A baby is an exciting prospect, and holding your own child is like nothing else in the world. Yet there is a lot of preparation to be done beforehand, and most of it comes down to your finances. Being financially prepared before the arrival of your baby means that you won’t have to worry, and you can really enjoy the experience rather than being distracted by money troubles all the time. Here are some of the ways to be ready financially when your baby arrives.
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Speak To Your Employer
Not all women are guaranteed to be paid any form of maternity money when they take time off to have a baby, and it is important that you know this as early in your pregnancy as possible – or perhaps even before you start trying for a baby. Knowing whether or not you can take paid leave is crucial because it will make all the difference when it comes to how much you need to put to one side.
If you’re concerned about talking to your employer, check your contract to see what it says – there should be a section that deals with exactly this situation. If not, you should seek expert advice because your contract may not be valid. Whatever the outcome, knowing how much (if anything) you will be paid when you are taking time off with your baby is hugely important.
Make A Budget
It is also important to know how much money you are going to be spending on your new baby. There are some things that are absolutely necessary from the start, and these include:
- Finding a great OBGYN, such as those at https://www.wwhfrisco.com/
- Clothing
- Diapers
- Formula if you are not breastfeeding
When they are old enough you can get some fabulous gifts that will really last at EasyTot, saving you money in the long run as they won’t have to be replaced.
When you are making your budget, it’s a good idea to look into life insurance too. If anything should happen to you, having the best term life insurance you can get – ideally one that would pay off your mortgage – is crucial for the financial security of your baby.
Start Saving
The earlier you start saving for your baby’s arrival, the better. Put whatever you can spare into a savings account, ideally with a high-yield interest rate, and you will be a lot more comfortable when you can no longer work, and your income is no longer coming in (assuming you don’t get any maternity pay).
Sell What You Don’t Need
If you need to gain some extra money and you want to free up some space for your baby’s new things, you can sell the items in your home that you don’t need anymore. There are a number of different ways to do this, such as selling online or at a garage sale. Put the money you make into your savings fund, and it will soon grow. Don’t sell things you are going to need or that mean a lot to you unless it’s absolutely necessary, but this is the ideal time to really take an objective look around your home and de-clutter while also making some cash.
Think About Childcare
Parents-to-be always have to make a hard choice. If one of you stays home, your combined income goes down, but if you both go to work, you may have to pay for childcare, which can be expensive.
Obviously, you could avoid this cost if you have family in the area or friends who are willing to watch your kids. But for those who can’t do this, it’s best to make plans ahead of time. Ask around about local nurseries and babysitters so you can get an idea of what’s out there and how much it will cost. There may also be waiting lists, so if you do your research now, you’ll be ready when the baby comes.
As a side note, even if one of you plans to stay at home for much longer than the first year, you should still think about childcare if you don’t have family or friends who can watch the child. Taking care of a baby or toddler all day, every work day is a great way to get to know them better, but it can also be hard to handle. Even a half day of child care once a week can help a parent who stays home with their kids get some rest.
