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John Manyike, Head of Financial Education at Old Mutual, says, “During pregnancy, expectant parents do a lot of research into the various trimesters, the birth itself and how to care for the baby. Financial planning is seldom prioritised when preparing for the new addition to the family. But ensuring that your finances are under control can eliminate unnecessary pressures, reduce anxiety and give new parents the confidence and peace of mind to thoroughly enjoy their new chapter in life,” adds Manyike.
Importantly, having your finances in order could help you have a healthy baby. In April 2017, Ohio State University conducted research into the effects of stress – such as financial strain, depressive symptoms, pregnancy-specific distress, perceived stress and general anxiety - on expectant mothers and their babies. The study revealed that these strains during pregnancy could contribute to your baby being underweight at birth.
Manyike outlines the various elements you need to consider to ensure a financially stress-free pregnancy:
“Nothing beats being prepared. It gives you the freedom to enjoy this new parenting journey you are embarking on. Having a baby could be expensive, but proper planning is the first step to your young family’s financial wellbeing. This Mother’s Day we should also appreciate all the preparation and budgeting that our own mothers (and sometimes grandmothers and aunts too) have done over the years to give us the best life they could,” concludes Manyike.
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