There’s no easy way to say this – having children can be expensive. Whether you’re a first time mom or planning to add to your family, it’s hard to determine when it’s the “perfect time” to have a baby. As a mother of two, I can promise that things begin to get busier once the baby arrives. However, keeping the following list in mind can ensure that you are financially prepared and reduce some additional stress once that time comes.
Paid Leave.
If you’re a working mom, it’s important to know if your company offers paid parental leave, short-term disability, or whether you would qualify for FMLA leave. This will help you to ensure that you can stay at home with your baby after birth for a few months and still receive pay. Some companies even offer paternity leave for fathers and domestic partners.
Anticipate Delivery Costs.
Whether you have your own medical insurance or are on your partner’s healthcare plan, it is imperative to know what is covered. Most plans cover a portion of the delivery and hospital stay. However, what is not covered by insurance will be the plan owner’s financial responsibility. Also, make sure to partner with your insurance company to order your free breast pump prior to delivery.
Budget for Baby.
Diapers and wipes continue to be the most expensive items you’ll routinely need to buy. Large retailers such as Sam’s Club, Costco, and Amazon sell these supplies in bulk. Baby formula is also pricey if that is something you plan to use. Planning ahead throughout your pregnancy will help you understand what items you’ll need, how much they cost, and how you’ll obtain them.
Plan for Childcare.
This one was the MOST shocking revelation for me when I was looking for daycare for my first child. For single parents or families that survive on two incomes, childcare is definitely not cheap. The cost decreases per child the older they get. But you’ll pay the most for infant and toddler care. Take some time to really explore all of your options.
Buy Nothing Groups.
Buy Nothing groups are a great way to score gently used but free items within your local community. These items sometimes range from cribs all the way to toddler clothes and toys. One thing you’ll want to avoid is buying used or outdated car seats. Items that are meant to keep your baby safe should be closely monitored.
Don’t fret if you don’t have all of these things sorted out beforehand. It is almost impossible to figure out all the various factors you need to plan for. The good thing is none of these things are prerequisites to being a good parent. Take what you can, a little at a time, and the rest will fall into place.
You’re going to do a great job mama!
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