You’re having a baby. Congratulations! But are you financially prepared? If not, don’t worry; this guide will lay out financial planning tips for you expecting parents.
This isn’t just about paying the bills on time. The National Health Service (NHS) states that the cost of family finances, childcare, job security, and improper financial planning can result in a strain on a couple’s relationship. So proper financial planning is necessary not just for your child, but for your family’s total wellness. So he’s a handy checklist to use.
Financial Planning for Expecting Parents — Pre-Birth
1. Maternity/Paternity Leave
As soon as you know you’re pregnant, find out if you and/or your spouse have paid leave after having the baby. This information will let you know how many days you are allowed off from work during the year, if the company offers any flexibility with this, and what kind of financial strain this can put on your family.
2. Health Insurance
Calculate expected medical costs and any other health-related insurance expenses for both you and the child. Health insurance allows your child to be looked after if anything goes wrong, but there are plenty of checkups and vaccinations needed even if your child is perfectly healthy.
If you don’t have the right coverage, now’s the time to figure out what you need and get it.
“You usually have 30 days after a life event to make changes to certain policies, such as adding a baby to the health insurance plan,” Meghan Rabuse, who runs the site Family Finance Mom tells Parentology. “You will definitely want to make sure to do this.”