People always say that having a child is a life-changing experience. There will be a lot of joy watching your child growing and learning. However, it is important to manage your family budget to achieve financial stability, especially after a newborn.

Parents should start to plan their financial preparation before giving birth. Parents would not want their child to suffer because of their financial instability.

What are the financial consideration that new parents should make?

1. Family Budget

Budgeting is an important steps to manage a household fund. With your new schedule and responsibilities on the newborn, it can be easy to miss a utility payment or overspend the monthly amount on groceries.

Therefore, parents should consider their family budget instead of guessing. Parents should have a checklist on what they should spend by their given income. Also, they should record on every bill paid especially credit cards and utility bill. 

By knowing where the money has gone, parents can easily maintain a healthy financial situation.

2. Insurance

Insurance is an important sector on family financial planning. Insurance will ensure the financial security of a family if anything unfortunate happens. However, parents will not  want to overpay the insurance premium and increase their cost of livings.

Parents should make sure that which insurance has been undertake by their company. They will also have to figure out whether it make sense to upgrade their insurance policy after their life has changed.

There are few kind of insurance that parents should definitely have, such as life insurance which include medical insurance, critical illness insurance and more. General insurance such as car insurance and home insurance, might be important too.

3. Childcare

Childcare is a major expenses which are really expensive. One of the best way to save on day care is not to need it at all. However, it might be be difficult if both parents need to work in order to have additional financial support. If you do need it, research on the daycare option early so you can have a better choices.

Click here for the article "Things to consider when choosing a childcare centre"

4. Leave

Parents should consider on the leave package of their company. In Malaysia, new mothers have full pay on 60 consecutive days of maternity leave. A company can opt to extend the leave beyond 60 days, but without pay. Public sector employees receive 90 days of leave.

However, some of the small companies don't provide maternity leave. Therefore, parents might need to figure out if they have enough money to cover the unpaid leaves. 

Furthermore, it is also important to have enough time for the manager to train someone to fill in for your leaves. Therefore, planning on taking long leave is a must.

5. Equipment

Parents should prepare on baby equipment that will make their life easier. They should know which accessories they need and not to waste their money in stuff they don't need. Remember not to buy too much before the baby was born.

There are some baby equipment that could come in handy for parents. 

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