Preparing for a newborn is not only about tiny clothes and heart touching ultrasound images. As a parent, you also need to work on pre-pregnancy financial planning. Here’s a brief guide from our experts that lists the most crucial tasks on your plate. The primary ones are planning leave from work (if you are working), getting an estimate of medical costs, and creating a perfect budget for the new arrival.
Well, most of the parenting preps are sometimes done in a flash like how to simply and effortlessly change the grubby diapers. But the list doesn’t end here; it goes on! So there are plenty of things that you need to finish before the little one arrives. Rather than getting stuck after the arrival, it is better to do specific tasks right now, and that’s smarter even! And even if you get stuck in this process, or just don’t know from where to begin, then it is better to hire a reliable financial advisor in Preston.
Besides, let’s check out what are the main things you can do for pre-pregnancy financial planning.
Figuring Out Health Insurance
No doubt, having a baby can be quite expensive. A professional financial advisor will always recommend you to check your health insurance and will help you with forecasting the future costs that can come up with early pregnancy. Wondering how it is going to help?? Planning things like medical bills will easily allow you to navigate expenses for prenatal care, labour, delivery, and much more.
Planning For Maternity Leave
Another thing that most of the certified financial advisors in Preston will suggest is to know how much time you and your partner need to be on holiday. Even if you are paid for that period, it can merely affect your overall finances in the later stages. So here you need to understand your organisational policies clearly to get an exact picture of how it is going to affect the upshot.
Creating A Pre-budget
As a parent, when you are fully aware that you will be spending on direct expenses, you need to understand how your total income during that time will impact overall. Try to adjust your budget accordingly, and if possible, buy things that are highly necessary while keeping the optional and expensive purchases at bay.
Checking For An Emergency Fund
Another thing you need to focus on is to have sufficient funds for unknown emergencies. No doubt, kids are accident-prone, and with the hefty raising costs, no doubt handling them may become a bit difficult. So hire a financial adviser who can help you with the same while helping you to save enough to cover such expenses.
Hiring A Financial Advisor
Ultimately, a certified financial advisor in Preston is not easy to find. You need to go through his experience, qualifications, and the services he offers. Before making any final choice, make sure he has some specialisation in pre-pregnancy financial planning and knows how to deal with both your professional and personal requisites. Yes, it is quite the same as choosing a paediatrician for your little one.
And no doubt, the parenthood journey can be immensely demanding, so invest some time in research and hire a professional who makes the whole journey rewarding.