7 Ways to prepare for unpaid maternity leave

financialhaze jan 2017Having paid time off to take care of your newborn is a blessing, but not everyone gets paid time off after having a baby. Here are a few tips on how to prepare for weeks without an income.

Make the most of your other benefits – Your workplace may not provide paid maternity leave, but they may offer disability insurance. Some disability policies, offer pay for maternity leave.

Flexible spending accounts – These can help you to free up money to pay for the time you will be away from work.

Upgrade your insurance policies – It is a good idea to pay for disability insurance before you plan on getting pregnant. Look at the policies fine print and exclusion periods before signing.

Reviewing health insurance coverage and switch to a more comprehensive policy – Delivery can become complicated and sometimes can require an expensive C-section. You may also require an extended stay in hospital due to complications.

Adjust your work schedule – If you are planning on getting pregnant, you should consider working extra hours now to save for later.

Rethink plans – It is best to hold that vacation you were planning and plan on looking for freelance work that you can do while on maternity leave.

Cut back on your expenses – Look at how much you are paid every month and look at saving at least 10% more.