Start with learning about the benefits available to you from both your workplace and government and figuring out whether it's enough to keep you afloat while away from work.
Pregnancy is often an exciting and anxious time for parents-to-be. And while painting the nursery and choosing a stroller are typically on the agenda, experts say preparing financially for a maternity leave can help reduce stress later on as well.
In Canada, working women outside of Quebec are eligible for employment insurance for either 12 or 18 months from the federal government when they are away from work due to pregnancy, having a newborn or having adopted a child. People who give birth are also entitled to maternity and parentalleave benefits. However, financial planner Cindy Marques says the amount can be a lot lower than many expect.
"They realize, 'Oh, that's the most I might receive from the benefits and I've been banking on just that alone to float the bill," said Marques, CEO of Make Cents. "That's not going to cut it."While the government benefit varies, many workplaces offer a financial top-up over a given period of time, said Allison Venditti of Moms At Work.
Marques said it's important to pay attention to the amount mothers will be receiving, and any income from their partner, to determine if personal savings are needed to supplement it. The moment a woman realizes she's pregnant, Marques suggests setting up monthly deposits in a high-interest savings account.Not everyone has wiggle room to save or put aside money while also paying for housing and squirrelling away retirement funds — now add to the list: maternity leave.
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