How to prepare your finances for newborn baby?
Many parents suffered from unexpected expenses for a newborn baby, it's better to prepare for it. We want the best things for our babies but problems could arise such as increasing prices of hospitalization, diapers,milk etc. etc.
I recommend to those parents that starting out to prepare and plan for their upcoming baby.
Here are my tips:
1. Establish good relationship with your parents and family members. They will help you in this new endeavor. If they become grand parents, they will be more excited than you and they are willing to take care of your baby during the time that you need to get back to work, most of the times OFW kids left in the Philippines with grand parents, in this case you save from paying nanies and you are at peace of mind.
2. Health insurance. The first thing I thought when my wife got pregnant. My wife is a high risk pregnancy and I make sure that she will have a proper medical treatment. Her insurance paid for the 9 months medical treatment and included her labour as well as baby's check up. Check your insurance coverage especially if there is a possibility of cesarean, it will drain your savings if you don't prepare well.
3. Baby's clothing, strollers, toys etc.etc. The number 1 tip is to establish good relationships, I received a ton of gifts from famlies and friends especially from my sister and wife's sister. They already been to this experience so from their baby's closet they gave us their stuff, most of it unused.
4. Probably one of the parents will stop working after the maternity leave, it will be one source of active income. For father, you should have calculated that your income could cover family's need. There will be additional expenses that will become regular every month such as diapers,wipes,vaccines, medical check up and milk (breastfeeding will save a lot of bucks).
5. Documents. If you are living abroad, you need to pay for documentation such as passport, birth certificate and visa. Do this early as possible because there are only few months that baby could stay without documents or else you need to pay for penalty.
6. Special occasions. Baptism, 1st month, 1st birthday, you will not be able to escape this occasions, separate a small budget for it. Give her the best, you can cherish this memories in the future.
7. Negotiate for your family's life and health insurance, I did it personally, as I decided to go back to corporate world, this is the first thing I asked for my salary package. I'm the only one in the company with this type of insurance most companies they don't cover your family members, protect yourself and loved ones.
8. Start saving and setting aside funds for your kids education.
9. Home. The place for your baby should be conducive to learning and surround her of loving families and friends.
10. Have fun in this new journey.
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