Planning on expanding your family is a HUGE step. As much research as I did, there were so many more things I hadn’t prepared for. For example, what happens when you get pregnant WAY WAY before you planned? That’s what happened to my husband and me, and it really threw us for a loop!
Our ‘plan’ involved diagnosed fertility issues. My husband and I thought we had it all figured out, the perfect timeline for someone with expected problems conceiving. We were ‘planning’ on two years from the time we started trying to have a baby to actually HAVING said baby. That would give us time to get our finances in order, save to buy a house, and prepare for the transition to a single income since I planned on being a stay-at-home mom. Well, all that went right out the window- two weeks after we started trying, I got pregnant. Let me tell you, that was a serious financial and emotional upheaval we did NOT see coming.
The next nine months were spent scrambling to figure out what to do. Daycare, and keep working? What would maternity leave look like? What would a one-income household look like *now* instead of two years? What about life insurance? How much does it cost to have a baby with our current insurance? Since it caught us so unexpectedly, we were really wrangling with some big questions, including relocating to a different city and a change of career. We spent so much time trying to figure out how to handle our unexpected luck! That’ s why companies like Your Sunny Day are so amazing.
We settled on being a one-income family and budgeted frugally, including cloth diapering and breastfeeding to cut down on expenses. It was a tough transition, but it’s so, so important to know where you stand financially when starting your family. I wish I’d known more about long-term financial planning and life insurance when we first got started- it was a bit of a learning curve to pick up on once my baby was born!
Adding our second child 2.5 years later wasn’t nearly as big a transition as our first child- I was already at home, we had managed to buy a very modest house, had sorted out life insurance, so there wasn’t as much financial upheaval to add a baby as there was to have one in the first place!
Everyone deserves the financial confidence and control to live a life well-spent. We all should be planning for sunny days.
What is your sunny day? Begin planning yours at yoursunnyday.com!
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This is a sponsored conversation written by me on behalf of SunTrust Bank. The opinions and text are all mine.