How to Prepare Financially For Maternity Leave In 5 Easy Ways Financial Planning & Responsibilities
Bringing a new life into this world can be a very joyous and monumental moment but it can also be a very stressful time for the moms and dads to be. Figuring out how you’re going to raise this child, take care of the baby, and how you’re going to financially support the baby can … Continue reading “How to Prepare Financially For Maternity Leave In 5 Easy Ways Financial Planning & Responsibilities”
Bringing a new life into this world can be a very joyous and monumental moment but it can also be a very stressful time for the moms and dads to be. Figuring out how you’re going to raise this child, take care of the baby, and how you’re going to financially support the baby can be difficult to determine. Having a financially stable job can be very helpful, but for a lot of moms who are about to take maternity leave can be left with no stream of income for a period of time. If you’re considering taking the necessary time off to bond with your new bundle of joy, determining the best plan to support your baby will help to take a load off you and your spouse’s shoulder. During these time, it’s very important that you and your spouse stay on the same page and discuss your options.
Before we get into how to prepare yourself for maternity leave. We should first look over the things you should know about maternity leave, and the downsides of maternity leave to better understand why you should prepare ahead of time.
What You Should Know About Maternity Leave
Maternity leave is the period of absence from work granted to a mother before and after the birth of her child. Maternity leave is guaranteed under the Family and Medical Leave Act ( FMLA) and is only offered by employers to employees who have been working in their job for over a year, if your employer has more than 50 employees within 75 miles of where you work, and if you have worked there for a minimum of 1,250 hours during the prior year. While it is a right guaranteed to working moms, it does come with its fair share of cons.
Here are some of the downsides of maternity leave
- Not all Companies offer Paid Leave -Only 8% of private sector employees are offered paid leave, which leaves 92% of private sector employees worrying about how they are going to financially support their families while on maternity leave. It’s very important for you to know your company’s policy once you are pregnant to know the best way to plan for your departure.
- Jeopardize Women’s chances of Promotion - Taking time off from work can leave moms feeling behind professionally and make employers feel like their attention is divided between the job and their kids. It’s important for mothers to keep up to date with their work’s changes to make sure when they do come back that they’re not behind. It’s also important for mothers to keep in contact with their bosses to make sure they’re job is still waiting for them and to discuss their next step professionally.
- Possibilities of your job not being held for you -Although, some companies will hold your position for you while you’re out on maternity leave. Others might not be as generous, some women have been fired while on maternity leave, which could indicate pregnancy discrimination. To avoid this, it’s better for you to talk to your boss and coworkers to discuss the best way your work responsibilities will be delegated. If you can work from home while on maternity leave to help out it would be a great to ask if that’s possible.
Knowing the disadvantages of maternity leave might have you feeling discouraged about your impending maternity leave. Remember, that the more time you spend preparing for your maternity leave is less time you have to spend worrying about when it gets here. Maternity leave is a right that you should take advantage and use that time to the best of your ability. Every mom prepares differently but when you find the right way for you. You can start looking forward to the joys of bringing another beautiful baby into this world.
How to Prepare for Maternity Leave
Maternity leave can either be a curse or a blessing depending on the way you look at it. Although, you might not be paid while on medical leave you are bringing another life into this world. And that should be something worth celebrating. Planning for the future can be daunting but it’s always better to be over prepared than under prepared in circumstances like these.
Here are tips on How to Prepare For Maternity Leave
- Review Your Benefits, Set a Savings Goal, & Plan with Your Partner -If you take the necessary time to review your company’s policies regarding maternity leave, know the rights your guaranteed and make plans to save your money to cover the lost wages due to your time off. It will help if you and your spouse are on the same page about when you’re going to take your maternity leave, how long you’re going off from work, and what you both need to do to help financially support your living.
- Talk to your boss, clients, and co-workers -Discuss your plans with your boss to make sure that you’re on the same path regarding the time off and when you will be back. Talk to your co-workers about the tasks you will not be able to tend to while on maternity leave, and pass on responsibilities to them. Let your clients know about your situations and refer them to someone who can help them while you’re gone. You should also start reviewing child care options for your child with your partner for when you do decide to go back to work
- Work More, Stick to Budget, and Plan Everything -If you’re not on maternity leave yet, you should take advantage of extra hours you can put in to save for when you go on maternity leave. If you’re actively saving, you should be sticking to your budget. That might mean making sacrifices here and there to reach your savings goal. Take time to plan with your partner about how you’re going to delegate financial responsibilities and child care.
- Buy Everything You Need Now -Of course, when the baby gets here you might need to buy things from time to time but making sure you have the essentials before you take maternity leave will help you from spending too much money on maternity leave. If you want to save, find deals and discounts on the things you need.
- Understand Your Insurance - You’re going to have complete a lot of paperwork before your baby arrives. One of them is to your medical provider to make a claim prior to your baby’s arrival to receive short- term disability benefits.
Now that we’ve discussed the best ways for you to prepare financially for maternity leave. It’s also good to start thinking about child care options as well. It’s better to tackle this problem now then later. There are several child care options you should consider and there provided for you below in detail.
Child Care Options
Child care can be very expensive and financially draining but when you start preparing early and deciding which child care option will work best for you and your lifestyle. It will take a huge load of your chest and your wallet. Each option comes with its fair share of advantages and disadvantages but knowing these will help you to make the best decision for your family.
Here are some child care options you should consider
- Daycare Center They all have their perks such as their more affordable than hiring a full-time nanny, very reliable, and your child will have the chance to interact with other kids of the same age. It also provides ample supervision and monitoring. Some daycares even have nanny cams where you can check on your kids using your smartphone device.
While these are amazing advantages of daycare centers, they can often be expensive and pricey. Realistically speaking, you are going to spend $380 to $1564 a month. Also, daycare centers often have caregivers who are caring for more than one child, it’s hard to find daycare centers that provide care for infants, they’re closed on major holidays, and most center don’t provide care for sick children. It’s also crucial that you take the necessary time to research and tour the facility before enrolling your child into one.
A daycare center might be the right choice for you depending on the price you wish to pay for childcare and what care you would want for your child.
- Homecare Advantage If you’re looking for care that has more of a home feel, then homecare centers are the next best thing. Homecare advantages include more flexible pick-up and drop-off times, less expensive than daycare, and have smaller groups of children which means your child will never be neglected. Prices for Homecare daycares range from $300 to $1000 for babies and toddlers and $315 to $956 a month for preschoolers. Before you make the decision to enroll your child into home daycare.
You need to know the disadvantages which include no caregiver supervision, closed for holidays and vacations, and many providers don’t have formal schooling in early childhood education. This is a more budget- friendly option for child care and might be the best choice for you.
- NannyIf you’re looking for more hands on care, then hiring a nanny might be the best choice for you and your family.
Hiring a nanny comes with its advantages such as more attention will be paid to your child, children will have cared at their homes, and more flexible than daycare and homecare centers. You might hurry to go hire a nanny but hiring a nanny is the most expensive child care option. You will be required to fill out extensive paperwork, and your child won’t have the opportunity to interact with other children unless you or the nanny make arrangements for a playdate.
Hiring a nanny might be the right choice for you if you’re career requires a lot of attention or if you would like more specialized care for your child.
- Have your Relative Care for Your Child - This is probably the cheapest option that is out there because most of the time it’s free. Your mother or father would love to have the chance to watch over their grandchild or even your cousin or aunt might want to chip in. If you’re able to arrange this childcare, then you don’t have to worry about strangers being around your child. It might be difficult to establish rules and guidelines for your child with your family members but it’s nothing that can’t be fixed. If you’re able to do, then you should go for it.
- Be a Stay- at- home Mom -This might be the best choice for your family for a while. If you’re currently working from home or able to then you might want to go this route. This will allow you to be there for your child development milestones, you have control over your child’s care, and how they are raised. Although being a stay-at-home mom might be fun, it can also come with its own cons such as taking a break from work, you might feel lonely or isolated, and loss of income and benefits. If you want to grow with your child and be able to not miss a beat, then staying at home might benefit you.
Choosing the best child care options for your child might be stressful to think about right now but researching your options might help you to decide. If you’re able to decide and make a decision about your child’s care, then you have one less thing to think about when your baby arrives.
Taking the necessary time out to celebrate your new family member and provide your baby with all the love and attention you need should not be interrupted with worry about how you’re going to financially support you and the baby. Using these tips will help you to spend more time with who you love and doing what you love, which is cuddling with your little one. You don’t have to make maternity leave stressful or confusing. Figuring out the best way for you to prepare for this time in your life will be time well spent. Talking to other women at your workplace or women in your family will help you determine the best plan of action. It’s also important to know your options and figure out the best child care options for you and your child. It might be something you feel won’t need to be decided until after your baby arrives but it’s crucial for you to start the process now while you still have time on your hands. Don’t make the most important of your life into a miserable and stressful time. This is the time for you to over prepare and plan like you never did before.