Are You Financially Ready?

Very few people can say that they have the money to send their child to university and buy a bigger house even before conceiving. Therefore, that is not what we are discussing here, but you should have a plan in place for both. A couple can only consider themselves financially ready for a child when they have a family income that is sufficient for them to live comfortably, even after having/adopting a child.

Additionally, parents should at least have a plan to secure that comfortable, financial future for themselves and their children in the long run. If both couples are earning at the moment, they must also be well aware of maternity benefits in respect to the would-be mum’s job. Check out the UK government’s maternity allowance policies.

Do you have the space?

A child will soon need his/her own room and preferably, a good bit of space to play in. In fact, parents are often seen adopting a pet, soon after having/adopting a child. This, of course, further expands their family, expenses and their need for more space. Living in a bigger house with more garden space is ideal, but there might still be more space in your current home than you think.

From the attic to the basement, couples are often surprised by how much extra space they find by simply changing bulky furniture and clearing out unnecessary items. Rent a self-storage until you can sell off/give away the extra stuff. In their place, opt for multipurpose, slick furniture wherever and whenever possible. Jennings Storage is a well established and secured Oxford Storage company, so contact them if you are in need for secured self storage nearby. Their people-centric, fee-less downsizing/upsizing plans are perfect to shrink your self-storage renting expenditures as the extra furniture is slowly sold off or given away. For the items that you do not wish to get rid of, choose a long-term plan for a smaller self-storage unit later on.

Have you considered the impact on your insurance?

Health insurance and life insurance are the two which must be reconsidered and changed accordingly after a child becomes part of the family. Parents may require more life insurance, while the child itself will require new health insurance coverage. Talk to your insurance advisor and discuss what would be the best course of action to insure and/or incorporate your new family member into existing plans. Alternatively, you could compare insurance policies and offers on the internet to see if you can’t get a better deal from a different insurer under the present circumstances.

The main idea is to have a family plan, as well as the initial resources to fund that plan. There is no telling what will happen in the distant future, but having a bit of foresight and preparing for the foreseeable future is still essential. That is if you wish to secure the future of your child and your family as a whole. Sometimes, it’s better to delay a family expansion than to regret the mistake at a later date.