needs.

Weighing your situation and what you can do about it will be an important step in making an informed decision about parenting or adoption. If you are leaning towards adoption, you can ask A Act of Love Adoptions about the financial assistance they can extend to you. Aside from helping you with the medical costs of the pregnancy and childhood, you can avail of pregnancy related assistance for your living expenses and housing needs depending on your state laws. A Act of Love also provides counseling, legal advice and transportation for medical care and groceries.

Contact Act of Love Adoptions today 24/7 at 1-800-835-6360 or text to 801-450-0094 to receive caring and confidential services.  The staff is available to provide answers to your questions and comfort as you consider your options for your child.