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How to Manage Finances While on Maternity Leave

Pregnancy requires a lot of adjustment not just for the one who’s carrying the baby but for the whole family as well. It could be a roller coaster ride, especially if it’s the first time for the family. Planning and preparing ahead is the key to making situation as manageable as possible. It may also be a planned or unexpected pregnancy.

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1. It starts with making a budget based on the family’s income, about the compensation or lack thereof during maternity leave. Starting with the income and expenses, the expecting family needs to track down their income sources and where their money goes. The details of the income and expenses may be put in a budget planner, adding the possible additional expenses in the next nine months onwards for visits to the doctor, maintenance, supplements, change in diet, etc. The family may also be entitled to some government benefits which can be added to the source of income of the family.

2. Knowing your financial situation and having a concrete plan can make a difference between easy pregnancy and financial crisis. You may have to cut down on some unnecessary expenses and focus more on saving and preparing for the months ahead.

3. If the pregnancy has been planned, it is important to save as much as possible for the following months. This can help cover much of the expenses during pregnancy. Otherwise, cutting down on expenses and budgeting your finances is necessary.

4. It is also important to know if your company offers paid maternity leave or any other compensation or support. It would be best to find out from your Human Resources Department and your superiors the answers to your questions as soon as possible. Moreover, they should be informed of your situation as well. You can also discuss with your employer some options regarding a flexible working schedule or a limited working schedule. You may also inquire as to whether you can use other paid leaves during the pregnancy period so as to allow you to continue to earn your normal salary.

5. Since pregnancy requires more time and expenses, during and more so after the pregnancy period, the family may also be open to other ways to supplement their income. During the mother’s maternity leave, she may do some freelance work which does not require much of her time and allow her to manage her time and schedule.

6. Sometimes, even the best planning and preparation may not be even enough for the coming consequences of pregnancy. There is a lot to consider for a major life change for everyone in the family. A bit of help from a professional financial advisor can help you get through the pregnancy stage without compromising your family’s income. You may also find help and support by joining a group of other expectant mothers like yourself. You could find and even offer help and support to each other. It could be the support and guidance that you need to help develop a plan and strategy on going through the process of pregnancy.

Financial planning in itself is not easy, more so with the big change of having an additional member to the family. Therefore, it is important to plan ahead and act on it as soon as possible so as to prevent having a financial disaster.

Brian King

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