WHAT IS THE NECESSARY FINANCIAL DECISION TO TAKE BEFORE PLANNING A FAMILY?
After getting married, life becomes more colourful and the traditional tune changed into a cheerful one. It is the end of lonely life and the beginning of family life. The dream of having a perfect family generally comes to mind. Thus a new phase of life started with the execution of family planning.
Actually, there is no perfect time to begin family planning. Rather when you are young, it is the right time. Nowadays, many doctors suggest starting planning a family early to avoid financial issues with increasing age.
While finance is the primary factor, make sure you have properly segregated fund because most of the time, issues generated due to the insufficiency of liquid cash.
Don’t worry, as 1oneFinance is here to help one with fund during family planning. It offers various types of loans which may mitigate your requirement for cash. Let us discuss the necessary financial decision to take before planning a family.
Are you sure about the decision?
Beginning a family is not like purchasing a cigarette packet for the first time, i.e. if it troubles you during smoking, you can easily throw it away. But it is more than that. Once you start executing the plan without analysing the financial stability, it may cause you real trouble.
So, you are a young couple right now. When you start planning a family, you should be financially stable because it will bring numerous changes to your family, for which you may require liquid fund. Moreover, when you become parents, there should be financial stability. Apart from paying house rent, you have to buy baby food, visit a child specialist for a routine check-up, decorate the baby’s room with toys and buy medicines for your wife.
To fulfil these fundamental requirements, there is a need for a huge amount of money. Therefore, if you do not plan finance properly, then it may cost high. As a result, you may have to taking loans for the unemployed with bad credit in the name of your wife if she is not doing any job. For this reason, we suggest make sure that it is the right time for you to start family.
How to plan a budget for the newborn?
It is not difficult to understand how much money is required for taking care of your newly born darling. For this reason, planning a budget is mostly required for young couples before thinking about a baby. Once it is calculated and you know exactly how much money is used for expenditure and how much can be saved in a bank account, then the process of budgeting is complete.
This will help before adding a member to your family because there is a fair idea about exactly how much money remains in your hand after spending. Ensure it is adequate to take care of your child and only then think about a baby. To get the exact amount while budgeting, try to avoid age-old pen-paper mode and start using various budgeting application or Excel.
Is it necessary to Curtail down additional expenses before having baby?
Yes, it is necessary to curtail down additional expenses before going to become parents. Undoubtedly, it is now really expensive to raise a kid with a high price rise by providing him with a quality education and a quality life. For this reason by curtailing down additional as well as unnecessary expenses is required. In this way, you can start the habit of saving money from today onwards.
If you think it will be really difficult to curtail down on expense, this is completely wrong. For instance, you can enjoy two bottles of cokes even while saving. How? Search for buy 1 gets 1 offer while visiting the shopping mall. In this way, you can easily cut unnecessary expenses as well as save for the future.
How can I use maternity leave and government subsidies while having a baby?
Generally, women are granted maternity leave after giving birth to her baby. If you think that it will be going to exhaust your salary, then it is completely wrong. It is regulation of the UK government that a father and mother should be allowed to enjoy maternity and paternity leave post-birth of the baby.
However, both these leaves are completely paid leave, and there will be no deduction from salary.
Conveniences of maternity leave are mentioned following:
- If a woman works for a manufacturing company, she can apply for a minimum of 2 weeks and a maximum of 4 weeks paid leave.
- 90% of the money will be credited to her bank account if she takes leave for more than 6 weeks.
- If the leave is extended up to 33 weeks, then £145.20 or 90% of total monthly earnings will be paid to the mother.
- The paid leave can be extended up to 52 weeks.
Apart from leave granting facility, there is much other monetary assistance provided by the UK Government from time to time so that the child can get a great future ahead. Find eligibility by visiting the official website and apply for the necessary ones.