I recently received a letter from a reader that read:

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Dear Michelle,

I am six months pregnant and my husband has a decent job. As of now, we haven’t been able to save any money for our daughter-to-be. It worries me to death that we have nothing put away for her. I work part time as a teacher and I’ve been chipping in to help pay the bills. I feel like I’m rushing against time to find a permanent job before the baby is born. We are very excited about the baby, but I’m constantly worried about how we’re going to afford everything. Can you please give me some advice?

Regards,
Jolene

Jolene isn’t alone. In fact, when I researched for a chapter of my book where I discuss top fears of parents-to-be, financial worries or, more accurately, financial planning appears to be at the top of every parent’s mind.

I understand. I’ve been there. Prenatal care, baby supplies, and other long-term financial concerns, such as saving for the child’s college education, can create significant stress. With other mental stress and worries that arise during pregnancy, I usually advise a ‘mind over matter’ kind of approach. However, when it comes to finance, it is time to be practical and take matters into your own hands.

Here are five ways to ensure your finances are in order and, thus, prevent money-related stress during pregnancy:

1. Know Your Finances

Take control of your finances today by starting a budget. With a budget planner, you’d have a clear picture of your current income and expenditure. When you know exactly where your money goes, you can identify what you can save in anticipation of your baby’s arrival and plan for changes in household spending after your baby arrives.

2. Pay Off Some Debt

If your budget allows, paying off some of your credit cards and loans now will take the stress off compounding interest. Consider paying off debts with the highest interest rate first. The interest rate on your debts is generally a lot higher than the interest rate you will get on savings. Remember to check with your provider first to make sure there is no charge for repaying your debts early.

3. Work Arrangement And Maternity Benefit

Do take time to find out what maternity benefits are available to you. Are you considering an extended maternity leave? Or would you like to return to work on a part-time basis for a while? Discuss the options available to you with your employer. Evaluate the impact of the adjusted income and plan accordingly.

If you have not done so already, it is a good idea to build up an emergency savings fund so you can cope with unexpected emergencies. Aim to build up three months’ salary, or more if you can, to tide you over.


4. Save Money On Pregnancy And Baby-Related Items

There are many ways in which you can save money when it comes to pregnancy and baby-related items. Consider borrowing maternity wear if you have family members or friends who have had a baby recently. I have a few friends who were pregnant around the same time as me and we started our own 'Sisterhood of Traveling Preggy Dresses'. You will only wear the clothes for a short time and it can save you a considerable amount of money.

This goes for baby clothes, too. Consider borrowing from friends and family members who may have baby clothes and equipment that are still in very good condition.

Much of your everyday wardrobe can be adapted to your changing shape; use a belly band to make your jeans work and if you are buying maternity tops, it’s a good idea to consider how they would work for nursing later on.

For certain baby equipment that you do not need immediately when your baby comes home (e.g. highchair, playpen, toys and books), you can spread the cost over a few months and take time to shop around for the best deals. You may also receive some of these as presents.

Consider buying secondhand nursery items on trading sites such as gumtree.com or the family-friendly app Bakipa. Do check that any secondhand equipment complies with the latest safety standards before use.

Don't be shy on letting close friends and family members know what to buy as gifts. Rather than give presents of a limited life span, perhaps they might like to contribute to the bigger ticket items, such as a car seat, the stroller or the cot.

5. Get An Insurance Plan
We can never be too prepared. With life's ups and downs, I think it is important to look into having an insurance plan that protects you and your growing family. Do shop around for value. Ensure that you know what’s important to you and the financial future of your family.

AXA has recently launched a first-of-its-kind pre-natal plan package, AXA Family Advantage, to allow parents-to-be the flexibility to select from eight different types of protection. From savings to investment for your child's future, the plan simultaneously offers pre-natal coverage for the expectant mother and, subsequently, when the child is born, you can choose to insure your child in a straightforward process with no health questions asked.

One last thing. You are bringing your child into the world and he or she will learn good money-handling skills from you. If you recognise some money habits that you wouldn’t like to pass on to the next generation, now is the time to fix it. Spending a bit of time planning your finances before your baby arrives will help take the stress off, so you can fully enjoy those precious ninemonths of pregnancy.

_{This post was first published on The Chill Mom Blog and has been reposted on Executive Lifestyle with the permission of the author.
Edited by Nedda Chaplin
Image credit: Vintage pregnant girl from Shutterstock}

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