“The problem is not the problem. The problem is we don’t know what is the problem”
I first learnt about this phrase from a business coach. He used it to explain to his clientele of mainly business owners and entrepreneurs that their biggest business challenge lies not in finding solutions to their problems but rather in defining what exactly the problem to solve is.
From my personal experience (I have 2 lovely daughters), having a baby is like starting a business. You begin with an idea (or what is known as “Vision” in the business world) of how it should be, you understand that the initial years will be a lot of hard work and from the time the business idea takes root, there will be endless decisions to make.
For an entrepreneur, every day is about making decisions and the quality of those decisions will determine if the business succeeds or fails. Because every business is different, there are very little reference points to guarantee that a decision will be correct. Similarly for a parent, every day is about making decisions and the quality of those decisions will determine parenting success or failure.
Because every child is unique, you cannot just do what your friend had done for their child, copy the same and expect success.
One thing is quite clear though, financial management is essential and is probably one of the first things to get right for the endeavor to be successful. When it comes to having a baby, the financial management begins during pregnancy and this is when the considerations may become complex. There are so many things to know, most of them are unfamiliar and a wrong decision (or even a delay in making a decision) may be costly.
You can use this “Baby Budget Checklist” that I’ve done up to estimate the amount of cash required from 20 weeks pregnancy to baby first month to help in your planning.
(NOTE: Get our Baby Budget Checklist to find out the estimated costs of big ticket items from 20 weeks pregnancy to baby 1st month. Get your checklist here)
I have built what I believe to be a useful resource of a list of common financial considerations during pregnancy and I hope that the following topics written in a question and answer format will help you to get prepared as you begin tackling the millions of financial decisions (that’s how it’ll feels like) ahead.
A quick disclaimer before you continue reading, this list is not exhaustive and may probably never be but do bookmark this page and come back often as I will update the information whenever I come across something new that’s useful.