Becoming a parent is more than rewarding, especially if you’re awaiting your baby to arrive. You may be counting down the days, hours, and minutes until you’re able to meet the new member of your family.
While stocking up on newborn baby clothes and celebrating with your loved ones can be thrilling, planning for your time to rest may be a stressor. Thinking about getting back to work and actually taking the maternity leave that you need may be too much to handle.
4 Step Tips for Saving for Maternity or Paternity Leave
If you’re one to always be working, on your feet, and on the go, you may know you may need to take a break once your baby’s on the way. This may be more of a top of concern if you’re hard at work, or a main financial supporter of your family. This is where planning and prepping for your maternity leave can be crucial to you and your baby’s health. Here are some tips for prepping for this financial change.
Take Charge of Your Spending
It may be easier said than done, but really take charge of your spending. If you haven’t already, sit down and figure out your monthly expenses and income streams you generate. Figure out the core amount that’s going out every month and how much is coming in. To really save for this time, adjust your budget for your baby. Instead of going out to eat or grabbing take out coffee every morning, consider doing it at home. There may be nothing better than a home-cooked breakfast paired with coffee with your loved ones.
Crunch the Numbers of Your Budget
As we mentioned above, really figure out what your budget is now and estimate what it will look like once the baby arrives. You could get a head start with this and create a budget that works for you when you have the baby and start it a little early. While a large portion of your budget may go to the baby once they arrive, you could still put that allocated amount into your savings. Not only could this adjust your money mindset for the baby upon its arrival, but it could also help you build your savings in the process.
Automate Your Savings
To take things a step farther and make everything easy on you, automate your savings. Digital banking may have been one of the biggest and best advancements over the years. You’re now able to set a specific amount you’d like taken out of your account each month and put it towards bills or savings without a sweat. If you love to shop and are infrequent with your savings contributions, you may treat this automated payment as a true payment!
Plan to Keep Your Professional Skills Sharp
Now, while you’re away, you could sharpen your skillset. There are various online resources that are free and fun to take up during your free time. By all means, while you’re on maternity leave, take time to spend with your family and rest up! If you ever get bored, starting studying up! This could help you keep your skillset sharp, or even add to your resume of things you’ve learned over the years.
Check out our infographic below for additional tips to prepare for maternity leave!
