For every couple, having a baby is a wonderful new adventure that will completely change your life. What some forget too easily is that it will change not only your life but also your finances, careful planning can help you avoid baby debts. Indeed, having children is expensive, and it’s not only a matter of nappies and baby bottles. Having a child is a lifetime’s investment.
As all parents want the best for their children, it makes no doubt that further education will be part of the bill as well, if you can afford it. After all, we all want the best for our children? And the best means that we have to pay for it, every day until they earn enough to lead their lives how they please. For most families, this means that you will need to pay for your child until he or she begins to work, which, assuming you count university years, means that you pay for around 23 years. You may love them to pieces, but you need to plan your finances thoroughly to avoid the baby debts.
Take Care Of Your Health In Advance
You may not have considered it before, but an unhealthy pregnant is an economic burden on the NHS. From smoking during the pregnancy to simply being too unfit for the pregnancy, expecting a baby is a costly business. Additionally, unfit pregnancies are closely linked to birth defects, preterm delivery, and even perinatal mortality. The costs are not only monetary; they are emotional too. As a result, the best piece of advice that doctors can give you is to take care of your health before planning to have a baby. A fit and strong body will not only recover faster from the effects of the pregnancy but will be able to keep the foetus healthier too. So, in short, if you and your partner are thinking about babies, you should hit the gym and stick to a healthy lifestyle in advance of your pregnancy.
Plan The Financial Side With Your Partner
Naturally, there is more than just your health to look after. There’s also the matter of planning your parental leave. While this is something that you can leave to plan during the pregnancy, it’s best to get your heads together early than later. Indeed, you will need to take into consideration the UK maternity pay. Mothers, in the UK, can get up to 52 weeks of maternity leave with the guarantee to find their position or an equivalent position in their company when they are back. The hiccup is that not all 52 weeks are paid. Fathers have it worse; they are only allowed two weeks of paternity leave. Additionally, the maternity leave pay in the UK gives you six weeks at 90% of your wage and then the following 33 weeks are paid at the lowest rate between 90% f your earnings of £140.98 a week. If you take into consideration the costs of baby food, clothes, nappies and other products, there’s no doubt that the maternity leave is a hard time if it isn’t planned properly.
Save Now For Later
Additionally, you will also need to plan for your child’s future. In short, having a baby means that you will not only struggle to make ends meet, but you will also need to be imaginative to find ways to save money. According to the research, raising a child can cost anything between £148,000 and £227,266. However, it is likely that following the Brexit negotiations, this figure will need to be increased again. Education is often the most important cost with more and more parents looking for private education opportunities to give their children the best chances in life. To put it in other words, you will need to become investment savvy. For instance, standard saving accounts fall under certain tax rules, while Junior ISAs can be tax-free up to a certain deposit limit. Most parents-to-be prefer to sit down with a financial advisor to discuss their various options.
Organize A Clever Baby Shower To Help Avoid Baby Debts
A baby doesn’t come for free. In fact, babies need a lot of expensive equipment during their first years. As a result, more and more parents organize a baby shower with a gift list. While this might seem a little shameless at first, you need to be practical about it. Most people, friends or relatives, are keen to make a present for the baby shower. Using a gift list enables you to make sure that the present you get will be something useful for the future of your baby. Everybody loves a scented bunch of flowers or a spa treatment, but let’s be honest, you could have a better use for a baby cot or a buggy. So why not combine the party spirit with getting everything ready for your baby?
The DIY Baby Bedroom That Doesn’t Break The Bank
Not everything about having a baby is centred about being a finance expert. You can still have fun and save money if you are a little creative. For instance, the nursery is an important room to prepare in advance of the birth. Why? Because it’s the room, you will spend the most time in during the first year of your baby. With a bit of DIY love, you can do wonders without breaking the bank. Painting a wall with chalkboard paint can be a simple way of ensuring that the nursery will offer entertainment for years. Additionally, you may find plenty of cute-looking changing tables, but remember that you can be creative with simple and inexpensive furniture, such as IKEA square shelving unit – formerly known as EXPEDIT and now called KALLAX – to create a place to change your baby and store all the necessary equipment. There are plenty of fantastic ideas for crafty parents to create a cosy and affordable nursery room. From upcycling pieces of furniture to creating babyproof play space, your imagination is only the limit.
Stay-At-Home Mums Can Generate An Income
Stay-at-home mums are often considered an economic burden. In truth, you can stay at home and contribute to the household income. Some mothers are chosen to use their professional skills as freelancers to be able to look after their baby while working for their clients. It is about defining your strengths, whether these are on the craft academic, creative or even administrative side. All you need is a website – you can find affordable templates that are easy to manage on wordpress.com – and exciting social media platforms. You will find that marketing your home business can be a little tricky at first, but that’s why it’s important to start early: With time the audience awareness will build up.
Be Practical And Focus On Your Desires
There’s a big debate about whether a mother should stay at home or go back to her career. Interestingly enough, if you’ve been looking into the question yourself, you have probably noticed that there is no straight answer. What you decide to do depends on your lifestyle, your interests, your sense of happiness and personal satisfaction. There is no right or wrong. Some mothers want to dedicate all their time to their children; others want to divide the time between being a mother and being a professional expert. When it comes to financial matters, going back to work might be the most affordable solution. But you need to take your happiness into account too! Additionally, some parents find that swapping roles work better for them: the dad stays at home while the mum goes back to work. It’s something that you will both need to discuss and agree on during the pregnancy.