Planning for finances beforehand helps in leading a relaxed parenthood.
The expenses start right from pregnancy- extra medicines, clothes to fit the mom’s changing size, diet and healthcare etc may not cost you too much, but cannot be neglected either. Food costs and inflation are also on the rise, and a healthy diet also comes at a cost. When the baby’s birth is near, you should be prepared to face these expenses:
- Buying essential commodities for the baby before birth.
- Buying some necessary items like clothing and breastfeeding/bottle-feeding accessories for the mom to be.
- Hospital expenses and fees. (This may be compensated by your employer or medical insurance)
- Preparing the home for the baby
- Celebration Expenses
And there are few hidden / unplanned costs:
- Moms have to stay at home and have to take leave from their jobs for a few months or even may decide to leave their jobs and join later. The employer may/may not allow full salary compensation during the leave. This leads to reduced economic input.
- Visitors expenses
- Some extra fund for emergency or unexpected situations.
Paying for the child’s education, extracurricular and sports activities also asks for big sums and has to be planned carefully. The baby’s preschool starts as soon as he/she is 2 or even before, you may plan to send him/her to a daycare. And the bad news is that good schools and daycare centers are increasing their fee each passing day.
Selecting a good day care or preschool during pregnancy also helps. It takes a lot of research though – visiting all the schools and day care centers in the vicinity and evaluating the best options. Asking other parents about their satisfaction levels with the schools and day cares also provides good information.
A separate bank account can be dedicated for the baby and money can be accumulated on any pace that suits the finances. The money required entirely depends on the lifestyle and options chosen by the parents – what they plan to buy for the baby and its cost, which hospital is chosen for the delivery, and for the future – choice of schools, educational aids, sports, entertainment and games etc.