Ryan Lochte's fiancee is pregnant. How is the money-savvy couple handling it?

Debt.com spokesman Ryan Lochte has been busy outside the swimming pool. People magazine was the first to report that Lochte and fiancée Kayla Rae Reid are expecting their first child. From there, the news traveled everywhere, from Cosmopolitan to ESPN.

Because Lochte is an Olympian not only at swimming laps but also saving money, he’s not going to overspend on this pregnancy. Like winning gold medals in the pool, Lochte knows financial responsibility is all about preparation.

So if you’re pregnant or trying to be, here are some proven tips for saving money without sacrificing anything toward the most precious prize of your life. Here are the half-dozen must-dos if you want to save big before the little bundle of joy arrives…

1. Figure out your insurance plan

Having a baby is a fascinating process. Figuring out the health insurance and hospital bills is not. But if you want to save the most money, you’ll drill down on these details. So the very first to-do item: Call your insurance company.

Find out exactly what’s covered in pregnancy and what isn’t. You’d be surprised how many couples research which new car to buy but never think to check their health plan’s benefits when it comes to pregnancy and not just surgery.

2. Shop your insurance plan

HMOs often get a bad rap for their limited options — you’re restricted to a short list of doctors and hospitals. But if you find an HMO that has the doctor and hospital you like anyway, an HMO can save you thousands on childbirth. Shop around.

3. Open a flexible spending account

An FSA is a special account that lets you set aside money tax-free for medical purposes. Many people don’t bother with them because they don’t spend a lot each year on medical expenses. Btu pregnancy isn’t cheap, so the savings are probably worth it. To learn more, read this Debt.com report.

4. Review the bill

After enduring labor and cuddling your newborn, the last thing you want to do is go over the hospital bill line by line. But look at it this way: If your grocery store can make scanning errors when you buy celery, imagine what slips by on a huge delivery bill.

5. Don’t buy in advance

Usually, a time-honored way to save money is to shop for deals well ahead of time, so you can spot the best prices. But first-time expecting parents tend to go crazy and buy baby items they don’t need or won’t often use. In this case, your best bet is to ask friends and family what you really need, and then see if you can get hand-me-down items like clothes and bassinets.

6. Listen to Lochte

If you’re carrying debt before you carry your child, get rid of the former before you deliver the latter. Call Debt.com at 1-888-810-0989 for a free debt analysis. Learn how you can save 30 or even 50 percent on your credit card bills and maybe even get your student loans forgiven.

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Article last modified on April 27, 2017. Published by Debt.com, LLC .