New Baby and How Life Changes
I hosted a baby shower lately and as we talked about the excitement of having a baby, I mentioned to the “mom to be” friend how the arival of a baby changes everything, including your financial lifestyle and spending habits too. Whatever you considered a “normal” life before now is over.
Of course, reading books and magazines as well as speaking to people about parenting are great ways to get useful tips and advice. However, every baby and family situation is different, so there will be a few surprises once you bring your newborn home.
While you lay out plans and start collecting those must-have items, be prepared to be flexible and patient with yourselves — and with each other.
And while becoming new parents is joyful and exciting, it’s also a time to plan for changes in your finances, relationship, and your lifestyle.
Your finances
A new baby can cause stress because family life is suddenly so different. And since strained finances can add to that stress, it’s best to take a look at your budget before the baby arrives and how it will change.
To help keep financial surprises — and the stress they bring — down to a minimum, consider these steps:
- Your income and benefits when taking a maternity or paternity leave .It’s important to decide who will stay home with the baby. I know is common that the mother stays home, but I know families where the mom brought in more money and it was financially wise to choose the father to stay home with the baby.
- Your expenses — particularly new ones: from diapers to formula, crib, strooler, carseat and think about the new monthly expenses that will add to your budget.
- Your savings plan — including starting a Registered Education Savings Plan. Plan to open an RESP account as soon as the baby arrives. If you start early smaller amounts will go a long way.
- Your insurance coverage — Your needs are about to change. Do you have the right insurance plan? Once you have a child is really important to have the right life insurance in place to protect you baby.
A simple path to protecting those you care about.
Life insurance is a good way to ensure that your family members will have the money they’ll need to meet their obligations – and fulfill their potential – in the event something were to happen to you or your spouse. How would those who depend on you deal with child care, tuition costs or even the basic expenses of day-to-day living? A 10-Year Term Life Insurance is a simple way for you to ensure your family’s future is protected.
Coverage ranging from $50,000 to $5 million. Premiums guaranteed not to increase for 10 years, regardless of your age or health. Contact me to find out more and see how simple protection can be.
Your relationship
Talk to each other about your own childhood experiences and see how those experiences translate into how you want to parent your child. That way you’ll be better able to understand what’s important to each of you and you’ll be better equipped to work as a team as you raise your baby.
I was the oldest in our family so I can relate to my oldest son easier when the twins are blaming him for everything. My hubby on the other hand was the “little” one and he can relate to the twins when my oldest is bossing around them.
Communicate openly and honestly with each other about your hopes and dreams for your child, and then support and build confidence in each other as new parents.
It’s also very important for both parents to understand the warning signs of post-partum depression.
Your lifestyle
From your home life to your life outside the home, new parents will tell you that things do change — particularly the amount of baby gear you’ll accumulate as new purchases or gifts from family and friends.
Consider your family and friends involment to help with baby sitting so you’ll have the opportunity to connect with your partner.
What was the biggest change in your life when your baby arrived? Which area did you find it most difficult to cope with change?
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