little ones
BY CARLA SEELY, VICE PRESIDENT OF PENSION AND INVESTMENTS AT FMG
Financial Tip s
for Expecting Parents
B
ringing a child into the
world is a precious time,
and as the due date nears, the
rush to complete the baby
room and finish reading all the
parenting books becomes the
number one priority for most
soon-to-be parents. paid maternity/paternity leave. This will
be the foundation for your budgeting.
Most couples will recognize there
are going to be financial changes pre
and post baby; however, there seems to
be a clear disconnect between percep-
tion and reality.
Don’t wait until the baby is born:
use those nine months to get your af-
fairs in order and create a checklist to
make sure you leave nothing to chance. 3. Cost of childbirth.
Add up the childbirth costs. You need
to contact your insurance company to
confirm whether there is a co-pay and,
more importantly, how much it is.
1. Determine your maternity leave.
After learning the baby’s due date, find
out from your employer their policy for
8
2. Start crunching the numbers.
Assess how the newest member of the
family will affect your income. Run the
numbers to calculate your household
income if you or your partner intends
to stay at home.
4. Childcare expenses.
Who’s going to look after the kids?
Childcare expenses add up and add up
fast. Start looking for options early so
you will know when you can start using
childcare facilities and, more impor-
tantly, what the associated expenses are.
5. Funding education.
Start saving for school fees right away;
if you intend for your child to head off
to private school, start planning it now.
The earlier you start saving, the more
your savings will compound.