You’re expecting! Congratulations! Though you might be well aware of what to expect at home when you’re expecting a little one, it’s a whole different game when it comes to your financial planning with maternity leave.
Through the Family and Medical Leave Act (FMLA), the federal government guarantees 12 weeks of unpaid, job-protected leave for the birth of a newborn or adopting a child. Financial planning before your bundle of joy gets here can be a scary task. How do we manage to pay off debt? This snowball calculator can be useful for that part. But then how do you budget during maternity leave and this new addition to your family? With the right mindset and financial tools, you can relax and focus on what’s important during this very crucial time for your baby.
Having the right tools will help make for a solid plan
Starting your plan as soon as you can is a way to stay ahead of the upcoming time off work. Because many companies don’t offer paid leave, how do you take care of yourself and your family during that time period? How do you manage the debt you may already have? Finding a way to simplify your game plan is easier than you thought with tools like debt calculators and debt management tips.
Personalized recommendations on how to best manage money for time off work are key. You’re an individual and you deserve an individual plan for your future. Knowing what we’re facing can help us make a safe and concrete path for the coming weeks.
Preparing an automatic savings
With all that you have to worry about when you’re expecting, creating an automatic savings plan gives you one less thing to worry about. Having a set amount that will always be put into savings is a great choice every month to get you on the right track.
With personalized guidance, you can set and then forget about putting the money away. Having the amount of money you’d be making while you’re taking time off will provide the security you and your family need.
Managing debt repayment
American financial experts estimate that close to 80% of all Americans are in debt. Getting the proper education on debt consolidation, debt payoff methods, and credit scores will help arm you with the knowledge to go into your 12 week leave with confidence. They say knowledge is power. Easy access to the proper methods of handling debt are right at your fingertips. Nothing is more empowering than knowing you can take care of your growing family and their future.
Growing your money
Now that we have money set aside regularly, what else can we do with it? Growing the money you already have means that it does the work while you are busy taking care of your newborn. Navigating the current economic climate by yourself can seem near impossible. Having access to personalized financial investments and advice will give you peace of mind and confidence.
With so many financial products on the market today, finding the right ones to fit your budget and lifestyle is crucial. Avoiding the pitfalls of investing and money management have never been easier. You and your family deserve the best that your money can accomplish.
