{"id":460,"date":"2017-03-01T07:10:55","date_gmt":"2017-03-01T07:10:55","guid":{"rendered":"http:\/\/35.247.165.222\/?p=460"},"modified":"2017-03-01T07:10:55","modified_gmt":"2017-03-01T07:10:55","slug":"budgeting-welcome-baby","status":"publish","type":"post","link":"https:\/\/halfhalfparenting.com\/budgeting-welcome-baby\/","title":{"rendered":"Budgeting to Welcome a Baby?"},"content":{"rendered":"
You baby is your bundle of joy. <\/span>For this delicate little one, you are willing to compromise on every front<\/span>. For many parents, <\/span>having <\/span>a <\/span>new<\/span> <\/span>addition <\/span>means many things including re<\/span>prioritising <\/span>one\u2019s<\/span> family finances. <\/span>For others, it could mean budgeting.<\/span><\/p>\n In a recent research conducted by a university professor, raising a child up to the age of 20 costs <\/span>an average of about<\/span> $360,000. This works out to about $1,500 a month<\/span> during this <\/span>span of time<\/span>. <\/span>So d<\/span>epending on how far down the road you <\/span>want<\/span> to plan for your baby<\/span>, it is <\/span>always <\/span>worth <\/span>looking into family finances to <\/span>kick start<\/span> <\/span>this long road ahead.<\/span> For a start, here are some short-term considerations:<\/span><\/p>\n Choosing between a private and public hospital has <\/span>an <\/span>immediate impact on your finances. Depending on your budget, you will need to choose your hospital, ward<\/span>, obstetrician<\/span> and <\/span>even confinement package wisely.<\/span><\/p>\n Mothers are entitled to four months of maternity leave in Singapore. After which, working mothers have to decide on<\/span> their desired<\/span> infant care arrangement. If <\/span>you decide to place your baby at<\/span> <\/span>an <\/span>infant care<\/span> center<\/span>, this would mean incurring an additional <\/span>monthly <\/span>expense. Mothers who choose to leave their jobs to be the main caretaker will have to\u00a0<\/span>decide if<\/span> the family<\/span> can survive on <\/span>a single income or make necessary<\/span> lifestyle adjustments<\/span> to compensate the income shortfall<\/span>.<\/span><\/p>\n Having a baby always mean incurring unexpected costs every now and then. It could be a nasty <\/span>bout of cough <\/span>that takes weeks to recover from or even a <\/span>fall <\/span>that requires medical attention. <\/span>Consulting a p<\/span>ediatrician<\/span> <\/span>can sometimes<\/span> set you back <\/span>by<\/span> hundred<\/span>s of dollars<\/span>. Knowing that you have six mo<\/span>nths worth of emergency reserve<\/span> allows you to prepare for such <\/span>incidences.<\/span><\/p>\n<\/div>\n<\/div>\n Health insurance is affordable<\/span> when your child is still very young<\/span>. <\/span>Providing adequate health coverage for your baby is important <\/span>for the family <\/span>in the long run.<\/span><\/p>\n At birth or in the weeks that follow, complications can occur <\/span>if<\/span> a <\/span>baby is born with a defect or prematurely. <\/span>In Singapore, there are about 100 cases of stillborn babies each year. There are also <\/span>cases where<\/span>by<\/span> babies are born with no apparent abnormalities at birth, but pass away <\/span>weeks later owing to conditions that were not detected earlier<\/span>. <\/span>Considering a baby\u2019<\/span>s mortality seems morbid, but <\/span>it is <\/span>still something that we should think about.<\/span><\/p>\n Medical check-ups, vaccinations, formula milk and diapers can weigh <\/span>heavily <\/span>on your pocket. <\/span>Shortly after<\/span> birth, many babies require a night or two in the hospital if the<\/span>y develop<\/span> jaundice <\/span>that requires medical attention<\/span>. Depending on your lifestyle and disposable income, you might need to tweak your way of life to accommodate the needs of <\/span>your <\/span>newborn.<\/span><\/p>\n It can be overwhelming trying to<\/span> attend to <\/span>every<\/span> aspect of your finances all at once. The key here is prioritising and <\/span>checking off items that require immediate attention. <\/span>As time goes by, focus on <\/span>long-term plans such as <\/span>retirement funding, educational funding and even re-writing your will to reflect changes in your life<\/span>.<\/span> <\/span><\/p>\nDelivery budget<\/span><\/h2>\n
Infant care<\/span><\/h2>\n
Emergency reserve<\/span> <\/span><\/h2>\n
Health Insurance<\/h2>\n
Life insurance<\/span><\/h2>\n
Budgeting<\/span><\/h2>\n
Conclusion<\/span><\/h2>\n