Posted on Sunday 20 May 2018
This article is part of our Finance Hub.
Pregnancy is often a very exciting time in the lives of soon-to-be-mothers. However, like all things, a degree of preparation is always in order and appropriate. While some employers and places of business do grant their workers paid maternity leave at the appropriate time, this is not the case with all institutions. Therefore, if a woman's company does not pay for her maternity leave, she will inevitably have to do some financial planning of her own. If you realize you might need a loan, then you should consider tips to raise your credit score. Thankfully, there are a series of well thought-out steps that expecting mothers can take to ensure that all goes well during their leave from work.
Although having a new baby can be very exciting, it can also be very expensive. The added costs of childcare combined with the reduction in income can serve as a major blow without the proper funds. According to U.S. News, one of the best ways to financially prepare for maternity leave is by putting aside extra money into a savings account. Ideally, this should occur prior to the time in which the woman takes off for maternity leave. Starting months in advance or even as soon as the pregnancy has been discovered can be very helpful in the long run. Baby-related expenses add up extremely quickly. Preparation is absolutely imperative. You may also consider ways in which you can reduce taxes. When you adequately prepare beforehand, you'll have plans for what to do with your tax refund.
Having and caring for a baby within the first few days and weeks can be an amazing experience, but also very overwhelming at times. Having the support of a spouse, in-laws, or other relatives can make all the difference in the world. It can also cut back on childcare expenses which would likely follow after the new mother returns to work. Financial reasons aside, a strong, reliable support system always makes a difference in the lives of new parents. Raising children is a journey and as the old saying goes, it takes a village.
One of the notable financial tips that pregnant women can learn from entrepreneurs is the art of having budgets. Prior to maternity leave, putting together a strategic and reasonable budget is going to be very important for soon-to-be-mothers. Not only does this allow the review of income, expenses, and other matters, but it also allows women to track patterns and specifically understand how their baby will impact them financially.
Of course, different variables will come in when you're creating a budget. Some women decide to meet with financial advisors as they work to put together the right budget for themselves and their families. However, this is optional; with or without a budget, moms-to-be can still take the right steps, thus ensuring a smooth and stress-free maternity leave.
Regardless of how much planning takes place, maternity leave is likely to present its own unique and likely unforeseen occurrences. However, with the right financial planning and a strong support system of loved ones, any potential challenges which may arise can be easily handled and dealt with. Finally, talking to other women who have experienced pregnancy and maternity leave can also make a tremendous difference. Authored by Gabrielle Seunagal