Tuesday, December 8, 2009

How To Plan Financially for a Baby

Posted by Lindsey Connell
There are many things that you can financially plan for in the future, and planning for a baby is no exception. The first thing to consider is that while you may be making good money now, when you are pregnant or having the baby, you will be working far less hours. Some companies offer short term disability insurance which covers a portion of the pregnancy for six weeks following the birth of the baby. You also could be granted Family Medical Leave Act but it only guarantees that your position will not be filled while you are on leave and does not grant you any money. One of the biggest expenses is child care and is very high when the child is an infant. It is imperative that once you decide to have a baby that you put aside money in a separate savings account because the expenses of having a baby are almost always underestimated. Besides the obvious expenses such as food, diapers, and clothes as the baby constantly grows there are smaller expenses such that add up quickly such as toys and additional clothes and shoes. Although the baby may look adorable in these accessories, it is important to budget for not only the necessary expenses but also for minor ones.

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