Surprise Attack

There are times when life hits us with a bag of bricks. If we're prepared, we can pick up the load and carry on. If we're not, we can be crushed.

Can You Ever Be Prepared?

Many times women are left alone to deal with a pending birth or a young baby and there is a sore lack of financial support due to unforeseen circumstances. Perhaps her partner decided to leave, or was fatally injured in an accident. Without insurance or a will, she is left to carry the load of raising a child on her own and the responsibility of supporting her child as well as herself. It can be a terrifying and daunting task. Is there some way to prepare for such an eventuality?

The short answer is, Yes. By seeking help from a financial planner and planning the financial picture for the present and the future - from education to home purchase to a will and death benefits - your future and that of your loved ones can be made more secure. Don't wait for something difficult to happen before you acknowledge the reality that there is more to having a child than buying diapers and baby clothes.

Get The Help You Need

Financial planners often advise saving for a woman's pregnancy because one never knows the road ahead. It may be necessary to have special treatment or an emergency c-section, which causes a huge hike in hospital bills. Many women don't consider the cost of maternity clothing and end up begrudging themselves basic needs because of poor financial planning or a lack of money.

Start Planning Before Having A Baby

Ideally, financial planning should start long before a baby is on the way. Even before marriage, a couple can begin to put things into order so the financial encumbrances of having a family are met with less stress and more confidence.  Investments which will pay benefits long-term can be initiated early on.  While it may seem impossible to save money, a financial planner can often show a couple where they can change things in order to make saving for the future doable. He can help to establish clear financial goals and recommend ways to save for the child's college fund, pay off the bills and still have money to spend. Most frequently couples struggle because they have failed to plan and to live within the confines of their plan.

Are You Covered?

Some of the considerations when planning family finances include insurance evaluating. Do you have enough insurance? Are both of you covered? Do you need insurance for the baby?  Planning will include day-to-day costs which were never a concern before having a child, such as day care. It is a good idea to have enough money set aside to allow yourselves financial cushioning for about six months. That way, if maternity leave is unpaid, you won't be under the gun.

Do You Have A Will?

Perhaps the single biggest item on the to-do list is drawing up a will. No, it isn't a pleasant thought, but it is an eventuality. Hopefully, it won't be one you will have to deal with in the near future. There is great peace of mind in knowing that if something happens to one member of the couple, the family will be taken care of financially. It's just good planning.