Jim DePalma realizes that becoming a parent for the first time is definitely among the top most exciting times. However, all the happiness and excitement brings with it responsibility and drastic financial changes.
Most of the expenses with the first baby are covered by parents and close family and friends, like newborn clothing, baby gear, furniture, and more.
The recurring expenses for diapers, food, and other necessities continue to rise, even though this may lessen the financial burden to some extent.
Jim DePalma Tip #1 – Health Insurance
Getting health insurance for yourself and your baby is essential. Usually, this will be provided by an employer; if not, you should get it via an independent broker.
Early on, Jim DePalma emphasizes the importance of fixing your financial attention on the baby’s immediate requirements. “A crib, bottle or breast pump, a method to eat, and a car seat are necessities for your kid.” Most insurance providers include breast pumps, while others offer new parents a free car seat if they attend all of their prenatal checkups.
You may not be making your full income while on maternity leave based on the perks provided by your employer and the length of time you choose to take off.
Start saving as soon as you learn you’re expecting. That not only benefits you once you leave working and begin your unpaid maternity leave, but it also enables you to save money for any potential postpartum healthcare or medical costs. Then, if you have any extra funds saved up, you can use them to open a savings account for your baby.
You only need maternity clothes for a few months once you actually start showing. It is a good idea to borrow them instead of buying them or getting them at the thrift store. You could easily find some very nice items.
You might need to alter your present spending as per Jim DePalma and saving habits to take into account potential lower income while you are on leave, as well as additional expenses. The easiest method to determine how to achieve this is to examine your present budget, so if you aren’t presently proactively budgeting, you should start doing so.
Utilize your entire maternity leave and enjoy the time you are getting with your baby. Make use of your maternity leave, and consider it a given. It’s an opportunity to strengthen your relationship with your baby. Modern businesses have done a terrific job of allowing you a generous amount of time to bond with your babies.
Don’t forget to cherish this time period and prepare ahead so that you don’t spend time worrying about your new expenses.