Recently, I received a letter from a reader that read:
Dear Michelle, I am 6 months pregnant and my husband has a decent job. As of now, we haven’t been able save any money for our daughter-to-be. It worries me to death that we have nothing put away for her. I work part time as a teacher and I’ve been chipping in to help pay the bills. I feel like I’m rushing against time to find a permanent job before the baby is born. We are very excited about the baby, but I’m constantly worried about how we’re going to afford everything. Can you please give me some advice? Regards, Jolene
Jolene isn’t alone. In fact, when I researched for a chapter of my book where I discuss top fears of parents-to-be, financial worries or more accurately, financial planning appears to be at the top of every parents mind.
I understand. I’ve been there. Prenatal care, baby supplies, and other long term financial concerns such as saving for the child’s college education, monetary pressure can create significant stress. With other mental stress and worries that arise during pregnancy, I usually advise ‘mind over matter’ kind of approach. However, when it comes to finance, it is time to be practical and take matters into your own hands. Here are what you can do to ensure your finances are in order and thus prevent money related stress during pregnancy:
Know your finances
Take control of your finances today by starting a budget. With a budget planner, you’d have a clear picture of your current income and expenditure. When you know exactly where your money goes, you can identify what you can safe in anticipation of your baby’s arrival and plan for changes in household spending after your baby arrives.
Pay off some debt
If your budget allows, paying off some of your credit cards and loans now will take the stress off compounding interest. Consider paying off debts with the highest interest rate first. The interest rate on your debts is generally a lot higher than the interest rate you will get on savings. Remember to check with your provider first to make sure there is no charge for repaying your debts early.
Work arrangement and maternity benefit
Do take time to find out what are the maternity benefits available to you. Are you considering an extended maternity leave? Or would you like to return to work on a part-time basis for a while? Discuss the options available to you with your employer. Evaluate the impact of the adjusted income and plan accordingly.
If you have not done so already, it is a good idea to build up an emergency savings fund so you can cope with unexpected emergencies. Aim to build up 3 months’ salary or more if you can, to tide you over.
Save money on pregnancy and baby related items
There are many ways in which you can save money when it comes to pregnancy and baby related items. Consider borrowing maternity wear if you have family or friends who just had a baby recently. I have a few friends who were pregnant around the same time and we started our own ‘Sisterhood of Traveling Preggy Dresses’. You will only wear the clothes for a short time and it can save you a considerable amount of money.
This goes for baby clothes too. Consider borrowing from friends and family members. who may have baby clothes and equipment that are still in very good condition.
Much of your everyday wardrobe can be adapted to your changing shape; use a belly band to make your jeans work and if you are buying maternity tops, it’s a good idea to consider how they would work for nursing later on.
For certain baby equipment that you do not need immediately when your baby comes home (eg. high chair, playpen, toys and books), you can spread the cost over a few months and take time to shop around for the best deals. You may also receive some of these as presents.
Consider buying second hand nursery items on trading sites like gumtree.com or family friendly app, Bakipa. Do check that any second hand equipment complies with the latest safety standards before use.
Don’t be shy on letting close friends and family members know what to buy as gifts. Rather than give presents of a limited life span, perhaps they might like to contribute to the bigger ticket items like a car seat, the stroller and the cot.
Get an insurance plan
We can never be too prepared. With life’s ups and downs, I think it is important to look into having an insurance plan that protect you and your growing family. Do shop around for value. Ensure that you know what’s important to you and the financial future of your family.
AXA (blog sponsor!) has recently launched a first-of-its-kind pre-natal plan package, AXA Family Advantage, to allow parents-to-be the flexibility to select from 8 different types of protection. From savings to investment for your child’s future, the plan simultaneously offers pre-natal coverage for the expectant mother, and subsequently when the child is born, you can choose to insure your child in a straightforward process with no health questions asked.
Good news!
In conjunction with the launch, AXA is running a radio contest which YOU can be one of the 3 weekly winners to win a home cleaning session courtesy of AXA Daddy Rescue team who will mop, clean, wipe and even sing Acapella for you. Great help to have when you have those nesting urges.
And even if you don’t win the cleaning session, all entries stand a chance to win the grand prize – a Babycation 2 days 1 night weekend stay at Capella Sentosa, worth $2000! Perfect for a romantic couple time before the baby arrives.
How to participate:
1. SMS AXA <space> Name <space> NRIC <space> Why you deserve this, to 76677.
1. Listen in to Class 95 between 6am to 10am, from now until 17 September 2015 to see if you are one of the weekly winners.
3. Tune in again on 18 September when they announce the grand prize winner!
Contest ends on the 17th of September. Good luck!
One last thing. You are bringing your child into the world. He or she will rely on you to learn good money handling skill. If you recognise some money habits that you wouldn’t like to pass on to the next generation, now is the time to fix it. Spending a bit of time planning your finances before your baby arrives will help take the stress off, so you can fully enjoy these precious 9 months of pregnancy.PS: Considering working from home after baby is born? I’m putting together a “Stay At Home Mom Boss” course to help mothers who are really serious about making an income from home. Whether you are struggling with a business idea or you already have something going on and looking to grow your business, this 90 days course will walk you through every aspect of building your dream stay-at-home business while balancing motherhood.
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HELLO! I’M MICHELLE.
I love my family, building successful ventures and helping others achieve their dream motherhood. This blog combines those three loves.
These are all great tips for getting financially ready for baby. After 4 pregnancies, the worries never go away but we've definitely found ways to ease the stress especially by saving as much as possible on baby needs (through breastfeeding, buying diapers in bulk, looking for toys and gear on clearance, etc.) Thanks for stopping by #BeyondMommyingSiS
These are all great tips for getting financially ready for baby. After 4 pregnancies, the worries never go away but we've definitely found ways to ease the stress especially by saving as much as possible on baby needs (through breastfeeding, buying diapers in bulk, looking for toys and gear on clearance, etc.) Thanks for stopping by #BeyondMommyingSiS
That's true that money is a bit of a worry when you're about to welcome a new addition into the family. Having insurance can go a long way. There's a lot of stuff to consider at this time of life, but I appreciate having some tips to direct me. Reducing stress is a great idea for me while I'm in this condition. http://www.bennyesquenazimd.com/afemcare/services.html
Liang May
on 08/06/2016 at 12:23 PM
great tips =) I think I saved a lot of money during the pregnancy too by collecting hand-me downs and wearing my current clothing and bras [add the extension hooks], etc.
Giving birth and having kids are really expensive in Singapore but it is still of importance we get ourselves insured. I use Carousel to search for 2nd hand baby goods 🙂
Finances is always a big thing in a family. Great tips you’ve shared there!
Meiling Wong-Chainani
on 09/06/2016 at 11:38 AM
Money is always a worry especially when baby is coming onboard. Great tips shared in the post.
Shubhada Bhide
on 09/06/2016 at 4:44 PM
Some of these tips can actually be implemented even after baby is born or kids are growing up! Finances part really needs to be taken care before any major decision.
Jacqualine Chan
on 10/06/2016 at 10:56 AM
Using second hand items that are in great condition definitely saves us a lot of money! If cost is a concern, a mum to be can also consider going to KK Hosp as a subsidised patient.. the medisave account should be able to cover for most people too.
Good tip, Jacqualine. Too bad, PRs are not subsidised for child birth in Singapore. We go as private patient. That’s why we chose a private hospital in the end.
These are all great tips for getting financially ready for baby. After 4 pregnancies, the worries never go away but we've definitely found ways to ease the stress especially by saving as much as possible on baby needs (through breastfeeding, buying diapers in bulk, looking for toys and gear on clearance, etc.) Thanks for stopping by #BeyondMommyingSiS
These are all great tips for getting financially ready for baby. After 4 pregnancies, the worries never go away but we've definitely found ways to ease the stress especially by saving as much as possible on baby needs (through breastfeeding, buying diapers in bulk, looking for toys and gear on clearance, etc.) Thanks for stopping by #BeyondMommyingSiS
That's true that money is a bit of a worry when you're about to welcome a new addition into the family. Having insurance can go a long way. There's a lot of stuff to consider at this time of life, but I appreciate having some tips to direct me. Reducing stress is a great idea for me while I'm in this condition. http://www.bennyesquenazimd.com/afemcare/services.html
great tips =) I think I saved a lot of money during the pregnancy too by collecting hand-me downs and wearing my current clothing and bras [add the extension hooks], etc.
Giving birth and having kids are really expensive in Singapore but it is still of importance we get ourselves insured. I use Carousel to search for 2nd hand baby goods 🙂
Thank you for sharing the financial tips, always useful for families.
cheers, Andy
(SengkangBabies)
Very good pointers, I will usually buy more clothes for my elder girl and pass down mostly to my younger girl. Best point, be debt free!
Finances is always a big thing in a family. Great tips you’ve shared there!
Money is always a worry especially when baby is coming onboard. Great tips shared in the post.
Some of these tips can actually be implemented even after baby is born or kids are growing up! Finances part really needs to be taken care before any major decision.
Using second hand items that are in great condition definitely saves us a lot of money! If cost is a concern, a mum to be can also consider going to KK Hosp as a subsidised patient.. the medisave account should be able to cover for most people too.
Good tip, Jacqualine. Too bad, PRs are not subsidised for child birth in Singapore. We go as private patient. That’s why we chose a private hospital in the end.