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#1: INSURANCE COVERAGE
When it comes to expecting a baby, it’s always wise to be prepared for the unexpected. That’s why maternity insurance is a must-have. For those who love being ahead of the game, like many Kiasu parents, maternity insurance is essential. Maternity insurance can provide financial protection and peace of mind during this significant life event.
Take, for example, Income’s Maternity 360. With a single premium, this plan offers three years of comprehensive coverage for both mother and baby, including protection against death, 10 pregnancy complications, and 23 congenital diseases. Plus, it includes a hospital care benefit, ensuring you’re covered in various situations.
#2: HOSPITAL BAG
Packing your hospital bag is an exciting step, but it’s important to plan based on your expected stay. Most mothers spend 2 to 3 days in the hospital after giving birth, though a C-section may require a longer stay. Fathers planning to stay with their partners should also consider this when packing.
Think about what will make you comfortable and prepared for those few days. For example, when my friend Lea was expecting her first child, she packed cozy pajamas, snacks, and even a favorite pillow from home, making her stay much more comfortable.
#3: HOME PREPARATION
Bringing your baby home for the first time is a thrilling moment, but it’s crucial to ensure your home is ready. This goes beyond just cleaning; it’s about creating a safe, welcoming environment.
Start by minimizing furniture and switching to non-toxic products (e.g., disinfectants and natural cleaning products). Less furniture means fewer places for germs and dust to gather. For laundry: wash sheets, blankets, and your baby’s clothes with mild detergent to avoid skin irritation. Then, consider professional cleaning if necessary.
#4: EMERGENCY FUND
Life with a baby can be unpredictable, and having an emergency fund is crucial. Aim to save enough to cover three to six months’ worth of your take-home pay. If that seems daunting, start with a smaller goal, like S$1,000, then gradually increase it.
#5: BABY-CENTERED BUDGET
Adjusting your budget to include baby-related expenses is essential. Consider ongoing costs like health insurance, doctor visit copays, diapers, formula, food, clothing, and daycare. Don’t forget one-time expenses for setting up the nursery and stocking up on baby gear. My cousin Nik created a detailed budget before her baby was born and found it incredibly helpful in managing her finances smoothly.
#6: BENEFICIARIES UPDATE
Major life changes, like having a baby, are a perfect time to review and update your beneficiaries on life insurance and retirement plans. You might still have your parents, siblings, or even a previous partner listed instead of your child. When my brother updated his beneficiaries after his first child was born, it gave him great comfort knowing his family’s future was secured.
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Preparing for a baby is an exciting journey filled with many steps, but with a little planning and forethought, you can ensure you’re ready for the adventure ahead.
