Maternity Leave Finances

25 Feb

  Photo Source

Did you know according the Census Bureau approximately half of working women don’t qualify for maternity leave. I think that’s crazy, however today I am here to talk to you about managing your finances for maternity leave.

  Photo Source

 

First off don’t stress out this is not good for your health or the baby’s.  If your planning on getting pregnant than go ahead and create a budget (if you don’t already have one) and make adjustments for savings this is a time when you need to start saving even more $ than before. If your already pregnant take your budget and see where you can cut unnecessary expenses from, start packing lunches for work, eat out less often, detail your own car at home, rent a movie, rent books from the library do stuff that is cheaper than before or free.

Commit to a budget for baby and stick to it, there are so many items they will try and sell you that are unnecessary or just frivolous. Don’t go overboard on buying baby stuff, its a newborn it has needs remembering above that your buying your wants. Set up an automatic transfer from your checking to savings account every month this will help (minimum of 10%). I am not trying to say have no fun, just have fun that doesn’t cost a lot. When people offer to buy you something for the baby ask for items that you will really need and are disposable like diapers, baby wash, and other basic necessities – also check out my blog and read past posts on how to save $ with babies.

Don’t wait till the 11th hour, my friend did this and she was 2 days before her due date (1o/30 due 11/1) and she was still negotiating the ability for maternity compensation. Make sure to check and see if your FMLA qualified and what your compensation will be on maternity leave. Make sure to speak with your Human Resources department and get a letter in writing I really recommend doing this around the 6-7 month mark, that way you and your employer have plenty of time to get all the paperwork done, and the employer has time to make arrangements for your job to be covered while your out. Once you know what type of compensation you will or won’t receive during maternity leave –  factor that into your new monthly budget with your now adjusted monthly income. I will be writing a follow up post to this one in the next few weeks so be sure to check back for part 2 in which I will include some additional resources.

 

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: