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When should you start saving for parenthood?

As soon as you discover you are soon to be the proud parent to your very own little bundle of joy then you need to begin saving for the reality of parenthood.According to experts, parents should aim to have at least three months salary put aside for emergencies before their baby arrives. You will have seven or eight months of knowing you are pregnant before the baby arrives and perhaps longer if you have been planning for the baby. While the amount that you save is important, it is more important to get into the habit of saving. Even if you just start saving a small amount a month, you can always raise it.
 
The potential financial costs can seem daunting but there are a multitude of savings options available so you will find one that best suits you (see Step 4).
 
Be prepared for a sudden drop in your income when you have a baby. Your employer may not pay maternity leave so you may have to adjust to a significant reduction in money coming into your household. However, planning for this in advance will help you and your partner to get used to the financial difference and create a strategy to deal with it successfully.
 
Starting to plan financially for the arrival of your baby early will mean you won’t have to deal with worrying financially when you’re also dealing with late night feeds and sleepless nights. 
 
 
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