If your thinking of having kids, here are 4 ways your expenses may increase

merchantcapitalinc-jan-2017Article Written by : Gear Up 4 Nature

Apart from having to deal with sleepless nights, parents should be aware of the added expenses that come with having a child. This will help future parents plan well in advance and help them save for their new child.

Daycare – Daycare is needed if both parents intend to continue working. Look at day care facilities in and their charges. If you choose a daycare facility that is within your budget, ask them to put you down on their waiting list.

Planning becomes harder – When you are sleep deprived it can be difficult to budget and plan for things like meal prepping, couponing and planning for expenses. Therefore it is best to list out a rough budget that includes your newborn’s Remember to list the big ticket baby items, so that you are ready and able to save for the expense.

Paid maternity leave – Ask your employer if they provide paid maternity leave. If not, check if you are offered disability insurance and if so check with your company’s insurance provider if paid maternity leave is offered. If not, you have two options; you can start saving a portion of your current salary to use when you are on maternity leave. Secondly, you could take insurance that offers paid maternity leave.

Life insurance – Life insurance is a must, although most pregnancies are safe, it is best to ensure that your partner and your new baby are financially secure if something were to happen to you.