Got a baby on the way, stressed out over money, looking for some tips to make saving for maternity leave easier?
We got your back.
Here, we’ll show you how much you need to save and how to prepare for maternity leave with 14 beneficial tips.
We’ll dive into how you can get free gift cards from websites like Swagbucks, make some extra cash on Bonanza selling old clothes, and much more.
Let’s jump right in. š
How Much To Save For Maternity Leave?
One of the most important things to consider when preparing for maternity leave is knowing how much cash you need to set aside. Depending on your salary and where you live, this number can vary.
If you’re paid hourly, you’ll need to save enough to cover your regular working hours for your leave. If you’re salaried, you’ll need to save at least 3-6 months of living expenses.
Of course, there are many other factors to consider when saving for maternity leave. Including your budget, lifestyle, regular monthly expenses, and any additional benefits or financial assistance, you may be eligible for.
14 Helpful Tips To Help You Save For Maternity Leave
1. Budgeting
One of the most important things to do when preparing for your new baby is creating and sticking to a realistic family budget. This will help you figure out exactly how much you need to save and where you can cut back on expenses.
To start, track your spending for one month to know exactly where your money is. Then, create a budget for yourself that limits your spending and ensures that you are saving enough to cover the costs of maternity leave.
And if you want to make it as easy as possible, you should use a budgeting app like Personal Capital.
Personal Capital is a free app that allows you to budget, plan your retirement, and get professional advice, all in the palm of your hand. š
2. Save, Save, Save!
An essential thing you can do while preparing for maternity leave starts saving early. The more money you can put away, the less pressure you will feel during your time off. Whether you utilize budgeting tools like Quicken, employer benefits, or coupon and discount programs, there are many ways to save money.
So stop the spending, start building good savings, and enjoy your time off worry-free!
3. Do A No Spend Challenge
One of the most effective ways to increase your maternity savings is doing a no-spend challenge. This means you will stop buying things altogether for a set period. Then, use the money you would typically spend on these things to put into your savings account instead.
To do this challenge, start by picking a date and then list all the things you would typically spend money on in a month. This could include things like coffee, clothes, going out to eat, etc. Then, for the next month (or however long you want to do the challenge), do not spend money on any of the things on your list.
This will help you put aside money for maternity leave. But, still, it will also help you become more mindful of your spending overall.
4. Fully Understand Your Employer Benefits
As with most aspects of life, it’s always a good idea to do some research before you commit. However, when it comes to your maternity leave benefits, make sure you understand everything offered to you.
Some employers will offer paid maternity leave for new parents, while others will only provide unpaid leave. You’ll also consider any additional benefits, such as health insurance coverage or childcare assistance.
5. Negotiate With Your Boss
If you’re concerned about your ability to cover the costs of parental leave on your own, speak with your boss or HR department about any flexible work arrangements available to you.
Some employers are willing to offer reduced hours or the ability to work from home part of the time to receive a paycheck still while taking care of your new baby.
6. Don’t Forget About the Pregnancy and Parenting Leave Act
The Pregnancy and Parenting Leave Act (PPLA) is a law that mandates employers to give up to 12 weeks of unpaid, job-protected leave to employees meeting the criteria for the birth or adoption of a child.
If you meet these requirements, your employer must offer you leave under the PPLA.
7. Coupon
One easy way to save money is to start couponing. There are various ways to do this. To include using online coupons, taking advantage of in-store sales, and using apps like Ibotta to earn cashback on your grocery purchases.
8. Baby Registry
Another great way to save money when preparing for parental leave is to register for baby items. Many online retailers will offer discounts on your registry, and you can also take advantage of coupons and cashback opportunities.
9. Buy In Bulk
Also, consider buying in bulk to save money on items like diapers, formula, and wipes. While you may spend more upfront, the savings can add up over time.
Many employers offer discount programs for employees who purchase items in bulk. Be sure to ask about any such programs at your workplace.
10. Borrow From Your 401K
If you need an extra boost to your maternity savings, consider borrowing from your 401K. You can typically borrow up to 50% of the balance in your account, up to $50,000.
This is a good option if you need some extra cash but want to stay invested in your retirement savings at the same time. However, check with your employer and/or financial advisor to ensure that this is a good option for you.
11. Sell Clothes on Bonanza
In addition to saving money, you can also make extra cash on maternity leave by selling the stuff that’s just been sitting in your closet. Sites like Bonanza make it easy to sell clothes, shoes, and accessories online.
12. Get Family Assistance
If you have family members willing to help out during your parental leave, take advantage of any benefits. For example, many of your siblings may come due you a favor and deliver your food for you, helping you lower the cost of your gas bills.
If you’re away from work on maternity leave for 12 weeks or just a couple, in a financial sense, it would be of great benefit if you relied on friends and family for help.
13. Get Free Gift Cards Using Swagbucks
Swagbucks is a free website where you can earn money by taking surveys, watching videos, shopping online, and more. You can then use your earnings to purchase gift cards at Amazon or Walmart.
If you’re looking to save money during your maternity leave, Swagbucks is a great way to do it. You can earn cashback on your everyday purchases, and you can also get discounts and coupons on the things you need. Plus, you can use your earnings to purchase gift cards during the holidays!
If you’re not already a member, sign up today and start earning.
You won’t regret it!
14. Start A Side Hustle on Fiverr
If you’re looking to make some extra cash on maternity leave, consider starting a side hustle on Fiverr. This popular site allows you to offer various services and products, including graphic design, content writing, virtual assistance, and more.
There are many different ways to make money on Fiverr, so it’s an excellent opportunity to explore your skills and interests while earning extra cash. Set up an account, create a profile, and start taking orders. š
FAQ
Should You Save Money Before Having A Baby?
That depends on several factors, such as your income level and personal preferences. Some people may prefer to save money before having a baby, especially if they plan to take maternity leave and need a financial cushion. Others may not feel the need to save up beforehand and instead focus on budgeting and cutting costs after their baby is born.
How Can I Save Money Before The Baby Arrives?
There are many different ways to set aside money before the baby arrives. To include cutting back on expenses like entertainment or dining out, selling unwanted items, and using cashback apps and sites.
How Do You Budget When Expecting A Baby?
One popular strategy for budgeting when expecting a baby is to focus on cutting back or eliminating unnecessary expenses. This can include reducing your grocery budget, eating out less, or cutting back on entertainment expenses.
Another option is creating dedicated savings account for your maternity leave and automatically transferring a fixed amount of money into that account each month. This can help you make sure that you have the funds available when you have to replace the ones you lost.
What Is The Best Way To Spend Maternity Leave?
There is no one ābestā way to spend maternity leave, as it will ultimately depend on your preferences and needs. For example, some people may prefer to put family and bonding time first. In contrast, others may want to focus on saving money or preparing for their return to work. Ultimately, the key is to find a balance that works for you and take advantage of the time off from work to prepare for the next phase of your life.
Can You Get Financial Aid While Pregnant?
Several different financial aid options are available for pregnant women and new mothers. These can include assistance with medical expenses, child care costs, and more. In addition, some programs may require that you meet specific income requirements. So itās essential to do your research in advance and apply for any that you may be eligible for.
Summary
Congratulations on your new addition! We hope that our tips will help you save for maternity leave without all the stress. Follow these simple steps, and soon you’ll be able to enjoy your time off with peace of mind.
Best wishes for a healthy and happy pregnancy!
What tip will you use during your parental leave to save money?
Will you start a new side hustle with Fiverr and earn some extra cash?
Or will you earn some free gift cards by using Swagbucks?
Hello! I'm Charles. 1st gen millionaire, real estate investor, health enthusiast, and military veteran. In the last 17 years, I have managed billions of dollars of resources for the Department of Defense. Created financial management plans that enabled fellow service members to get out of thousands of dollars in debt and tailored wellness plans that helped people reverse and eliminate high-blood pressure, pre-diabetes, and obesity. Learn more about me here.