Becoming a Parent

The Parenting Track

Being a parent is a full time commitment that takes a lot of work. Even for an experienced parent, no one can be prepared from life’s surprising twists and turns despite thorough planning. When panic strikes, it can lead you to question yourself. Am I ready? Can I afford it? How can I do it right?

The dilemma stir increases pressure, uncertainty, and self-doubt. Becoming a parent will change your life in all aspects, and it is best to have an optimistic view when making decisions. Focus your energy towards a positive attitude where all these questions in your head are just a checklist for your journey to parenthood.

Personal Finance writer and author of Lifehacker.com, Melanie Pinola talks about these changes saying, “Your habits might change for the better. You’ll think more about the nutritional value of your food, driving safely, spending money more wisely, living longer, and exemplifying good ethics.”

Take these for example:

NO TAKE OUTS!

You will feed for more than one and we don’t mean regular fast food takeout, chips for snacks, and frozen pizzas on late night Wednesdays, but real nutritional meals.

SAFETY IS #1

Your unsuspicious house décor will now be a hazardous trap for the little one and must be replaced with baby proofed furnishings.

#FAMILYDATENIGHT

Your add-on cable channel will consist of kid channels but you will find satisfaction with these movies even if you have seen The Lion King or Frozen for the nth time.

The best part of this commitment to change is that you will smile more than at any other time in your life.

And you will want to have that feeling for as long as you can. To lessen your worry, we’d like to offer you suggested answers to questions that might be running in your head right now for you, expecting parent/s.

HOW DO I BEGIN WITH MY PLANNING?

Like any preparation, a list is key. Write priorities down and put them in order of importance. Remember to be specific with your goals especially if it involves spending. Do you start with having your home space renovated for the arrival of your child before getting a car? Or opening a savings account for your kid then setting an amount for your new home? Get a sense of what you are working toward in the near term and evaluate your progress. Keep a list of your expenses. There are tons of useful downloadable web and mobile tools to help you make sense of your spending, budget handling and financial status. A tracker will help evaluate your spending choices from the time you are expecting your first child to getting them in college.

WHAT DO I NEED TO PLAN FOR?

There's a particular need for every particular life stage in having a family. For a first-time parent, your challenge is to provide the best for your family without turning your budget upside down. Robert Kiyosaki wrote in his book Rich Dad Poor Dad about the stress of keeping your finances, “To wake up in the middle of the night terrified about paying bills is a horrible way to live.” To prevent this from happening, it is important to know the specific expenses of raising a child in each growing up stage. While there’s no surprise that overall costs increase every year, anticipate these expenses to avoid surprises:

Infancy (0-12 months)

Diapers and Milk.
Monthly supply may cost from PHP 2,000 to PHP 5,000 depending on your choice of brand and your baby's daily consumption.

Toddler (12-36 months)

Vaccines.
Health centres offer check-up and vaccines for free, but if you opt for a private paediatrician, a weekly visit to the clinic can cost PHP 1,500 up to PHP 5,000 per visit.

Preschool (Ages 3-5)

Education and Child Care.
Traditional or progressive preschool for early learners can cost from PHP 5,000 to PHP 90,000 a year. If you are a working parent and you need a nanny to watch your kid, consider a monthly cost of PHP 4, 000 in service fee.

Elementary & High School (Ages 6-19)

Extracurricular.
In addition to obligatory tuition fee each year, there are extracurricular costs like tutorial fee, field trips, sporting events, piano lessons, taekwondo classes, ballet lessons, etc. Depending on the activity, this may cost PHP 2,500 to PHP 5,000 a month.

HOW CAN I KEEP UP?

Becoming a parent is an exhilarating adventure but there will be moments when you will feel exhausted. It is alright to take a breather. Have a fun budget and set aside savings to make room for family celebrations like summer vacations, a trip to the movies, an impromptu visit to a theme park or a family lunch out. Because you have a holistic view of your plan, you will know when to have your fun time, and how much you need to set aside for it. Consider these regular quality time as priceless investments in your relationship. It is also vital to have time for yourself. Have a morning run ritual or take time in a week to visit the spa. Being healthy means more time with your family and less medical expenses.

HOW ELSE CAN I SECURE MY FAMILY'S WELLBEING?

Anticipate and prepare for health setback because you will need it in the future. It is better to know all your health and protection options so you can get the best and reasonable family insurance coverage. An array of Philam Life insurance products can support your needs from starting a family to retirement. Get the best option that suits your family life plan.

SOURCES

Melanie Pinola (2013), 10 Things I Wish I Had Known Before Becoming a Parent, http://lifehacker.com/5989419/ten-things-i-wish-i-had-known-before-becoming-a-parent
Robert Kiyosaki (2000), Rich Dad, Poor Dad
Quick and Easy Filipino Recipes, http://www.food.com/topic/filipino/quick-and-easy?pn=3
Babyproofing Checklist, http://www.hellobee.com/2011/09/19/babyproofing/
89 Incredibly Wonderful Movies You Need To Watch With Your Kids, http://www.buzzfeed.com/mallorymcinnis/movies-to-watch-with-your-kids#.bdOqadPXb
The Childfree Filipina (2015), The Cost of Raising Children in the Philippines, https://childfreefilipina.wordpress.com/2015/07/18/the-cost-of-raising-children-in-the-philippines
iMoney Philippines (2014), How much does it cost to have a baby in the Philippines?, http://www.imoney.ph/articles/much-cost-baby-philippines/

HOW CAN WE HELP?

In any real life goal you want to achieve - live healthier, start a family, travel the world, or put up your own business - you need the right plan to go with it. Select from our array of life insurance plans and let us partner with you to reach your dreams.

AIA Critical Protect 100

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0-65 YEARS OLD

Critical Illness Coverage

UNTIL 100 YEARS OLD

AIA Critical Protect 100 is a health and life insurance plan that covers you from ages 0-100.

Active Family Provider

Protection

AIA Philippines' Active Family Provider is a protection and wellness plan that will inspire you to live a longer, healthier life.

Family Provider

Protection

Have a peace of mind with Life Smart, an insurance plan that provides guaranteed life and accident insurance along with terminal illness coverage.

Guardian

Protection

AIA Philippines' Guardian is an affordable term insurance plan that can give you more than just basic protection for you and your family.

Family Secure

Protection

Philam Life’s Family Secure is a high-value life insurance plan that can be converted into a retirement plan when you are older.

Health Invest Plus

Health

Philam Life’s Health Invest Plus is a comprehensive health and life insurance plan that takes care of your health now and in the future.

Moneyworks For Education

Education

AIA Philippines’ MoneyWorks for Education is a unit-linked savings plan that helps you give your child a bright education.

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Becoming a Parent

The Parenting Track

NO TAKE OUTS!

SAFETY IS #1

Baby Proofing List

#FAMILYDATENIGHT

Family Movies List

The best part of this commitment to change is that you will smile more than at any other time in your life.

HOW DO I BEGIN WITH MY PLANNING?

WHAT DO I NEED TO PLAN FOR?

Infancy (0-12 months)

Toddler (12-36 months)

Preschool (Ages 3-5)

Elementary & High School (Ages 6-19)

HOW CAN I KEEP UP?

HOW ELSE CAN I SECURE MY FAMILY'S WELLBEING?

HOW CAN WE HELP?

AIA Critical Protect 100