The prospect of having a baby is exhilarating even more so when it comes after you’ve been eagerly anticipating for a while. The truth is as soon as the buzz of confirming your pregnancy wears off, it starts to set in that your responsibility is not only limited to you anymore, it is extending to another human.
Why Do I Need to Prepare Financially for Maternity?
As soon as you are granted maternity leave, your flow of cash may not be what it was. At this time, you’ll be thinking of the fact that you will be birthing a child and as such would be responsible for that child for a very long time; from the time they squint their eyes to get a look at you after making their grand entrance into the world until they are old enough to take care of you. If you had short-term money problems with bad credit before, now you have even more needs ranging from buying diapers, baby food, clothes… the list is endless.
Of course, you might not be able to cover all the bases before your baby comes, but you should have the basics figured out. You should be able to discuss with your partner, highlighting the foreseeable circumstances and making plans towards saving up for it to have a smooth sailing financial journey towards parenthood.
Proper planning leaves things in correct order, and it has been said over time that he who fails to plan plans to fail, harsh as it may seem, it is the truth. You have to be prepared for everything without leaving any details, no matter how tiny or minute it may see. You should plan towards giving that child the best and nothing short of the best.
Is There a Particular Time I Should Start Saving Towards My Leave?
Most companies have different policies when it comes to granting maternity leave. What works for Peter may not work for Paul, you don’t have to plan your savings the exact way you have seen some other expectant mothers planning theirs. If you are married, you should discuss with your spouse and make the best plans for your baby.
No time is too early. The candid advice I would give is that you should start making these plans as early as possible. It’s always better to begin sooner than to leave things late. You have to save up for as many months as you intend to take off work. It’s always advisable to tuck something away no matter how little it may seem.
Set Your Money Goals!
Setting goals motivate and point us in the right direction. When you set your goals, you plot all foreseeable circumstances carefully and make plans towards them. For a person who has goals, it’s difficult to deviate from the said goals. Sit your partner down, pick a pen and a pad, itemize your needs, itemize the baby’s needs and work towards saving up for them, sometimes setting goals even makes it easier for you to save up only because you have the foresight of what you want, you are not clueless, you know what you want and you are going for it.
My Savings Isn’t Enough!
It’s okay, sometimes, no matter how prepared we are, we feel underprepared for the task ahead. There could be some instances that your savings might not be enough before the leave starts, this is where you have to channel your inner resourcefulness and make things work for you and the baby. You and your partner could discuss it and find suitable options, and you could take up freelance jobs or turn one of your hobbies into a money making avenue!
We cannot be fully prepared for life’s twists and turns; we can only anticipate and plot how we will maneuver them. Making a financial plan towards your maternity leave could be one of the best decisions you ever made, not just for you but for your baby. Set your goals and give your child that beautiful start they deserve.