• Team Oraan

Oh baby! How to financially prepare when you’re expanding your family


One of the most exciting, dream-fulfilling and downright terrifying time of a person’s life is when they are bringing new life into the world! For expectant parents there is so much to plan, putting together a baby room, buying teeny adorable baby clothes and figuring out names. But amidst the cuddly and soft decision to be made, it is crucial to get your money plans in order to!

With new life comes new responsibilities and the need to figure out what expenses are coming and how you will tackle them.

We have put together a list of how to financially prepare for baby.

  • First things first, understand your money as it is NOW

As a partnership you must figure out how much money you are bringing in, how much you spend, and what kind of money you are working with each month outside of your bills and necessities. If you are living with family and have familial support, you should calculate that as well.

Figure out where you stand so you can build from there where you want to go! If you have debt, do you have the capacity to start paying it down? Starting on strong footing can make a world of difference when having a child.

  • Research your medical care options

Hospitals in Pakistan both private and public have packages and outlined plans for baby delivery and care. You should do your research to figure out which one best suits you and your family’s needs. In addition to speaking with your existing medical care, also speak with family and friends about their experiences.

This includes checking out your health insurance. What is covered by it? Does it include medicines? Additional stays? C-sections?

All of this should be factored into your decision of where and with who you want to give birth.

  • Diversify your savings!

If you have not started building out an emergency savings account, you should! But in addition you may want to start putting away money for baby medical expenses and another account for the baby’s future. Of course majority of us cannot pull away huge chunks of our salaries or money towards savings realistically every month, but a little bit over a long period will grow. This money could be a major help if circumstances require needing money immediately.

  • Figure out your maternity and paternity leave

The earlier you figure out your parental leave the better! See how much paid leave you have remaining and if you want to, whether or not you can add it onto your parental leave. Often paternity leave is much shorter than maternity leave, if your spouse wants to take time away from work which is unpaid, you have to factor that in for your future budget. If you plan on hiring in additional help, this will impact your budget to, so knowing when and for how long you will need them is important.

  • Save where you can!

If you have family and friends who have previously had babies and have gear they are ready to part with this can be a huge place to save on spending. Cribs, strollers, toys, and especially CLOTHES for babies are incredibly expensive and also inevitable so if you can take hand me downs it could impact your budget in a major way.

Babies are the cuddliest, cutest of creatures but they also grow at a fast rate meaning clothing, shoes, and even certain toys and highchairs no longer fit them, so better to take them on from others rather than spend on new!

If you do not know people personally baby things are often on sale on Facebook groups for new parents!

  • Get baby on track!

If you have health and life insurance add your baby as soon as you can. It’s an extra step that can protect against financial surprises later on.

Additionally other paperwork like their birth certificate and passports should be handled quickly so that when you need them later, you’re already steps ahead!

  • Do the hard planning

If you do not have a will, now is the time to put one in order. Any property or assets you want protected for your baby? This should also be handled now.

It may feel morbid to plan for your demise when you’re bringing new life through your doors, but protecting your child’s future and all you have worked for is an important part of expanding your family. Life can shake up on you in an instant so it’s good to be standing on solid ground.


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