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Planning the Family Budget with Expected Baby Arrival

The news of a baby arriving in your family brings not only joy but also the concern for planning the family's future. It is very true that you need to start planning for the budget even before your baby's birth. Here are some guidelines to proceed with some of your plannings:

Maternity leave: If you are a working lady, you need to know the details of the maternity leave as soon as you conceive. The duration and terms of payment for this leave vary in different countries and companies as well. You also need to take into account the lapses that could possibly occur due to health related issues in the pregnancy.

Medical insurance/reimbursement: Delivery indicates hospitalisation and related expenses. You need to estimate them in advance. This includes the monthly checkups and tests in the nine months. Find out the details of the policies if you have any or you may even go for a new one.

Preparation for arrival: This involves a long list. Towards the last trimester you can begin working on this. Talk openly with family friends if it is possible to arrange items like crib, pram, car seat and others. Also enlist the necessary baby products and draft the approximate expenses that are expected. These involve baby food, diapers, clothes, toys and so on.

Future expenses: Along with the necessities, you need to spend for vaccinations, pediatric expenses which is quite frequent in the first five years.
Last but not the least you need to save for education which costs high in some countries.

Taking into account the liabilities, you need to work on the family budget as well.

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