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The weeks and months leading up to your maternity leave are as exciting as they are terrifying. You have spent many months preparing for the changes to take place in your life and your home. Now, it is time to prepare financially for the challenge of extended time off work for maternity leave.
Understanding Your Health and Maternity Benefits
For the most part, companies only provide brief maternity leave periods. With an effective plan, though, you can have plenty of time to enjoy your newborn before returning to work. However, it would be best if you began by understanding the health and maternity benefits your employer provides.
Work with the HR representative in your company to understand what your health insurance and maternity benefit your organization provides. Specific questions you want to ask include:
You should note that some companies require employees to repay health insurance payments they covered during your leave if you do not return to work.
The better understanding you have of your income and obligations during this exciting time, the better prepared you can be for creating a savings plan and budget for the time leading up to the big day and after.
Saving and Budgeting
Hopefully, you begin this process early in your pregnancy and have a few months to prepare for your upcoming maternity leave. The sooner you start making preparations and saving money, the better it will be for your budget after the baby is born. Unfortunately, this all comes at a time when many expenses are cranking up as you prepare your home for your little one’s arrival.
The key is to reduce expenses during this fantastic time in your journey while making sure you have the necessities in life covered, without going into unnecessary debt. Knowing your finances are in the right place will make this vital bonding time with your baby more enjoyable and relaxing.
Creating a Plan that Will See You Through Your Leave
Starting early and creating a plan that carries you through your maternity leave allows you the ability to enjoy your full maternity leave without worrying about keeping the lights on or going into debt to do so.