Top 10 tips for avoiding financial stress during pregnancy
Having a baby is wonderful but costly - stress over financial worries is something that can be avoided during pregnancy with some careful planning before baby arrives. Susan Hayes Culleton, The Positive Economist, outlines ten tips to prevent financial stress during pregnancy.
- Take control of your finances today by using budgeting techniques to identify what you can save in anticipation of your baby’s arrival and plan for changes in household spending afterwards. Check out www.nca.ie/nca/baby-budget
- Educate yourself on your savings and investment options as you will soon be in receipt of a new monthly payment (Child Benefit), but will also have new expenditures (nappies, food etc) and financial goals (future education costs). It’s important to take some time to think and work out a new financial plan. Learn about investing wisely in a risk controlled way using resources at http://www.statesavings.ie/, www.savvymoneyguide.com/bonus and http://www.consumerhelp.ie/saving-investing
- Evaluate the impact of extended maternity leave, a career break, flexitime or adjusted hours by discussing what options are available to you with your employer and the impact on your pension. Take a look at; http://www.pensionsboard.ie/en/LifeCycle/Important_life_events/Arrival_of_children/
- Find out what state supports are available to you regarding maternity benefits click here
- Consider buying second hand nursery items on trading sites including;
www.ebay.ie and www.donedeal.ie
- Communicate with close friends and family members about the subject of gifts. Rather than give presents of a limited life span, perhaps they might like to contribute to the bigger ticket items e.g. the car seat, the buggy and the cot.
- Leverage the experience of others; ask other parents who you trust for advice on this new chapter of your life. Also, there is an abundance of practical tips, stories and ideas on such blogs as http://mindthebaby.ie/; http://www.rollercoaster.ie/; http://www.mummypages.ie/pregnancy
- Shop around for value as you will need some new products and services including family health insurance, child-minding facilities, furniture and even a new car. There is a large industry vying for the attention and money of expectant parents so ensure that you know what’s important to you and that you’ve achieved it fully before embarking on a big purchase.
- Remember that as you bring your child into the world, they will rely on you to learn good financial behaviour. Understand your “financial personality” and if you recognise some money habits that you wouldn’t like to pass on to the next generation, now is the time to fix and modify them.
- Download the Baby Steps Booklet which provides a comprehensive guide to all factors that you need to consider before and after pregnancy at www.consumerhelp.ie
Susan Culleton Hayes, The Positive Economist, is a financial trainer and keynote speaker and the Managing Director of the international financial training company Hayes Culleton. Find out more about Susan on http://www.thepositiveeconomist.com/