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Are you financially ready to have a baby? Ask yourselves this question before you make up your mind to start a family. Financial planning before having a baby is a must as the arrival of your new-born will affect your bank account more than you can imagine. Make sure your plan your finances and start saving right from the time you get married.
It’s a super exciting feeling when you test positive for a pregnancy test. But having children also marks one of the most significant financial changes in a parent’s life. Getting financially prepared for a baby before pregnancy should be your foremost priority. Hence, we bring to you few tips that you can follow to make sure your wallet is ready for your baby.
Financial Planning Before Pregnancy
Soon after you test positive for a pregnancy test, a series of medical tests are advised and your journey towards never ending expenses of gynaecological fees and medicines begin. As the pregnancy graduates, the expenses shoots up too. Even if you have a health insurance that covers pregnancy and child birth, you will have to be accountable for some out-of-the-pocket expenses. Then, come the hospital bills and they may be noticeably high if your doctors decide on a caesarean section.
Are You Ready to Have a Baby?
As soon as the new family member joins you, you will not only have to pay for the diapers and wipes but also for the paediatrician fees, immunisation bills, baby sitters, and a lot of other things. You might even need a bigger house to accommodate the new family member. The expenses of the family will grow along with the baby. Hence financial planning before pregnancy plays a vital role if you are planning to expand your family.
Budgeting Your Parenthood
Pre-pregnancy planning is essential for the smooth running of your expenses – before and after having the baby. Make a list of all your monthly expenses including your rent, food, clothes, entertainment, transport and insurances. Now add everything to get a fair idea of how much you really spend every month and minus it from your income. The left over will not be your savings, rather it will be used for the additional expenses coming your way! Financial planning before having a baby will make parenthood easier for you money wise.
Chopping Off The Expenses
Cut down on your expenses from wherever you can and spend economically even on regular ones. Remember that you as a new mom will not work for a few months or probably a year. Start living off on one salary, to save for the baby’s arrival. You can also save the amount of money that you will get for maternity leave. Create a little extra savings by doing part-time jobs before pregnancy, if you are not working already. Baby financial planning is an art and you have to master it for a happy family life later.
Decorating The Nursery
Preparing the nursery is as much a task as it is a delight for would-be parents. However, you don’t need to buy super-expensive things to make your baby’s nursery a royal one. Check online for discounts to get great deals on baby furniture and other essentials for the nursery. Becoming a parent is one of the best experiences one can ever have, but it’s not at all easy. The expenses at each step of your pregnancy and after it will leave you spellbound. Financial planning before pregnancy is the least that you can do to cope up with such surprises.
A bit of cost cutting, some savings, and smart planning will make your post-delivery time free of financial worries. After all, money will be the last thing you would want to think of after having a baby!