Having a baby
Are you ready to welcome a new addition to your family?
Pregnancy and preparing for a child can be a chaotic time. It can be easy to get caught up in all the excitement and emotion and leave practical things too late. While thinking of baby names and nursery decorations are exciting, remember that preparing for a child means giving thought to your finances and saving for your family, too.
Are you ready for your new baby?
Once your baby arrives every minute will be precious (and probably sleep deprived!), so it helps to cover all of your bases beforehand. Is your nursery ready? Do you have a birth plan, and are you prepared for the hospital and doctor bills that will follow? It will make life easier for your entire family if you have the finances necessary to ease the transition.
Taking time away from work
Make sure you are financially prepared for the whole time you might take maternity or paternity leave. If you plan to extend your parental leave past the paid period nominated by your workplace, you will need to be able to support your growing family. Clever saving before the new baby comes might buy you more time at home with your growing family.
Many people find having a baby so rewarding that they can’t wait to have another. Treasure your new arrival, but try to keep track of the practicalities and little hidden costs of building a family. That way, when you decide to have another, you can budget accurately.
As your family grows, your needs and assets will inevitably grow with it. Is the two-door car becoming impractical? Could you use just one more bedroom? Life will be a whole lot easier if you are in the financial situation to adjust. Consider financial products that will assist your savings in the long term. If more immediate funds are needed, you may want to consider a personal loan.
Having a baby is an amazing experience. With a little planning, you can have peace of mind allowing you to focus on your new arrival.