You and your partner are ready to have a baby and you’re excited to become parents for the very first time.
But are you prepared for this?
It’s really an amazing feeling to have a baby and becoming a parent for the first time. But you also have to be prepared for all the additional financial expenses for taking care of your future little one.
Also, you have to make sure that you create a perfect environment for your baby to grow and develop.
With all the new changes and challenges that are coming on your way, it might seem overwhelming to understand where to start.
3 practical ways to prepare in advance for your child.
1. Make Sure You Have Your Finances Covered
According to the CNN Money, the cost of raising a newborn baby into a full grown 18 years old adult in 2013 is approximately $245000.
And by the way, that doesn’t include the staggering costs of college.
That’s why to ensure you that your child doesn’t break your bank, you need to start planning your finances way before you have a baby.
So let’s see what you need to plan in advance to provide your baby and yourself with proper financial support.
a. Financial Planning Before Your Child’s Birth
You need to make sure that you planned all the expenses before your child’s birth. In turn, this will ensure that you get proper financial support at the right time.
Make sure you plan for maternity or paternity leave so you can have a secure income during your pregnancy. Check if you have an emergency fund that has enough money to support you for at least six months. Start saving now if you haven’t yet.
Having a baby is expensive. So check your health insurance and plan for a pediatrician within your insurance network.
Child delivery can cost up to $10000 or more. So make sure you save enough money to have proper financial support.
b. Financial Planning After Your Child’s Birth
You planned your pre-delivery finances right. But that’s not the end.
You have to take care of your child for years to come and let’s face it – it’s expensive. So planning your finances after your child’s birth is necessary.
Here are some tips to do it right.
- After your child’s birth, make sure you add him/her to your health insurance coverage as soon as possible. Usually, you have 30 days to do it. So move fast.
- Make sure you take up disability insurance with the right amount of coverage.
- A quality childcare budget is crucial. Make sure you take up proper childcare subsidy. There are several federal government funded childcare subsidy plans are available for families with low income. These childcare subsidy plans provide financial support to you and your family so you can properly raise your child. You can check if you’re eligible for receiving a childcare subsidy plan here.
2. Make Your House is Child-friendly
Your child’s surroundings play a crucial role in his/her development. That’s why it’s critical that you provide your kid with a child-friendly housing.
Make sure your house has a lot of space so your child can wander around the room. You can shift your furniture to another room to give your child a proper space to play.
You can make your kid’s room colorful to bounce up his/her imagination and can use child-friendly furniture to keep your child safe from sharp edges.
This way, you can make your house child-friendly.
3. Make A List of Child-friendly Foods and Drinks
The foods and drinks your children consume play a big part in their overall development. This makes it very crucial to make a list of healthy child-friendly foods and drinks that you’re going to serve your children.
Give them low-fat milk instead of whole milk. Serve them home-made smoothie instead of handing a bowl of ice cream over to them. Serve them fruit and vegetables in an interesting way.
By making a list of child-friendly foods and drinks and following them can help your children to hit their developmental milestones faster.
In the End….
Preparing for your children in advance can be tough but it’s essential.
Plan your finances in advance. Make sure you have the right health insurance coverage. Try to acquire a governmental childcare subsidy to ensure proper financial support.
Make your house child-friendly and plan the right diet for your children.
This way, you can help your children achieve their developmental milestones faster and more effectively.
PS: What else would you do to prepare in advance for your child?