The author, Rachel Kramer Bussel.

At the start of 2021, I planned to save $25,000 a year for retirement.
That changed when I had a miscarriage. I realized I wanted to prioritize motherhood as a financial goal.
Now I’m saving ambitiously for adoption or any medical needs I may have as I try to become a mom.
stories from Personal Finance Insider.

I’m the kind of person who has trouble saving without a specific goal to keep me on track. I spent over a decade paying off $80,000 of debt, and I was able to do so in part because I had a clear goal in sight. The closer I got to being debt-free, the more frugal I became, and felt overjoyed when I reached my goal. So for 2021, I made a retirement savings goal to save $25,000 per year, using strategic credit card rewards bonuses to help me. But that plan got turned upside down when I set my sights on another major goal: motherhood.

In January, I wound up going to the emergency room to treat a miscarriage for a pregnancy I didn’t even know I was carrying. I had to pay a little over $1,000 for my ER visit, and was grateful the cost wasn’t several times higher.

Shelling out that money felt like adding insult to injury, but it did make me realize that my desire to be a mom supersedes my desire to save for retirement. If pursuing adoption means spending tens of thousands of dollars, I’m willing to do it. If I had the resources, I would also look into surrogacy, but the cost is too high and I don’t think I’d be doing my future child right by going back into debt to bring them into the world.

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I’m focused on saving to become a mom

Going through such a traumatic event made me rethink my priorities when it comes to money. After all, I only have a limited amount of time before I can either get pregnant or adopt, while I can always contribute to my retirement savings, or decide to retire at a later age.

This year, I’ve contributed the $6,000 maximum to my IRA, and added $10,000 to my brokerage account, which I’m grateful to have had the money to do; that’s over twice what I’ve ever contributed before. But I’m fully prepared to use what’s in my brokerage account for any costs associated with parenting.

Now, when I see my account totals rise on a good market day, I’m not thinking about how I’ll use that …read more

Source:: Business Insider


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