Parenting

Planning for Parenthood
Brace yourself. Your budget may be in for a shock with the cost of diapers, food, clothing, child care, strollers and more. If parenthood is part of your future, start planning financially for having a baby as soon as you can. Set aside as much as possible every month in a savings account. Remember that when your baby arrives, you’ll likely have to change your health insurance coverage to protect them. The actual event of birth can be expensive, as can all the first-time purchases you’ll make.

Once you’ve saved enough for everyday expenses, consider putting remaining funds into a college account. Thoroughly research all the items you need to purchase before the delivery. It will be extremely helpful to have most of what you need before the baby is born. Some of the essentials are a car seat, crib, bassinet, stroller, baby monitor and more. Another aspect to plan for is health care insurance for your new addition. Apart from the expense of childbirth, there will be pediatric care appointments in the weeks and months following.

One Income Versus Two
One of the hardest decisions for new parents is whether to have one parent stay at home full-time. As much as you wish it wasn't the case, this decision is often based on financial considerations. Here are some questions that might help guide your decision:

• Are both jobs paying off? A job is more than just income — it also includes expenses. There's gas and/or other costs related to transportation. You may eat out much more when working. You will need to pay for child care while you are on the job as well, which can cost huge amounts every year. Add up all of these work-related expenses to figure out how much money you would really lose by staying home. It may not be as big a loss as you thought.
• Can you afford not to work? Subtract your income and work-related expenses from your budget. If that produces a deficit, see if you can cut any expenses but keep your savings as high as possible.

Maternity and Paternity Leave
Check to see what the laws are for maternity and paternity leave in your country of residence. In Saudi Arabia, female workers are entitled to 10 weeks’ maternity leave fully paid, to commence maximum four weeks before the expected date of delivery. The leave can also be extended for an additional month on an unpaid basis. In the UAE, female employees in government departments are entitled to three months of maternity leave, whereas employees in the private sector are entitled to 45 days. The rules vary from country to country and company to company, so it’s important to get clarity so there are no surprises.

Childcare
Child care can be one of the largest costs of raising a child. So the choice often comes to finding a balance between what’s affordable and the optimal setting in which your child will spend five days a week. Consider day care centers, family day care or hiring a nanny. Whichever option you choose for your child, always evaluate caretakers thoroughly and thoughtfully. Do your due diligence by looking up reviews online, asking around about the service and requesting references from the care provider.