This is a huge step that will require physical, mental and financial planning to prepare for the life-changing journey ahead.
However, with a little foresight, one can arrange their finances in a way that ensures the arrival of a baby does not break the bank.
Let us break down some of the costs involved right from the start of the pregnancy journey through to birth.
Medical and hospital costs
Healthcare costs associated with having a baby and raising a family can seem daunting at first. There are monthly hospital visits up until the arrival of the baby.
In addition, the first 1,000 days of a baby’s life are considered fundamental. This includes monitoring their health, growth and development.
One needs to engage their healthcare professional to guide on the breakdown of the hospital costs. Having an idea of the financial implication of healthcare is wise to forestall a crisis.
A good way to plan for these costs is to consider a medical insurance plan that caters to these needs.
Carry out your due diligence and engage a professional who will procure a good health insurance plan for you and your family. This will mitigate the high costs associated with childcare.
Baby shopping costs
The arrival of a baby requires preparation for its comfort.
The first step would be to list down all the baby items that you will require.
These include clothing items and any other baby safety, grooming or feeding items. The key here is to shop around for a good bargain, comparing price versus the quality of items offered.
One mustn’t be carried away by the thrill of shopping for new items.
Babies experience exponential growth in the first few months of life.
Buying clothes in small quantities as well as in different sizes is a lifesaver.
This ensures you are not left with heaps of costly outgrown clothes.
To avoid breaking the bank on shopping, it would be prudent to set aside the money required early on.
One can consider saving money in an investment vehicle of choice as a way of setting aside the funds required.
Life and education insurance
Starting a family changes the dynamics in many ways.
In essence, you will now have a dependent who will rely upon you for its needs and survival.
Ensure your finances are to cater for your loved ones in the unfortunate event you are unable to provide for their needs.
Life insurance protects the well-being and finances of your loved ones in the event of loss of income, disability, illness or death.
A life insurance plan will give you peace of mind that should any unfortunate event occur, your baby and loved ones can continue enjoying the same quality of life you can offer them in the present.
The cost of life insurance can be among the costs you should budget for as you plan on having a family.
Structuring monthly budget
Finally, it is critical to sit down and have a fresh look at your monthly budget.
The amount set aside for monthly expenses will need to be revised. There are costs associated with a baby that you will need to factor in.
These may include but are not limited to restocking baby essentials such as diapers, monthly visits to the hospital or clinic for baby check-ups and the cost of a caregiver in the event of returning to work.
At the end of the day, it is important to remember to appreciate and treasure the journey ahead. As every caregiver will tell you “the days are long, but the years are short”.
