| Many professional women fear the prospect of | | | | will be itching to get back into the workforce. |
| becoming pregnant due to financial pressures. It's not | | | | Whatever your preference, it's important to develop |
| uncommon in the modern world to find women who | | | | a plan for staying at home or returning to work. You |
| are the highest income earners in their household | | | | may want to consider the following: |
| which begs the question: how can you afford to | | | | - How much paid and unpaid maternity leave does |
| have a baby and maintain your lifestyle? The answer | | | | your company offer? |
| to this question will depend on your individual | | | | - Where will your income come from during your time |
| circumstances, however no matter what those | | | | off? |
| circumstances are, this is definitely an area that can | | | | - Will financial support be available from a spouse or |
| be worked through if you're prepared to spend some | | | | partner? |
| time planning ahead for your pregnancy and beyond. | | | | - Does your employer offer flexible working |
| For those finance professionals out there, I | | | | arrangements (part-time, job share) |
| encourage you to resist the urge to jump ahead and | | | | - Do you have any other sources of income outside |
| build yourself a discounted cash flow model about | | | | of your job? Some examples may include income |
| pregnancy! Before we jump to specific financials, | | | | from the sale of assets or stocks or even drawing |
| there are some key questions you will want to ask | | | | down on your home mortgage. You may even want |
| yourself: | | | | to explore options for generating an income from |
| 1. What pregnancy-related costs will you be up for? | | | | home. |
| There will certainly be a number of appointments that | | | | Now that you've covered off on some of the |
| you need to attend with various medical practitioners | | | | finance basics in preparation for pregnancy, it's time |
| such for ultra-sounds as well as phased check-ups | | | | to pull out your notepad and calculator or your Excel |
| with your doctor. The costs of these medical visits | | | | spreadsheet. You will want to start two versions of |
| will vary for each specialist and will also depend on | | | | your household budget: |
| whether you choose to give birth in a public or | | | | - Version 1: your current household budget including all |
| private hospital. You may also want to consider the | | | | sources of income and your current expenses. |
| possible cost of IVF (in-vitro fertilization) services. | | | | - Version 2: an extended version of your household |
| 2. What items will you need to purchase for your | | | | budget that excludes the income from your job and |
| baby? The best place to start with this question is to | | | | includes your new baby-related expenses. |
| ask other first-time mothers about their experiences. | | | | It is advisable to set up your budget by month over |
| Some of the most common essentials include: | | | | a one year period. This way, you will be able to |
| - Baby wraps | | | | capture expenses that occur in one particular month |
| - Bath products | | | | of the year, such as various insurance premiums and |
| - Bottles | | | | you will also be able to work out the number of |
| - Bibs | | | | months that you can afford to stay at home. |
| - Change table | | | | If you'd like to take this further and you've got a bit |
| - Clothes | | | | of financial modeling experience under your belt, why |
| - Cot | | | | not develop your own pregnancy cash flow model to |
| - Diapers | | | | compare the results of various stay-at-home or |
| - Dummy | | | | return-to-work scenarios? If you're not a numbers |
| - Nappy rash cream | | | | person, why not ask a colleague to help you out or |
| - Pram | | | | make an appointment to see your accountant and |
| Baby stores will also give you plenty of ideas | | | | ask them to run the scenarios for you. |
| however it might help to come up with your own | | | | Developing a robust budget can help you to plan for |
| shortlist and approximate budget before you spend | | | | the financial aspect of your pregnancy and can also |
| your life savings on baby products! For more budget | | | | help you to manage your general household finances. |
| conscious women, it can certainly help to be open | | | | Now that you know how to get your finances under |
| minded about using pre-loved items that friends and | | | | control during your pregnancy, you can focus your |
| family may pass on to you. | | | | attention on becoming pregnant and embracing |
| 3. How long do you plan to stay at home? While | | | | motherhood as it is guaranteed to be one of the |
| some of you may love the idea of staying at home | | | | most rewarding stages of your life. |
| for your baby's first year, other professional women | | | | |