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Home >> Financial Tips When You Are Pregnant

Financial Tips When You Are Pregnant

May 21, 2015 by Robert Kulas. Leave a Comment

Financial Tips When You Are PregnantLearning that you are pregnant is an exciting, emotional time for anyone, and also one that has a lot of financial concerns surrounding it. The cost of having and raising a child increases every year, and would-be parents need to be prepared for the financial realities that come with having a child. Today, we are going to take a look at several financial issues you need to consider when you learn that you are pregnant.

Plan ahead for any changes in income while pregnant.

If you are employed, do you know how your employer treats pregnant employees? Does it provide maternity leave or temporary disability insurance? If not, what, if anything, does it provide?

Are you planning on staying at your job as long as possible and returning to it as soon as you can after you have your child, or are you going to take time away? Are you planning on leaving work completely to raise your child?

All of these questions will affect your income, and you’ll have to be prepared for the change.

Go through your health insurance policy with a fine-toothed comb.

Having health insurance is necessary if you are having a baby, but knowing exactly what your policy does and doesn’t cover is equally important. As soon as you learn you are pregnant, or preferably before, you should go through your health insurance policy for any terms and conditions that might apply to your pregnancy.

For example, your policy should be clear about what procedures it covers and what you will be responsible for paying as copays or as a part of your deductible. You’ll also want to pay attention to any pre and post-natal care terms, as well as emergency procedures or contingencies that might arise during pregnancy.

Look to the future.

Beyond the immediate concerns raised by the pregnancy and potential loss of income, there are also the financial realities that you’ll have to confront as you pay for all the diapers, new clothes, baby food, toys, and all the other expenses associated with a new child. Studies show that the average cost of raising a newborn is about $12,000 in the first year, increasing to about $12,500 by the time the child reaches the age of two. If you have yet to prepare for this increase in expenses, you’ll have to start budgeting now. If you don’t have the income to cover the costs, you’ll have to start looking at ways you can decrease expenses in other areas.

After you’ve got all that figured out, you still have the contingency issues to think about. Do you have a life insurance plan that will protect your family if you die? What about if you become sick or incapacitated? Thinking about these questions now is essential if you want to be prepared.

Filed Under: Financial Planning

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"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

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Janice M
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August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

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Krissy L.
Client Review
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I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

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Leo C.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

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Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

default image
Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

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