5 Ways To Be Financially Prepared For Your Baby’s Arrival



Having a baby is a wonderful thing, and should be a happy time for all involved, but that doesn’t mean there won’t be any number of challenges to face. One of these, and the one that causes the most problems and potential upset is finances. A baby is always going to be expensive, so being as prepared as possible before his or her arrival will ensure you can enjoy things a lot more. Here are some ways to do it.

Budget Your Maternity Pay 
Maternity pay isn't a lot of money, there is no way of getting around that. However, what you get will depend on how long you have been working for your current company, and what your contract says. Take a good look at this and find out as early as possible how much you are going to be paid, and for how long. This way, you will know what the potential shortfall is going to be, and this will help you to plan. Where possible, put money aside so that you can still pay your bills when you are at home with your baby. If you need to, you could start looking into how to make additional money from home to top up what is missing – making and selling art is one option.

Invest
Planning investments may not help you to pay for everything your baby needs when he or she first arrives (although this will depend on how far in advance you started investing), but by the time they reach school age, or even, if you are more patient, university age, you should have a nice amount of money to help them with books, uniform, trips, and everything else they need. Planning in advance and carrying out an M1 finance review to get as much information as possible can really help you plan for the future.

Savings
Much like investing, saving is something that is going to be useful for the future, but it will usually be used for the more immediate future. As soon as you find you are pregnant, you should start saving as much as you can. Not only will this help you when it comes to your maternity leave, but it will also mean you can buy what you need to without resorting to putting everything on credit.

Sell Things
Not only will you need money when your baby arrives, you’ll also need more space (babies have a lot of furniture, toys, and equipment to deal with). Therefore, selling everything you don’t need can really help. You’ll make some extra cash and you’ll clear the clutter at the right time. You could attend a boot sale locally, or sell on eBay or other online sites if you prefer.

Life Insurance
If you’ve never thought about life insurance before, now is the time to do so. If something were to happen to you, you need to know that your baby would be cared for and be financially sound. Therefore, getting life insurance, even though it is an additional cost, is crucial. It will give you complete peace of mind knowing that, should the worst happen, all expenses will be taken care of.

- This is a PR collaboration.

8 comments:

  1. Lots of good tips

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  2. Preparation :- Surely part of Family Planning ( Planning a Family). Certainly seems worthwhile to consider all the various aspects.

    There can be ways of limiting costs. Some people believe planning for, and limiting family size / numbers is a Responsible way to act / behave in regards to aiming to provide quality of life for their family. Contraception being the modern, mostly acceptable way to enable such an aim.

    Another way is making the most of what you have, and what you receive e.g. Baby gifted Baby Box. Likely all of contents is useful for each baby. Royal family now inform public that baby / child clothing used for family use. Rather than only for an individual baby / child.

    Historically I believe "bottom drawer " :- People would knit and put baby items aside in preparation for arrival of baby ( items stored in bottom drawer). Looking out for Sales could help reduce costs for baby items. Seems sensible to save ( some money) and build up some necessary funds if at all possible. Seeking up to date, accurate information regarding Maternity Leave, Maternity Pay, Paternity Leave, Parental Leave, etc :- Worthwhile, so as to be best prepared.

    Rachel Craig

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  3. Invest :- This can be risky. As an investment can make or loose money. Also to benefit:- Is it not the case that best to leave investment long term. This can be difficult for some, due to ongoing commitments, insecurity:- Particularly regarding income, employment, financial outgoings.

    Seems Trustworthy Professional guidance may be required if / when considering investing. Need to be aware of scammers / scamming methods, etc.

    Rachel Craig

    ReplyDelete
  4. Good tips, we sold a lot of old stuff to pay for the new

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  5. Sell Things :- Seems a quite frequent thing for individual's and families to do nowadays. Maybe worthwhile considering the various methods of pursuing that aim.

    Rachel Craig

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  6. Life Insurance :- Seems sensible to consider life insurance, particularly when considering starting a family.

    Rachel Craig

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  7. Budget:- Need to be aware of Income, possibility of change in income. Live within means, as otherwise debts can quickly increase due to interest, fines, fees, etc. So minimising outgoings / costs / bills, etc can be helpful. So there is a need to determine financial outgoings. Consider monthly income, and monthly outgoings.

    Consider what would be required for a new baby :- Essential. If not first baby :- There may be items that can be reused. Be safe, sensible and money savvy. As children grow quickly. Family life is important, so try to consider holidays, days out, leisure and recreation into your lifestyle. Some pursuits may require finances. So remember to consider that aspect.

    Rachel Craig

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  8. Invest :- I believe historically having children was viewed as an investment. May still be for some. As children can have potential. They may assist / support family. That could be via Information (Good Education), Finances ( Earning Power / Opportunities), Health / Strength / Energy, or Social Connections / Network, etc.


    Often parents had aspirations for their children and may invest in their future.


    Rachel Craig

    ReplyDelete