One of the most exciting moments of a woman’s life is when she is pregnant with a child and upon the arrival of the baby. Besides the stress of being a new parent, one of the biggest worries is financial spending. Here are 5 steps to help with your financials before the baby arrives:
Review your current finances
When you decide to have a child, take a look at your financial status. Do you have any debt left? How much saving do you currently have? If you start saving now, how much money would you have by the time your baby is born? Knowing where you stand financially will allow you to plan your future more clearly.
Set some specific goals
Once you have a clear picture of financial status, you can set some specific goals that you can achieve. You should think about whether you want to pay your debt before or after the baby is born. Write down your total debt amount and divide them by the number of months you have until childbirth. If you do so, you will have a goal for each month that you can try to accomplish. Plus, by dividing the debt amount, you are more likely to feel motivated to pay it off.
Create a budget
When you receive your paycheck, create a budget for how exactly you will spend your money: bills, savings, debt payments, etc. Ideally, you should have a plan in advance for every month since no month is the same. In some months, the bills might be different to others. When you are planning your budget, it is also a good idea to look back at your current spending to see which area can be cut back on.
Open designated savings accounts
You can open multiple accounts for specific goals, such as one for the baby, one for grocery and on emergency account to help you organize your money. This way, you can see the actual money you have left to spend without over spending them.
Check in on your maternity leave, insurance coverage, and other associated costs
If you are working, it’s important to check up on your maternity leaves so that you can prepare for your baby. Ask your employer how long you can leave work and how your salary will be paid, or is there any paperwork required after the maternity leave.
You also want to check how much of your delivery is covered by insurance and if you are to pay the hospital stay in full.
Don’t shop till after your baby shower
It is easy to get indulged in spending money to buy cute things for your child, especially when they are tiny and cute. If you can, try to stay out the shop or click on the purchase button until the baby shower is over and you know exactly where to spend your money.
Hello Health Group does not provide medical advice, diagnosis or treatment.
Review Date: August 30, 2017 | Last Modified: August 30, 2017
5 Expenses to plan for before the baby arrives. https://sg.theasianparent.com/5-expenses-plan-baby-arrives/. Accessed July 27, 2017
5 steps to prepare a budget for baby – before she’s born. https://www.mother.ly/work/5-steps-to-prepare-a-budget-for-babybefore-she-arrives. Accessed July 27, 2017