Many women do not usually use the menstrual cycle calculator, perhaps because they may think that it is not very useful but the fact of planning the arrival of a baby is above all a rewarding and exciting experience. However, during the process of trying to get pregnant, some recurring and realistic concerns may arise, which could cause future parents’ nerves and anxiety.
If you feel worried about planning your finances, or do not know if you are ready to financially cope with the arrival of a baby, you should consider certain things before becoming pregnant.
How will your current financial situation change, taking into account the costs of having and raising a baby? What kind of financial information, referring to investments, and savings plans should you consider before trying to have a baby?
Some of these tips on raising a baby will help you decide if you are financially prepared to have a child, and, in turn, will help you consider the steps you should take related to your budget, to avoid future financial problems.
· Income Reduction and Maternity Leave
The first thing you should keep in mind while trying to get pregnant is whether family income will be reduced during your pregnancy or after giving birth to your baby. The most advisable thing would be to talk with the person in charge of your finances to see if you will be covered by some type of short-term disability insurance, which could cover your maternity leave. Make sure you understand the terms of the company policy that covers your maternity leave and find out if it covers both parents, and how it will affect your overall income. Consider whether you will return to work or if you will stay in your home once the baby is born.
· Life Insurance and Medical Insurance
Find out if your life insurance and health plan will cover prenatal and postpartum expenses, as well as the medical needs of your newborn baby. Consider whether your life insurance and your health plan will cover prenatal care and medical exams. What types of delivery options do they cover, and if they include the costs of an emergency C – section, and anesthesia? Will pre-delivery medical consultations are covered, and will you include any consultations you make with your newborn baby’s doctor?
Find out if there will be any deductible expenses, and if nursing costs will be covered. In turn, you should consider changing your life insurance and health plan if you find that the cost of both is too high to be able to pay for it during your pregnancy.
If you were already pregnant and decided to change your health plan, remember to make sure that the new plan covers the expenses of your pre-existing illnesses.
Finally, if the company you work for does not offer life insurance, find out if it has insurance for the employees’ children and if they offer any program within their work area, which usually provides minimum coverage for moms. and newborn babies during and after pregnancy.
· Family Financial Plans: Family Budget and Personal Budget
Make a list of your current monthly expenses and compare them with your monthly income, a task that will help you better manage your finances. Consider the changes that your income will have, as well as the cost of living once the baby is born. The cost of raising a baby in the United States is much higher than that of investing in the purchase of a house, which is why you should prepare a personal and a family budget and – in turn – should try to save some money every month to cover your baby’s expenses. Saving for your child’s education is important, and there are countless options at your fingertips that can give you an idea of how much your income will be affected, taking into account those savings.
Many experts warn that although the costs of raising a baby should be the main financial concern of future parents, it is really important not to sacrifice their funds, such as their retirement funds; to ensure that your future will be well protected as well.
The most important step in the process of preparing a budget will be the one that lets you know what sacrifices you must make to reduce your daily expenses during pregnancy.
If you already knew that you or your partner should apply for maternity leave without pay, or if you will not receive a periodic income, you should get used to living with a reduced income before becoming pregnant.
Make smart purchases whenever you can, and avoid incurring unnecessary expenses whenever possible. Remember that the benefits and joy of a safe family will always compensate for the losses involved in superfluous purchases. On the other hand, you should consider making some additional sacrifices, such as: moving to a smaller house.