![]() It’s important for Mom and Dad to find out what kind of parental leave options are available from their employers, including how much time is offered and how much time is paid. Have you researched parental leave options? Look into an employer daycare or discount, private daycare, a nanny, nanny-sharing between families, a spouse at home or enlisting the help of a family member.Ħ. Descano suggests researching all of your possibilities and crunching the numbers to make an informed decision. Ask yourself whether your current plan covers both parents and children’s needs completely and economically.Īccording to Bab圜enter, a family's average child-care costs are $755 a month, which amounts to almost 20% of the average monthly household income. Your health insurance might have sufficed before, but will it meet the needs of your new family? Now is the time to review policies and benefits to understand your options. Will your health insurance meet your new needs? “You have to be careful not to overbuy,” Descano warns, “but with the right planning, you can stock up on the items you use and rely on the most, saving time and money.”Ĥ. Is a warehouse-club membership right for you?Ĭonsider buying necessities in bulk at a warehouse club like Sam's, Costco or BJ's Warehouse. You’ll want to splurge on every sweet jumpsuit and teddy bear, but don’t charge up your credit card.ģ. Will you have enough income to cushion the extra spending? You may want to check in with family members who could share some supplies. ![]() Consider the diapers, bottles, formulas and clothes-and laundry detergent-that your newest addition requires. With a new mouth to feed make sure you’re ready for all the little costs that quickly add up. ![]() Have you budgeted the uptick in regular expenses? Is your 1996 Ford junker safe enough for prized cargo, or will you need to upgrade your car? Do you have space in your home for a nursery, and will you need to renovate a room or move? Add up the big baby-proofing costs, and create a plan to tackle them.Ģ. Can you afford big-ticket baby proofing?īefore you have the baby, Descano advises taking stock of the big-ticket purchases you may need to plan in advance. We still live like that now even though I don’t work.To ensure that you’re prepared, ask yourself the following 10 questions before starting a family.ġ. If we did dip under the buffer, there was a halt on spending until it was back up to the amount. We never had issues saving, always bought what we wanted and felt good having the buffer for any emergencies. If we did make expensive purchases for non essentials, it was like rule that the other could do the same with the following pay or make claim to a new buffer to use the saved amount to spend during the next pay. on those weeks we would each make sacrifices for each other’s spending. This meant that we had to talk about big purchase items, like over $150 because someone might have rego due or dentist appointment etc. □ We switched to a joint account and it still did the same except we had a buffer amount in the main account ($2000) and we weren’t allowed to dip under it. My expenses were lower because I was better with money. He paid his own mobile, rego, insurance etc. and we had an agreed amount in which we would save, I was a lower wage, so it was a lower amount. We use to do 50/50 rent, electricity, internet etc.
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