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Foolproof Financial Plan for Your Maternity Leave

By Juhi Walia
02 September 2022, 2:35 PM

Maternity leave is a big decision, and you don't want to regret your choices later. When planning maternity leave, you should consider a few things before leaving your job. One of the most significant decisions you will make is how much money you will need to cover your expenses while you are away. There are some ways to cover these expenses, like health insurance.

Here are foolproof maternity financial strategies for you. This will help you avoid unforeseen expenses and ensure that you can take care of yourself and your baby while you are away.

Maternity Financial Strategies to Consider & Implement

Making the most of your maternity leave can be daunting, but with some planning, you can ensure you have everything you need while away.

Here are some tips on how to create a foolproof financial plan for your maternity leave:

Set Realistic Goals

Don't expect to spend your entire maternity leave completely relaxed and without any responsibilities. While you may want to take some time off to relax and enjoy yourself, be realistic about what you can afford to do during your leave. Set aside money for groceries, utilities, childcare, and other necessary expenses.

Create a Budget

Having a budgeted plan is essential to know exactly how much money you will be spending each month while you are away from work. This will help you stay within your allotted budget and avoid debt.

Limit Credit Card Use

One of the easiest ways to get into debt while on maternity leave is to let yourself get carried away with your spending habits by using your credit cards. Instead of using plastic, try limiting yourself to only using cash or debit cards when possible. This will help keep your spending under control and avoid impulsive expenses.

Make Plans for the Money

Before you take maternity leave, it's important to have a foolproof financial plan in place. This plan will help you cover the costs of your maternity leave and any other unexpected expenses that may crop up.

1. Create a budget to track your spending.
2. Set aside money each month to cover your anticipated costs.
3. Create an emergency fund to cover unexpected expenses.
4. Make sure you have credit card insurance coverage.
5. Speak with a financial advisor about creating a specific maternity leave financial plan that fits your needs.


If you're pregnant and thinking about taking maternity leave, there are a few things you need to know about how to save money during your leave.

Start Your Estimation

Figure out how much money you will need to save to cover the cost of your maternity leave. This will depend on your country and the type of leave you take, but it's usually around two months' worth of take-home pay.

Begin Saving Immediately

Get started saving as soon as possible after calculating how much money you'll need. Banks provide varying interest rates on savings accounts for expectant mothers.

So it's important to shop around to discover the best one for your situation. In addition to taking advantage of paid time off, you may want to use your 401(k) or another retirement plan to save money during your maternity leave.

Plan Maternity leave

It's essential to start thinking about your maternity leave arrangements after you've saved enough money. 

  • You should plan your maternity leave so it doesn't conflict with any essential job dates. This may cause you to be late for work and cost you money.
  • Pick a time off that won't negatively impact the company.

Health Insurance Coverage

If you are expecting a child and planning maternity leave, you may have numerous concerns regarding maintaining adequate health insurance coverage throughout your absence. 

  • The best way to ensure you have good health care coverage while on maternity leave is to get health insurance before you become pregnant. You can find affordable maternity health insurance through your employer. But the employer insurance stays valid till  you are employed with it. So, it is advised you buy a separate maternity insurance plan. You will need to contend with a waiting period of nine months before the policy will start covering you. In case you want to get it covered under a comprehensive health insurance plan, the waiting period could extend to around two years from the policy commencement date. So, plan accordingly.
  • If you choose to get hospital cash insurance concerning your pregnancy, compare the offers available across policies.
  • You also have the option of using your health insurance while you're on maternity leave. This is usually a good idea if your coverage is through your job or the government.

If you don't have any health insurance plans, don't worry! Many resources are available to help pregnant women start a financial plan for their maternity leave.

Reconsider Spending Plan

Maternity leave is the time that should be celebrated! But it can also be when you may need to reconsider your spending plan. The following are some suggestions to help you make the most of your maternity leave without breaking the bank.

  • Start by creating a budget. This will help you track your spending and determine where to cut back.
  • Get a fertility evaluation. This will help you understand your fertility and make decisions about whether or not to have children.
  • Declutter your home. Decluttering during pregnancy can reduce stress and improve your energy level.
  • Take care of yourself physically and emotionally. Taking care of yourself will help you feel physically and emotionally better during your maternity leave.

Plan for Two Years, Not One!

When you are pregnant, your body goes through significant changes. At the same time, you may need to adjust your financial plan. A two-year financial plan is essential, not just for a single year. 

  • Set up a safe withdrawal plan for your maternity leave benefits. This will ensure you have enough money to cover your expenses while away from work.
  • Consolidate your debts into one loan or loan package so you can pay them off faster during your maternity leave.

Get Ready for Childbirth Expenses 

Starting to save for delivery fees as soon as you find out you're pregnant is one of the most reliable monetary strategies you can take while planning a pregnancy.

  • You may need to buy maternity clothes, nursery supplies, and other baby items. These expenses can quickly add up if you don't have a financial plan.
  • If you are using public childcare, ensure you know the fees charged. You may also consider hiring a daycare provider while on maternity leave. This will help to reduce your expenses overall.

Without enough savings, giving birth may cost high. Create a financial plan for your maternity leave to avoid problems during your time off work. 


When you're expecting a baby, your life will change significantly. You'll have to adjust your work schedule, childcare arrangements, and overall financial plan.

Regarding expenses, consider the cost of maternity leave while using a health insurance premium calculator. Once you've created a budget, it's time to consider your savings when you buy health insurance plans online. 

By following these tips, you can ensure that you're taking the proper steps to make the most of your maternity leave while avoiding overspending. Consider investing in online health insurance for planning your maternity leave finance back-up.

Read more-


1. What is the best insurance plan for a pregnant woman?

It is important to select a policy that will be affordable and cover the medical costs during your pregnancy. When choosing your plan, you should consider your income and your spouse's employment. Generally, there are three affordable policies: employer-provided coverage, government-aided plans, and Medicare.

2. Does women's health insurance include PCOS?

PCOS is a complicated condition that can be hard to diagnose. It's not uncommon for teenagers to go years without getting diagnosed; symptoms can be similar to other medical conditions. A private health insurance plan with a PCOS section may help you cut the costs of these treatments and provide you with more options than if you were to go without coverage.

3. What are some of the things covered under maternity insurance?

Some maternity health insurance plan covers some policies will cover antenatal care, while others will cover postnatal care. Most policies will cover prenatal care, although some policies may require reauthorization. You'll also need to check to see if the plan covers out-of-network costs, to name a few. You can also expect your plan to cover labour and delivery at a hospital or birth centre, although some plans may allow you to deliver at home.

4. How do you file health insurance online for maternity costs?

  • The first step in claiming maternity expenses with a health insurance company is ensuring you intimate it on time.
  • Depending on your plan, you may need to notify the health insurer within 24 hours if you're experiencing an emergency or 48 hours if you're going to be admitted to a hospital.
  • Once you've notified your insurance company, you'll need to submit a claim form and wait for the approval letter.

5. When should a person buy health insurance for pregnancy?

Ideally, look to buy it a couple of years before starting family planning. The reason is the waiting period of 9-24 months that you need to contend with.

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