Starting a life with someone is a fun and exciting time! From the wedding to purchasing your new home, this is a time to cherish memories and build a life together. When you feel like you’d like to have children, it’s important to plan ahead on your finances to ensure smooth sailing when your newborn enters the world. Whether you are already expecting or still enjoying the honeymoon, follow these steps to start a family with your partner on the right foot!
Start A Baby Fund
The first step to starting a family is to build a baby fund right away. This fund can be for planned spending that comes during the first year of having a child; examples include a baby stroller, a crib, and tons of diapers! Having funds set aside and ready for use when the time comes will pay off and will cut down some stress to really enjoy your first year with your newborn.
Understand Paternal/Maternal Leave Options
Now that you and your partner have started up a baby fund, it’s time to talk with each of your employers to gain an understanding of your paternal and maternal leave options. See if there is monetary compensation you’re eligible for while on leave and how long you can anticipate being away from work. The U.S. has plans in place for expecting parents so make sure you ask your employer what your legal rights are for paternal/maternal leave. Some employers also offer ‘top-ups’, which is additional pay to assist a parent during part of their leave from work! Make sure to ask questions and be transparent with your employer.
Create A Spending Plan
You’re almost ready to start your family with no financial setbacks or worries! Your next move is to sit down with your partner and create a spending plan. During the first few years of having a child, there will be tons of added expenses that might throw your finances a curveball. Plan these out! Make a list of baby items that you’ll need and the expected cost for each for your first year. Create separate lists for one-time expenses and monthly expenses to plan your finances accordingly. While you’re creating this plan, don’t worry if your list seems to endlessly grow, this is what you’re baby fund is for!
We’re here to help! At Camino Federal Credit Union, we put our member’s financial wellbeing first. If you would like to learn more about how we can help you with your finances, call us at 800-835-3400.