Family Financial Planning: Parental Leave
Starting a family is an exciting time in life but requires a lot of planning. Before you start your family, you should plan for parental leave.
Understand Your Employers Leave Policies
The first thing you should do is research your employers leave policy. Each company is different, and it is crucial to know your company’s policy when planning for a family. You will be able to plan more effectively when you know your employers leave policies.
The Family Medical Leave Act allows eligible employees to take up to 12 weeks of unpaid leave after the birth of a baby.
Questions to Ask Yourself
Before talking to HR, it could be helpful to figure out what you are looking for during your leave. Ask yourself:
- When would I like my leave to begin?
- When do I plan to return to work?
- If I am nursing, will I need access to break times to pump?
Talk to HR
You should get in contact with HR when you decide you are going to take parental leave. They can provide more insight on the policies at your work, and you can ask them questions if you have any. They will also be able to provide you with any paperwork you may need to formally request your leave.
This would be a good time to discuss your return-to-work plans and when you would like to begin your leave.
When to Tell People About Your Pregnancy
Everyone has a different preference for when they like to announce their pregnancy. A few reasons you might want to tell your coworkers earlier rather than later:
- Flexibility with scheduling appointments: You will have numerous doctor appointments while pregnant. You may also have days when you aren’t feeling well. You might appreciate not having to hide the reasons why you suddenly start needing a more flexible schedule.
- Feel more confident taking care of yourself: When people know about your pregnancy early on, you might feel more confident in certain scenarios. For example, maybe you want to start having your camera off during meetings in case you’re not feeling well or you need a snack during it. People may notice this being not like your usual self, but they will be more understanding if they know you are pregnant.
- More time to prepare your team: The sooner your team knows about your pregnancy, the more time you all have to prepare for your leave. Ultimately, you might even feel like you are able to fully take the time off during your leave, knowing your team has everything they need.
How to Help People at Work
When you take parental leave, you will need to let your coworkers know and help plan with them. Here are a few things you can do to leave your coworkers feeling prepared before you leave:
- Start talking about your transition early: The last thing you want to do is lay everything on your coworkers at the last minute. Plan accordingly and let your coworkers know well in advance. You could also need to start your parental leave earlier than you planned, so it’s good to have everything organized early.
- Create shared folders: There might be some documents that you use regularly that your coworkers do not have access to. It could be smart to create a shared folder with any documents you think could be useful for people.
- Write out a transition document: You should write down what projects you are currently working on, what the status is on those projects, and where you need people to take over. This will help your coworkers immensely.
- Write a list of key contacts: You may be in contact with different people than your coworkers. Build out a list of key contacts and relationships for coworkers to have access to. They may need these contacts while working on some of the projects you have started.
Budgeting for Reduced Income During Leave
If you are taking unpaid leave, the idea of not having your income can be very stressful. To help combat some of that stress consider the following:
- Review your savings: You should first review everything you have saved up right now. You can get a better idea if you need to start saving a lot more or if you will be okay with what you have.
- Cut back in some areas: To help save before the baby comes, cut back on things that aren’t necessary. For example, you can stop going out for dinner often or cancel streaming services you don’t use.
- Sell unwanted items: To bring in some extra cash, consider selling some unwanted items.
- Buy secondhand: Purchasing baby items secondhand can save a lot of money. Babies grow out of clothes quickly, so it might not be financially smart to spend a lot on brand new clothes.