Being a new mother is an experience of new things, love, and challenges. Apart from the noticeable bodily changes, such as weight, there are momentary or permanent transformations that could be discussed more, such as postpartum depression, pelvic floor collapse, or seasonal hyperthyroidism.
There is also another fundamental topic that new mothers should talk about more often: money.
When we review the numbers, we see that more than 100 million women worldwide are single mothers, and as if this were not enough, according to the World Labor Organization, 2 million mothers were left without work in 2020. All this makes us wonder, do I have enough money to cover the expenses of being a mother? Medical appointments, special foods, medicines, etc.? Do you have enough economic independence to keep you and your daughter well?
Why do moms need to think about finances?
Women, in general, must see and deal with finances in a particular way because we have different expenses from men. For example, health expenses related to our biological nature, such as the monthly purchase of sanitary pads, pregnancy, or appointments with the endocrinologist when we reach menopause.
We also face different barriers and difficulties in the workplace, such as the wage gap, which means that many women earn less for the same work than men and have the same educational level.
When you are a mother for the first time, there are a lot of elements to consider and learn regarding the process of pregnancy and the arrival of the baby, but we must also pay special attention to our finances:
Plan money in different stages: pre-pregnancy (if possible, sometimes there are surprises) and pregnancy.
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Pre-pregnancy: organization and savings are essential. Thinking about covering particular pregnancy expenses is essential: funds for monthly appointments with the obstetrician, funds to carry out specific studies, and funds to pay for the place and delivery equipment.
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Pregnancy: if the baby took you by surprise, you can still organize your money. Thinking about shorter savings terms can help. Also, focusing on explicit savings purposes is essential. For example, you save to pay for an extra day at the medical center where the delivery will occur.
Plan between the two.
If applicable, if you are a new mother with a partner, organizing and saving for the arrival and development of the latest family member is easier to do as a team. Finances must be shared, and you have to prepare a budget together.
See where you can save expenses.
For example, relatives and friends give away clothes, bottles, blankets, etc. With this in mind, you can use the money you don’t allocate to these expenses to buy other types of necessary items, such as packs of diapers or a digital thermometer.
Remember that these are basic recommendations you can follow as a starting point and that each mother has a different lifestyle, income, and needs. The important thing is to think about creating the best possible opportunity for ourselves and our children through the financial organization. Make the decisions that suit you.
What happens when the baby is home
The most important thing about the baby’s arrival at home is to be present with the little one; newborn children change a little every day, and seeing their growth is beautiful. We must have peace of mind in other areas to enjoy that growth.
In the economic sphere, one of the main issues is whether the mother puts her finances on hold or returns to the world of work at the end of parental leave. The other essential component is knowing whether the mother is in a relationship. If she is not in a relationship and all her monetary responsibility falls on her, then you have to think about:
- Have enough money to cover all expenses.
- Plan an appropriate return to work.
- See who can care for the baby while the mom works if she can’t take her daughter to work. You must also set aside money for such an expense if you need a kindergarten.
- Organize purchasing essential items for the home and baby to be prepared.
If the mother is in a relationship:
- Organize expenses with a budget together.
- Define the dates of return to work for the couple and the mother.
- Agree if each one’s contributions will be the same or if there is a different distribution.
You can use the above format to create your baby’s budget once you get home. Remember that you can adapt it to your needs and income; the important thing is defining and acting on what we want to offer our children.
The organization is the best ally when we are going through significant changes in our lives, like being a new mom, and correct financial planning is the most efficient way to show self-love and our loved ones, take stress off our shoulders and create the life we want.
