How to Get Your Finances in Order Before Surrogacy

by Physician's Surrogacy Physician’s Surrogacy is helping to make dreams be

Regardless of the side of the surrogacy process, you are on, it is important to have your finances in order. As hopeful parents, you will want to be sure that you can finish the process with no hassles and be able to bring the child home into a conducive, stress-free environment. As a prospective surrogate mother, having poor finances can make you ineligible to partake in the process. Top surrogacy agencies want to make sure that you are deciding to become a surrogate for good reasons and that you don’t depend on surrogacy as your main source of income. Here’s the good news: there are a lot of things you can and should do to get your finances in order so that you can proceed with confidence.

Stick to a Monthly Budget

Whether you choose to go digital or put pen on paper, your monthly budget has to be in writing. You need to know where each penny ends up, right down to the chocolate bars and ice creams you sometimes to buy on your way back from work.

Reevaluate Your Expenses

Once you have discovered where your money ends up every month, you need to take some time to check if there are any bills you reduce or expenses you don’t have to pay. Are you spending a lot of money on cable or cell phone plans? Ask around to find out if other companies offer a better deal.

Pay Off Your Debt

While it is not too bad to have certain debts, like mortgages. However, credit card debt may indicate that you are not managing your money judiciously or adhering to budgets. Although it is good to pay off high-interest debts first, it is easy for some people to lose motivation if the debt with a high-interest rate is also the largest. In this case, it is advisable, to begin with, the smallest one and throw additional cash at it every month until it’s completely paid off. Your monthly payments from that can then be applied to the next largest debt. The feel-good vibe that comes with getting debts paid off is enough to keep you motivated and can help develop good debt repayment habits.

Establish a Savings for Yourself

After you have paid off all your debts, start saving. As a rule of thumb, you should set aside three months of expenses. However, if you are an Intended Parent t who is planning to embark on unpaid leave once your baby is born, you may want to include that time in your savings total. You can make saving easier by setting aside an automatic bank transfer or “put money in” your savings account every month.