It must be an overwhelming feeling to know you are expecting your first child but are you financially prepared?
A baby is a huge responsibility, both emotionally and financially and this means a lot of change in your life and well your pockets.
They say parents never stop learning, so start your first lesson off being financially stable and ready.
So what should you be thinking about to be financially successful for you and your family?
Your life with a baby will definitely call for some changes and not just diaper changes but obviously in your current spending too. You now have a new mouth to feed, clothe and house.
Start cutting down on your luxurious expenses such as eating out at the finest restaurants, perhaps once your baby arrive and you’re financially settled, could you go and spoil yourself again.
Set yourself up for less money stress by doing research in advance while you adjust to your new life. Remember you will now need to work out a budget that includes the costs of baby must-haves, such as formula (for the non-breastfeeding moms), bottles, diapers, baby food, toys, etcetera.
Figure out how much money you expect to spend each month and where you need to save and skimp.
How much time you and your partner (if you have one) get off work and whether you’re paid during that period can significantly impact your household finances in the coming year. Understand your company’s policies and your state’s laws to get an accurate picture of how your maternity leave will affect you.
Understand your company’s policies and your state’s laws to get an accurate picture of how your maternity leave will affect you. It is vital to plan for your maternity leave before, during and after. You will need to think of possible childcare options for your child when you go back to work as well as your budget while you are on maternity or paternity leave.
Will your medical bills be covered?
This is exactly why you should have some sort of cover whether it’s health insurance or hospital insurance, they are both important and will definitely help relieve money stress before and after the baby’s arrival.
It is advisable to start saving for your baby as soon as you find out you are expecting. This will give you time to raise the necessary funds and more that can be put into a savings account.
New parents might also want to consider or reconsider Life Insurance, especially now that there is someone depending on them for their livelihood.
Before your new bundle of joy comes along, take some time to make these key financial decisions in order to have you and your family financially protected.
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