MONEY AND BABY

Having a baby is not free of charge and it is a challenge for married couples nowadays. And of course, it is totally fine if you and your partner decided not to have children. But if both of you decide wanted to have a child, there are a few things that you might need to take note.

Don’t let parenthood take your bank account by Surprise!!

1. Cost of preparing a new home or room for a new baby

For many couples, the arrival of a baby may mean having to move to a bigger property to accommodate the extra headcount or somewhere nearer to parents or in-laws who will be spending a lot of time helping to care for the little one. If you already live in your dream home, should set a budget asides for some simple renovation and upgrading for the baby room and furniture. Here is the estimated cost:

Oh ya. Don’t forget the cleaning cost. You want to maintain your living environment clean as babies are very vulnerable to germs and bacteria. You can consider hiring a part-time cleaner whose hourly rates range from RM30 to RM60 per pax.

2. Cost of Giving Birth

There will be another major cost when it comes to having a baby. But some of the costs can be very cheap such as pregnancy screening and monthly prenatal visits can be Free or up to RM200 or more. Ward fees for delivery per day can cost from RM 3 to RM400 or more.

Well, it depends on your own preference whether choosing a public government hospital or private hospital. But there is much more cost involved such as supplements, various tests and scans, prenatal classes and etc. Have a look at this table on the estimations cost:

3. Insurance for baby

For your information, most health and medical insurance in Malaysia, coverage does not extend to just maternity or pregnancy cost. However, there is maternity insurance that you can consider which covers the mother and the child during pregnancy, delivery, and after pregnancy. Well, average premiums for maternity insurance in Malaysia can start around RM180 and can go up to approximately RM800++ pre-month. Depends on your budget of course.

4. Cost of essential and non-essential baby items We have covered the bigger cost. Now let's take a look at the itty-bitty purchases. Look at this list, ENDLESS......

But in my opinion, you can actually get save some money through online purchase or getting it at a second-hand price, for example, car seat carrier, stroller, and high chair.

Besides just spending money on a newborn baby or during pregnancy, perhaps as young parents, you may look into these government incentives to make your life easier:

Well, that’s all from me. Just remember, when it comes to a precious loved one, it might be stressful sometimes, financially and emotionally. But at the end of the day, I believe all parents want the best for their children.

With all the commitments you have now with a baby coming, you can save wisely without having to compromise the quality of care, for example talking to experienced mothers on how they manage their cost, looking for unused or second items for babies from friends and family member, stick to essentials items first, pay down as much debt as you can before pregnancy, take it easy on high turnover baby items like clothes, shoes, and toys.

And most importantly, Start saving and planning as far ahead as possible.