Financial planning for first time parents.

As a first-time parent, budgeting for a child may feel like a scary thing to do with the main worry being where to start.

With the current economic situation in the country, it is very difficult to budget effectively, especially when you are  adding a new member to your family.

During an exclusive interview with Parents Magazine, mothers seconded how challenging it is to budget for a first child. However, they all agreed that it is not impossible.

Kellen Nkatha, a nurse and a mother agreed that motherhood is an interesting and demanding job adding that any first time mother needs help and should seek it. When budgeting for your first child, you should seek advice.

“It is important to filter that information and do your due diligence. Sometimes you may be told to buy a lot of things and after buying you realize it’s not really that important.’ Kellen said.

Ruth Wangechi , a mother and an accountant at Daystar University, adds on why it is important to learn how to filter the information shared by the ‘well wishers’.

“When you are young and expectant everybody wants to give you advice. They want to tell you what has worked for them and what hasn’t,” said Ruth.

It is important for first time parents to plan and prioritize their expenses . This helps them identify places where they can save which is only possible after they have understood their current expenditure.

Ruth advises people to keep a record of how they spent their money for a few months then sort these costs into categories to determine where the majority of their money is spent.

First time parents should also begin a savings culture. This is not a topic that is often addressed at home, so it is rarely practiced.

Mothers should consider opening a separate savings account specifically for their baby’s expenses and future. This account can be used to save for immediate needs as well as long-term goals like education.

It is advisable for a person to get  insurance coverage even before getting into parenthood. Which insurance plan are you using and what does it cover?

Maternity coverage is a very crucial element of an insurance for mothers or inspiring mothers. It usually includes prenatal checkups, delivery expenses, and postpartum care.

To those who cannot afford health insurances, Kellen advised that they should at least have the most basic one, National Health Insurance Fund (NHIF), currently being replaced by Social Health Insurance Fund (SHIF).

It is recommended that potential mothers should buy baby stuff early. As Kellen puts it, “I started buying baby stuff almost as soon as I realized I was pregnant mostly because I was excited. However, I would recommend first time mothers to start shopping in the second trimester.”

In Ruth’s words, “purchase all the necessary materials early enough because difficulties may occur during delivery, prompting you to spend more money than you expected.”

Another recommendation for new mothers is to take advantage of holiday specials and special offers. This will save them money, which they can channel to other expenses.

When the delivery time is around the corner, visitors will start streaming in to your house. This is a common practice not only in Kenya but Africa at large. People bring gifts before at after a baby is born and in turn, incentives are served. Get incentives that will not dent your pockets as much.

Motherhood is a beautiful thing. Financial planning will protect your child’s long-term security and stability. You can effectively negotiate the financial obstacles of motherhood by making a budget, setting up a dedicated savings account and investing in health insurance.

Begin early, plan carefully, and make informed decisions to provide the best for your growing family.