How To Prepare For Maternity Leave Financially

How to financially prepare for maternity leave in canada we are incredibly blessed here in canada to be able to take a long maternity leave to be home with our babies.

How to prepare for maternity leave financially.

Like any other major life event financial planning is crucial to make the experience as stress free as possible. To avoid financial shocks work with your family to follow best practices to create a budget that works for you. My wife and i compiled a list of the most important things to do to financially prepare for maternity leave. Fill in the information below to receive an email copy.

After all saving for maternity leave is the precursor to a total budget overhaul once the baby arrives. Carl september 25 2020 september 25 2020. Like any other major life event financial planning is crucial to make the experience as stress free as possible. To financially prepare for maternity leave you need to know how long you plan to be away from work without pay.

Begin saving money from every paycheck and from those reduced expenses. The family and medical leave act fmla allows eligible employees up to 12 weeks of job protected unpaid leave from work per year for certain family and medical reasons including for the birth of a child. So save as much as you can. How to financially prepare your family.

Saving for maternity leave. With so many unknowns taking ownership of your financial circumstances to prepare for a baby is empowering. The time off work spent with a newborn is one of the most memorable times in a parent s life. This can be a time of amazing bonding with your baby but for many it is a stressful experience with the addition of a much reduced family income and financial strain.

Paid time off is a wonderful way to financially prepare for maternity leave. If you are entitled to leave payments figure out how much this is and plan your maternity leave budget around it. How to financially prepare your family. Always do your research and communicate openly with your employer.

This means that you will get a paycheck even when you do not physically go to work. To take a full paid maternity leave you d need 480 hours of pto if you work 40 hours week. I recommend always taking the conservative approach. Saving for maternity leave.

Just because your maternity leave doesn t start for 6 months doesn t mean you should wait to prepare financially. When you prepare financially for your maternity leave you will enjoy that time with your child that much more. We also created a free financial checklist baby on the way. The time off work spent with a newborn is one of the most memorable times in a parent s life.

This post is a part of women s money week 2015. It s tempting to take those savings and spend them on other things you need but you never know what your maternity leave may hold for you. If you estimate five weeks paid leave budget for 3 4 weeks and keep the surplus aside for your emergency fund.