Save for baby or continue paying debt?

[ourfirsthome]

We are happy to say that we have a baby due this summer , but are in a bit of a dilemma with which route would be best to take with our money.

Some quick information is that we have a car loan, student loans, and a mortgage for debt left. Should we continue working on paying extra towards those debts we have left which would result in us getting the car payment gone by the time the baby got here which would be another $182.90 in our pockets per month, or do we save for the baby (medical bills, etc.) which will be coming soon enough?

With my insurance we have a $3000 deductible per calendar year, and co-insurance member responsibility of 15% $4000 per calendar year.

Which would be the best route to go? We are leaning towards setting money aside for medical bills, appointments, etc. to pay them as they come because we don't want to have any medical bill debt pile up.

Any suggestions ? Thanks!

[Like2Plan]

ourfirsthome,
Congratulations! That is wonderful news.
How about putting the extra funds into an account? After the baby arrives and the money is not needed, you could use the money to pay off the car loan if you still wanted to.

[MonkeyMama]

I'd save the money, until at least about 6 months post partum. See how everything settles out.

Save it. & if you are lucky enough not to need it, then pay off some debts with it.

[kyoko]

Do you have an Emergency Fund? If you have enough to cover those possible expenses on your baby, you can knock off the car payments. If not, I would set aside as much as possible as an EF.
Congrats on your new family!

[disneysteve]

Pay the minimums on everything and pile up the cash until after the baby is born. Once you know that everything is okay and you settle up any out of pocket costs, take the money you saved and throw it at the debt.

[snafu]

Congratulations, wonderful news, wishing an uneventful pregnancy and a happy, healthy, joyful baby. I too suggest building savings until a few months after baby's arrival. You'll quickly find yourselves being marketed to buy a lot of 'must have' items that only suits in some circumstances but costs a lot. Truth be told, infants need very little.

I hope DW is flexible and willing to let friends, colleagues and relatives know she'd welcome gently used infant supplies since they outgrow items incredibly fast. So much better to have items used and enjoyed than stuffed into bins and stored as clutter stuffed into nooks and crannies.

[ourfirsthome]

Thanks everyone!

[Elveen]

First of all I would like to congratulate you for this good news. No need to worry about the cost involved for the expected future cost, you can easily meet with that problem by saving small amount per month on regular basis.