Financial Readiness for Pregnancy

Having a baby is a life and lifestyle changing event. Analysing the financial impact a new born will have on your finances is a good start towards planning your and baby's financial future. Think through the following to understand your finances better.

• What is the expected healthcare expenses during pregnancy and delivery?
• Do you have medical insurance? What expenses does it cover?
• What is your organization's policy on maternal and paternal leave? How many days of paid leave can you avail?
• If one of you decides to stop working, will you still be able to meet your financial obligations
• What are the long term expenses for child care, education etc.
• What are the lifestyle changes you will have to make - Will you need to move into a bigger house? Buy a car?
• Here's a chart provided by BankRate.com that can help calculate expenses incurred for raising a child
  http://www.bankrate.com/brm/calc/raiseChild.asp
• Lastly, remember that having a child is about much more than money. Get your plans in order and understand the financial implications. Just dont let the numbers scare you away from the most fulfilling experience of your life. After all, people have been doing this all through the ages.