After the birth of a child, many families opt to function as a single income family for a period of time, while in others the mother may opt to go back to work after the maternity leave period is over. Whatever the decision, there will be added costs of childcare that will have to be planned for. Managing costs coupled with the added pressure of a new baby can be a cause of stress in many relationships. Taking the time to plan ahead on how to manage the financial situation before the birth of the baby can help avoid this stress afterwards.
Planning early will ensure that you do not have any difficulty or need to make any extra effort later with financial assets while bringing up the baby. These will also help you get on with your own life without too many adjustments. The importance of saving before when expenses are relatively less cannot be stressed enough. In reality, one would be well off by preparing to save during planning for the baby’s arrival.
Hospital expenses can be prohibitive, as can the cost of visits to the doctor post-delivery. If there are complications during birth prolonging the hospital stay or which needs the intervention of specialists, then the costs may go up considerably. Looking into health insurance early is a good step. Explore all options and find one that provides the highest cover. This has to be a part of the planning process before pregnancy, as some insurance companies may treat pregnancy as a pre-existing condition. Doing the research will help identify the best-suited product for each couple.
Any debts that can be paid off before the birth of the baby can reduce costs later. This can be a great stress reducer.
Shopping for the baby is a very enjoyable experience and it is possible to go overboard at times. Baby clothes also come as gifts from friends and family. It is important to remember that a baby grows very fast in the first few months and will outgrow its clothes very soon. Do not buy too many clothes in the smallest size. For larger sizes it is better to wait and buy as baby grows.
If the mother goes back to work, then childcare will also need to be looked into. If the family is a nuclear family, then a good childcare centre will be an added cost that will have to be taken into account.
Social life too changes with the coming of a baby. Initially, going out may not be possible. Instead many visitors can be expected to come and meet the baby. The welfare of the baby is the foremost in the initial days and the house etc. can be overlooked up to a point. People will be eager and willing to help, so try and get as much rest as possible during this time.
With a little early planning, finances can be arranged to be smooth whether the family is a single income family for a while or if the mother goes back to work. Social life too resumes as the baby grows and becomes even more enjoyable.