Sunday, May 31, 2015

Guest Post| MoneyMax.Ph: Financial Tips for Expecting Parents

Hi lasses! 

I'm taking the back seat for the meantime and 
sharing this post from MoneyMax.ph. 

Allow them to help you prepare for an important point in your life. 
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Pregnancy can be expensive. A trip to the Obstetrician-Gynecologist would set you back at least PHP 500, and could rise depending on the doctor and the hospital. Ultrasound can cost you anywhere between PHP 1,000 up to PHP 20,000 (they now have those 3D and 4D ultrasound scanners).  



The costs of the delivery itself, plus the hospital admission during the mother's last few weeks of pregnancy, doesn’t bear thinking about, but it’s among the many expenses you have to prepare for if you’re planning to start a family and have children. There are vaccinations, doctor's check-ups, diapers, milk formula, and other things you need to budget for.  

So how can expecting parents save money on newborn expenses? 

1. Take Advantage of Insurance 
If car owners have car insurance, and those who constantly travel have travel insurance, then it should be natural for a family to have health insurance coverage. A good health insurance plan for expecting parents should have maternity coverage, which can help mitigate huge expenses related to pregnancy. Some even have benefits that cover both the mother and the newborn after delivery. Take advantage and claim your maternity benefits so you don't have to spend a lot during and after the pregnancy. 

2. Go Second-Hand 
Second-hand items cost less, and hand-me-downs are practically free. Things like baby clothes, strollers, carriers, and so forth can be bought second-hand. Obviously, for hygienic reasons, it’s not recommended you use second-hand baby bottles, teething toys, and so forth. Some toys, like stuffed animals, can be bought second hand, since you can still clean them up for your child to use. There's also nothing wrong with reusing baby blankets and cradles. Ask relatives who’ve raised babies before if they have these in store. 

3. Take to the Registry 
These days, wedding registries aren't the only popular gift wishlists going around. Baby registries also exist, and it's where you list down a wishlist of things you want for your newborn child. It can be anything from toys, to clothes, to a new stroller and carrier set, and even baby bottles and a baby car seat. Just ask your local department store or baby specialty store if they have a registry available, and don't forget to send the store's name on the invites for the baby shower! 

4. Open a Baby Savings Account 
Kind of like an emergency savings account, this is where you place all your baby-related savings. It doesn't even have to be an actual bank account. It could also just be a large jar where you put in loose change or the money in your pockets whenever you come home. Over time, you will accumulate a lot of money that you can use to spend on maternity check-ups, baby items, or even pay for the delivery itself. Don't just limit yourself to loose change, though! It's better if you keep on saving, even during the times when you have a lot of money. 

5. Do It Yourself! 
Handmade items are considered to be great labors of love. What better way to your child your utmost love with than a handmade teddybear? Or perhaps a baby quilt, to keep your child warm during the cold nights. It doesn't have to be very fancy, but knowing how to DIY baby items can go a long way. There will be a bigger sentimental value for the object as your child grows up. Who knows, if you keep practicing making your DIY baby items, you might even be able to start a small business centered around it. 

This post is brought to you by: 
MoneyMax.ph is the Philippines’ leading financial comparison site where you can save money by comparing financial and car insurance products and services – fast, comprehensive, and free. We aim to give the power of smart purchase decisions back to Filipino consumers by providing everything they need to become financially savvy. Like us on Facebook to get the latest tips on how to save.  

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Happy Savings Dear Lasses and Lads!

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