Committing to have kids is a life altering decision. And while the excitement of becoming a mother can be exhilarating, there are some things to consider before parenthood.
These days, you can be a single mom, married to a man, a woman, co-habitating, a foster parent, a parent of an adopted child and more. Anything goes in today’s world. No matter the circumstance, there is no doubt that the love for your future child will be immense and beautiful.
Here are some logistical things to organize before venturing into parenthood.
Check Your Health Insurance Plan
Take a good look at your Health Plan. Mine for example has a large deductible and it set for non pregnancy. So be sure to understand your health plan, assuring that it covers all deliver costs and care costs for you through the baby building process, the delivery and beyond.
Savings
A baby savings plan is always a good idea. So put your big girl pants on and take a good look at what your current nest egg is. If you have not begun saving for the baby, there are agressive steps you can take to start saving now. Putting a percentage of your check away, into a Roth or 401K is a great tax deductible way to start. Additionally, you want to have cash at hand for unexpected and presumed expenses.
Cash Flow- Track Your Spending
It is estimated that it currently takes a whopping quarter of a million dollars to raise a child from zero to eighteen years old. And that is just for the basics! Make a list of what you are spending your money on currently. Divide your expenses into fixed essential costs such as car payments, mortgage or rent, utilities etc and extras like entertainment, lattes, and other luxuries. Take a good look at the Luxury list. Can you make coffee at home? Can you consign and sell some clothes before adding to your wardrobe? Have a garage sale? How can you streamline your budget? This simple exercise will empower you to move your current spending over from those lattes to baby essentials with ease.
What Will Your Maternity Leave Look Like?
A lot of us are currently working from home, which can be both a blessing and a curse when it comes to Maternity. First off, letting your employer know when you are expecting.. you may have to stand up in front of the Zoom camera for the big reveal! The times we live in! Find out how much maternity you will be getting and plan your childcare around that. Add those costs to the essential side of your budget.
Plan A Baby Shower
At the very least, a registry is essential for first time parents. Your friends and family want to help celebrate the baby with you. So find a way even virtually for now to get the help from your circle of friends and family to get the room ready, and the supplies that you need.
Get Life Insurance
If you have a life insurance policy for yourself that is a modest plan, a baby on the way means you may need to add additional coverage or apply for a new policy. The best time to do that is while you are young and at your healthiest. Apply and lock in that rate now with a policy offered by Bestow. It is easy to apply and the application process can take a little as ten minutes.
Plan For College
Consider starting a 529 plan for tax advantage savings for education services. costs. 529 plans, also called “qualified tuition plans,” are sponsored by states. You can go with paid tuition plans and education saving plans. Add this expense to your essentials side of your budget.
Conclusion
Being a parent is the most gratifying thing you can do with your love. Preparing yourself financially and protecting your child’s future will allow you to enjoy parenthood to the fullest. Don’t let the fear of the unknown prevent you from being the best parent you can be.