Bud­get­ing for birth

Element - - Technology -

Hav­ing a baby is ex­cit­ing, so you don’t want money wor­ries spoil­ing things. If you’re a work­ing mother, take a look at your house­hold in­come and ex­penses, then ad­just it to see what life will be like af­ter baby comes. If you have any high-in­ter­est debt, try to pay that off first. Paid Parental Leave is a gov­ern­ment­funded pay­ment that helps cover work­ing moth­ers’ loss of in­come when they take parental leave - for up to 14 weeks. If you’re not el­i­gi­ble, you may be able to get the parental tax credit - paid for eight weeks. Be­fore you spend lots on baby gear, talk to ex­pe­ri­enced par­ents about what you re­ally need. You can save by buy­ing sec­ond­hand goods and buy­ing nap­pies in bulk, or us­ing cloth nap­pies. Plun­ket of­fers a car seat rental ser­vice, toy li­braries and other ser­vices to make par­ent­hood more af­ford­able. They also have an on­line baby bud­get cal­cu­la­tor. Child­care will be one of your big­gest ex­penses if you or your part­ner re­turns to work, so shop around. Work and In­come’s child­care sub­sidy helps cover the cost for chil­dren un­der five. Con­sider life in­sur­ance. If you al­ready have it, check your pol­icy be­fore baby is born. Con­sider other in­sur­ances, such as in­come pro­tec­tion, but check your bud­get first. Make or up­date your will. It’s im­por­tant to nom­i­nate a le­gal guardian for your child in case you both die. When you re­turn to the work­force af­ter parental leave find out about your right to re­quest flex­i­ble work­ing hours.

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