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Having children is a wonderful event in our life, but it does come with a cost. There are many things that need to be considered as you plan to have a new child in your family.
Below are the 3 stages of pregnancy and at each stage, we will provide a checklist of the things to do and plan.
1. Medical Check-up
You will need to go for a full medical check-up to make sure that your health condition allows you to have a baby.
2. Private hospital or government hospital.
You will need to decide whether to have your monthly check-up and baby delivered in a government hospital or a private hospital. If you choose to go to private to a hospital, you should budget the cost incurred.
1. Prepare a list of anticipated expenses and calculate the total cost.
2. Add a “miscellaneous” category to your expense list to accommodate unanticipated items.
3. Consider what you would do if the mother requires home rest and is unable to work up until delivery.
4. Consider another money-saving option is hand-me-downs from friends and family members.
5. Enquire from your employer the employee benefits related to pregnancy. This includes parental leave, maternity coverage, and pediatric care.
6. Start to get used to a single income. Cut down those unnecessary expenses.
1. Register your baby with the National Registration Department (NRD).
2. Considering whether to continue with your career
- You may want to change your job to a job which have more flexible working time or you may choose to look for a part-time job so that you can spend more time with your children.
3. Determine the person to take care of your baby
- If you plan to hire a maid or a baby sitter, the cost incurred should be taken into consideration.Contact your employer’s human resources department for information, assistance, and adjusting your tax withholding to reflect an extra tax deduction
4. Start to invest regularly
- Start a Savings Plan for your child’s education.
- Make sure your new born baby is well protected should something happen to you and your spouse.
5. Ensuring adequate insurance coverage
- Review your life and medical insurance.
6. Review and update your Will
- Review and update your Will and your spouse’s Will to include the needs of your new born baby.
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