Prepare financial cushion for your bundle of joy

A man once went to his neighbour to borrow Sh2,500 to pay his wife’s labour ward fee.

“I will refund the money in just one month,” the new father pleaded after explaining his situation.

But the neighbour looked him in the eye and growled, “Was your wife’s giving birth an accident?”

The desperate man, unsure where the question was leading, answered, “No.”

“Then go and discharge your wife and baby from hospital,” came the scathing response.

Crestfallen and slighted, the man left, and somehow raised the cash required to clear the hospital bill.

Last weekend, ten years later, he told us this story during a teachers’ focus group meeting that was discussing investment.

“As I walked from his house fuming, I kept repeating over and over that indeed, the birth of my child was not an accident. Why had I not prepared well for his arrival? It was a wakeup call.

“During the subsequent births of my two other children, I was financially prepared in advance. I’ve also extended this planning to school fees. I’m always ready because I learned my lesson that day.”

Indeed, most mothers at the meeting said they started preparing for the arrival of their babies — psychologically and financially — the moment the doctor pronounced the magical words, “You are pregnant.”

Some chose the hospital they wanted to deliver at, and started saving little by little every month towards the baby’s delivery. Many hospitals have packages under which one can save according to the mode of delivery they want (natural, elective caesarean or induced), as well as the type of ward they want to be admitted to (general or private, with the latter being more costly).

Staggering the payments over several months removes the strain of looking for the money at the last minute.

Other parents take up insurance cover that takes care of pregnancy and delivery.

Whatever option you choose, know that pregnancy and birth should never be other people’s burdens — meaning you should never borrow to take care of the costs of bringing a new life into the world. At least, unlike sudden illnesses, pregnancy gives you a long duration over which to plan.

Financial implications also include shopping for the new baby. Some find out the baby’s sex in the early months of pregnancy and shop accordingly. Those who choose otherwise can still shop for their unborn babies. Unisex baby clothes and shawls are just as beautiful — and who said blue is a boy’s colour? You can buy any colour you like.

As the delivery date approaches, get the baby’s cot ready. If this is your first baby, then you can buy a good, durable bed that can be used by the baby’s future siblings.

Getting stuff for your new baby is not cheap. Cut the cost by getting some items from friends and relatives with older children. Deciding to get everything new can drain you. For example, a newborn’s rompers can cost about Sh2,000 apiece, and you will need at least five — and these the baby will outgrow in just two months. Remember, you also need to buy vests, sweaters, diapers, blankets — the list is long and costly.

Besides money for baby’s shopping, ensure you also have a lot of cash with you those first few months as visitors will be in plenty, which means tea and soft drinks will flow, along with your money, of course.

In short, a baby’s arrival is a huge investment; plan for it.

Photo: blog.aarp.org