28 Oct Money Moves in Preparation for Motherhood
When you find out you’re expecting, no matter your age or life situation, one of the first big fears that arises has to do with money. “How can I afford this?” is often the resounding question when it comes to affording motherhood. It’s important to realize that babies are born on high and low incomes and that, even with an unexpected pregnancy, you have the power to create the life you want. In addition to free pregnancy tests, Lighthouse Pregnancy Resource Center can provide you with free parenting resources and classes, while also connecting you with material support to help you get on your feet. Text us at 201-677-2394 or stop by one of our centers at any time to learn more.
Hackensack, NJ – (973) 238-9045
Paterson, NJ – (973) 238-9045
Wayne, NJ – (973) 238-9045
How to Break the Statistic
The number one way you can protect yourself (and your little one) from financial stress is to build savings. Just $400 in cash can be the difference between bankruptcy and stability. If you aren’t already working, finding a job while expecting can be challenging, but isn’t impossible. In addition, workplace pregnancy accommodations are now mandatory in most states, making it easier for you to balance work and pregnancy. Working throughout your pregnancy will help you build this financial cushion and prevent you from being one of the 2/3 of American families who have $0 in savings.
Earning an income and saving throughout pregnancy will help you prepare for maternity leave, when your income may be between 0%-60% of what you earned full-time. Since the typical maternity leave is 6-8 weeks, make it a goal to save about two months’ worth of necessary expenses in preparation for time with your newborn.
Little by Little, It Is Possible
While it may seem crazy or impossible to save up a few hundred dollars, it’s important that you find belief in and motivation toward this goal. Budgeting your income toward savings first and your necessary expenses (rent, utilities, medical care, and groceries) next will make this possible. No matter how much you earn, take 10% of your paycheck and deposit that into your savings account (a $250 paycheck -> $25 in savings) each time you get paid.
By prioritizing savings and needs, you’re establishing excellent financial habits that will benefit your little family long-term. Once you’ve saved and paid for rent, utilities, and groceries, you can use the left-over income to pay for treats, fun outings, and other wants. Here are some helpful tips for making the most of your money:
- Use coupons, savings apps, grocery ads, and buy generic brand items to save money. A dollar saved here or there adds up!
- Create a shopping list in advance and take “inventory” at home before heading to the store. This will help you avoid distractions that could lead to overspending.
- Even with a coupon, cashback, or some other marketing ploy, double-check you’re under budget, you really will use the item, and that it’s an immediate need.
Saving what you can now will help prepare you for expenses you will face during your child’s first year. Although an extra $5 for an unplanned trip for fast food may not seem like a big deal right now, keep in mind that this tiny human (who’s arriving shortly) will be relying on your self-discipline soon.
Third Trimester Thoughts
It’s no secret that life will be different once your new baby arrives, and your budget will need to adjust, too. Later in pregnancy, begin to think about who will care for your infant and what childcare expenses will be required once you return to work. At that time, you’ll need to adjust your budget to account for childcare costs while prioritizing savings and needs over wants.
As your due date approaches, communicate with your employer about your maternity leave and time off. Find confidence in knowing that, in most states, it’s illegal to fire or lay off an employee for medical or pregnancy reasons. With a savings account in place, clear communication with your employer, a job you’ll be able to return to after maternity leave, and budgeting practice underway, you’ve already begun establishing a strong financial foundation for you and your new baby.
No matter your financial position, social status, or family history, there are financial moves you can make immediately, while pregnant, that will prepare you for the money challenges you may face once your baby arrives. At Lighthouse Pregnancy Resource Center, we are dedicated to providing you with the support you need throughout your pregnancy.
We offer free parenting education, covering topics such as healthy nutrition, teen pregnancy, financial stability, budgeting, co-parenting, breastfeeding and more, as part of PREP (Parenting Readiness & Enrichment Program). PREP supplies essential material aid — such as diapers, clothing, a stroller and more — to parents who attend our classes. We also provide medical, insurance, and community support referrals. All of our classes and services are offered at no cost to you; our goal is simply to support you throughout your pregnancy and parenting journey. Text Lighthouse Pregnancy Resource Center at 201-677-2394 or send us a message online to learn more and sign up for a class today.
Hackensack, NJ – (973) 238-9045
Paterson, NJ – (973) 238-9045
Wayne, NJ – (973) 238-9045