Financial Tips for When Expecting a Baby
It goes without saying that pregnancy brings a lot of joy to every married couple. It opens a new chapter, a new phase of life. However, along with it come many responsibilities as well.
The hospital charges for delivery can be quite high. Plus, there is always a risk of unseen and unwanted complications that may easily drain your savings kitty. During maternity, if the mother is not working, then the cash inflow reduces which alone could arise many issues. Thus, a couple must prepare their finances appropriately to ensure that they encounter fewer problems. In that regard, the following are some excellent tips to apply:
When planning a baby, it’s a good idea to start saving money and invest some of it in short-term debt fund or fixed deposits, etc. A good way to go about it is to start living on only one partner’s income and saving the second income at the same time.
As per the Maternity Benefit Act, a woman who has worked in a firm for at least 80 days during the 12 months preceding the date of her expected delivery is allowed a paid maternity break of 3 months. Plus, she has the option to take this break before or after the delivery.
Some companies offer additional maternity perks and benefits which you can get to know about by talking to the HR.
Planning the Will
You would want your child to be taken care of in case something happens to you. So, planning a will is a must.
You can start by making a family member as the guardian of your child. You can also set a trust fund for him/her which will ensure that they don’t have any financial problems even when/if you are not around.
Taking care of the expenses for your child isn’t that hard if you understand its importance and spend time on it. That said, the tips above are sure to help.