One of the biggest mistakes that prospective parents make is to think that they will have enough time to earn and save money after the baby is born. This kind of thinking often leads to stress, and chaos, when the baby is born, and the parents suddenly realise they do not have enough money. Some of the reasons why you need to start saving before birth include the following.
It Allows You to Spend Time with Your Baby
The beauty of having savings set aside for your child is that you can afford to take up fewer work hours or take some time off work, to take care of, and bond with, your baby. The early stages of a child’s development need you to be both physically and emotionally present. You can only do this if you are not worried about running out of money.
It Gives You Peace of Mind
Stress can affect your mental health, and ultimately ruin the relationship with your baby. If you have a baby, and the reality that you are broke hits you, you may start regarding the baby as a burden. This will affect your interaction with your child, and make parenthood seem overwhelming. Start saving now, so that you are financially ready for the birth.
Allows You to Give Your Child a Comfortable Life
Every parent desires for their children to have life’s comfort and social needs, such as health and education. You will only afford good schools, and social aspects such as travelling, and birthday celebrations, if you save for your child.
Cushions You Against Emergencies
Preparing for life’s uncertainties is good. You may get fired from work, your child could be born with a health condition that needs finances and individual attention, or, you may be planning for one child, only to have many. What happens then? If you have savings, you will sail through.