The financial realities of family life

A man is worried about whether he will be able to provide well for his family? Financial preparation for the birth of a child and the life that follows is a very difficult task.

"And how to pay for all this?" is the most common thought of future fathers. A man will have to monitor his financial situation more carefully at this time, since he will have to think about the cost of giving birth and raising a child. All the costs will have to be taken into account - from paying for care for a woman during pregnancy and childbirth to the cost of buying everything necessary for the child. And you should not ignore future expenses, from crèches to school!

A man needs to discuss with his wife their current financial situation and think about what might happen next. By discussing the future, spouses will be able to plan for almost any possible situation. Providing a child with financial stability by the time he or she grows up is the goal of almost all parents.

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Estimate the costs

How much attention does a man pay to what the money is spent on and how much the family spends? Some people know where every penny is spent! Others don't know where their income is spent each month. It is important to keep track of this. Why? Because having a child means increased expenses, and you will most likely need to save. If you don't know where the money is spent, it is more difficult to do so.

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Sign up for a month

It's a good idea to take stock of your expenses. To help you understand where your money is going and identify areas where you can cut back, you should write down everything you spend on a daily basis for a month. Start with fixed monthly expenses like rent, regular utilities, insurance, car expenses, and so on. To this number, you should add any recurring payments and credit card payments, if you have one (this is discussed in more depth later in this chapter).

Then both spouses should buy small notebooks and carry them with them. They should write down all expenses (cash, checks, and credit card) in this notebook, and at home they should transfer these notes and the spouse's notes to a common notebook intended for this purpose. This may seem like a very labor-intensive task, but in reality, everything is quite easy.

If a man doesn't want to carry a notebook, he can save all the receipts and then use them to calculate expenses. This may seem easier than writing down expenses as he goes shopping.

At the end of the month, spouses should look at how they spend their money together. Compare each spouse's spending with the total amount of spending. Who spends how much? Once it becomes clear where the money is going, you can make a reasonable decision about what changes are needed in the family budget.

Couples are likely to be surprised at how much they spend on things they don't think about. But looking at their spending in black and white can help them understand their spending habits. Some people find that they can save money by cutting back on some of the luxuries of life.

Should you cut expenses or increase revenue?

Once the monthly budget has been clarified, the couple should decide which specific areas of spending they need to better control.

With the prospect of a baby on the way, you may want to plan your expenses better to ensure you have everything you need in the future.

It's worth looking at where your money is going. Can you cut back on big expenses, like having one car instead of two? Are any of your purchases non-essential? These may be areas where you can save money if you need to. For example, you could sell your car if you only need one and the couple has two, saving money on taxes, insurance, gas, and repairs. Or instead of eating out every day, you could pack your lunch from home.

If it's hard to cut expenses, you'll probably need to increase your income. Can you make more money by working overtime from home? If one spouse works part-time, can they take on a full-time job? Any way to earn extra income should be explored if you can't cut expenses further.

Whatever decision is made, it should be made together. It can be difficult to cut back on spending, but parents have a responsibility to provide financial stability for their child. This means being a responsible parent. If you start now, you can save a lot for the cost of the child. Knowing that it is a family commitment will help a man endure the huge change in his financial situation more easily.

Debt control

If the couple is paying off a loan, it should be paid off as quickly as possible. It is also necessary to monitor the balance on the credit card. This may require active action, but it is worth it. The following steps should be taken:

Find out how much money is on credit cards and write that down. Then find out how much interest is going into each card each year and compare them. Chances are, these numbers won't be the same. Some may be low, some may be quite high. If the couple doesn't pay off the debt in full each month, that may also factor into their spending plan.

Find out which company has the highest interest rate. Do everything you can to pay off that card in full, even if that means making minimum payments on the others. Once that card is paid off, you should pay off the next highest interest card.

Only one credit card should be used, and only when absolutely necessary. If a couple wants to control their spending, one way to do so is to pay cash for everything possible. The act of taking out a wallet and paying in cash will make the couple more mindful of how much they are paying than simply handing the clerk a plastic rectangle.

If the couple has loans (other than mortgages), now is the time to take care of them. If they can be paid off within 8 or 12 months, they should be paid off. Many loans can be paid off quickly, without waiting for interest. If you do this, the family will have what they borrowed for and more cash each month.

Avoid unnecessary expenses. Before buying anything, think about the money. Is it a necessary purchase? Maybe it can be done without? If spouses can avoid unnecessary purchases, they will pay off their debts faster.

Emergency Funds and Other Important Needs If a couple's budget barely covers their current needs, they should consider how they will handle the unexpected. If something serious were to happen to them - a job loss, an unexpected expense, a serious illness - would the couple be able to handle it?

Pregnancy is a great time to make sure your family has emergency savings. Most experts recommend having enough money saved to cover your family's expenses for 3 or 4 months. This includes your mortgage, utilities, food, transportation, loan payments, credit card payments, child care (if needed) - anything that needs to be paid to maintain your current standard of living.

If the couple has decided to stabilize this fund, now is the time to make sure it is accessible. It is worth putting this money in a bank or an account, then it will definitely be accessible.

The couple may not have a lot of debt, but they may not have a lot of money in this reserve either. This is where knowing your monthly expenses comes in handy. It can help you see if you can cut back on expenses to increase this deposit.

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Be financially responsible

Becoming parents means that spouses will have many new responsibilities. Financial responsibility is one of them. Spouses may not plan their expenses until they have children. But with the arrival of a child, their lives will change, and this is one area where changes may be needed.

By starting these changes during pregnancy, the couple will know for sure that they will be able to provide for the child. Financial security will help the family maintain confidence that their parenthood begins with providing for the needs of a growing family.

Time to write a will

Have the couple written a will? Statistics show that among people under 35, about 90% do not care about this. This is understandable: most people do not like to think about their death and prepare for it. But pregnancy is a time to review this area of life and write a will. This should be taken care of before the baby is born. Both the man and his wife should write a will, if they have not already done so. It is important that both parents provide for their child in their wills.

If the will is already written, that's great. It should be amended and supplemented in some way, in particular, to name or supplement the heirs, including a new family member.

Appointment of a guardian

The most important aspect of changing or writing a will is appointing a guardian for the child. If something happens to the man, his wife will take care of the child, and vice versa. But what happens if something happens to both spouses? Who will take care of the child in this case? Without a will, in such a situation, the child's fate will be decided by the court.

There are a few things to think about before appointing a guardian. You should discuss the following with your spouse and then decide who to trust with this responsibility.

• Who can spouses trust to care for their child?
• How old is this person?
• Is he in good health?
• Is this person financially and emotionally stable?
• Does he have his own family and children of about the same age (this has its positive and negative sides).
• Will the child be familiar with this person?
• Does this person's income match the spouses' income?
• Will this person keep the money that the spouses leave him for the child?

Who else can be appointed if this person refuses or is unable to care for the child (it is a good idea to name at least two people in the will).

CHOOSING A GUARDIAN. How important is it for spouses to choose the same guardian? It may be a good idea to decide this together with your spouse and name the same person in your wills. This will help avoid problems if both spouses die on the same day. If different guardians are named, the court will decide which of the two will care for the child.

Once a guardian has been chosen, it is important to discuss this with them. You should not include anyone in the will as a guardian without first agreeing with them. They may have their own reasons for not agreeing to this. It is a good idea to choose at least two people who are capable of being the child's guardian. The first candidate should be asked first and, if they agree, include them in the will. Choose an alternate guardian (again, they should be asked before being included in the will as such and be told that they are an alternate guardian).

If a person agrees to be a guardian (or an alternate guardian), this should be included in the will. If the couple wants to entrust the child's financial affairs to another person, a property guardian should also be appointed. This person will take care of the child's inheritance.

Who inherits what When writing a will, it is not necessary to indicate to whom the jointly acquired property should go. It goes directly to the spouse after the death of the other. All that needs to be indicated in this case is to name the heirs with an adjustment for the emergence of a new one.

So, what else is important about a will, besides naming a guardian? It is necessary so that a person can specify everything that he or she personally owns. If the spouses have different deposits, separate property, or anything else besides jointly acquired property, a person must specify who gets what. A will makes this legal.

Many people believe that if a person dies and there is no will, the spouse will inherit everything. This is not true. If a person dies without writing a will, the court will determine the inheritance rights based on the laws of the country. If the person is married, the wife and children will receive equal shares of the inheritance. It is a good idea to have the spouse or another adult hold the money until the child comes into inheritance. If the person is single, a will is even more important, as it will be the only way to ensure that the partner and their children will receive the inheritance.

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Where to write a will

Some people will say that a notary is not needed to write a will unless a person has too many properties or heirs. They believe that "a guide to writing a homemade will" is available in some stores or can be found in computer programs. Some of them are really good, but if a person who is not a notary writes a will, he will certainly save money on it, but in the future it will cost his child or family a lot.

The couple may want to make sure that they have dotted all the i's in the will and that it is legally binding. The only way to be sure of this is to have the will reviewed by a notary.

The cost of a notary consultation depends on many things. However, the certainty that the will is valid and the child will be cared for by a guardian appointed by the spouses, not by the court, is worth it, as is the certainty that the heirs and guardian of the property are also determined by the decision of the spouses.

The spouses may wish to leave a will with a notary in case of a difficult situation. For example, if there are difficult relationships in the family and the spouses believe that their relatives will not follow the will, this will help ensure that the will is indisputable. If one of the children is sick or requires special care, it is important to specify in detail in the will who will be responsible for providing this care.

If the partners have not entered into marriage, the notary will help, consulting them on everything necessary, and the partner and children will be the legal heirs.

If a couple decides to use a "DIY Will Guide," they can have a notary review it after it's written. This costs money, but it will help ensure that their partner and children won't have any problems with the will in the future.

Time to check your insurance

Once the will is written, it is time to figure out where the money will come from. Most often, this comes from life insurance. While checking your life insurance, you should also look at other types of insurance. You should check for life insurance, health insurance, disability insurance, homeowners insurance, and renters insurance. You should look at the list and decide which insurances will be useful after the baby is born. Time to make any necessary changes!

When insurance is provided by the employer, it is worthwhile to find out more about this insurance and its benefits. This should not be overlooked!

Life insurance

It is human nature to want to be sure that if something happens to you, your child will be provided for and taken care of until he or she reaches adulthood. It is important that life insurance covers the child's education costs. The insurance amount should be increased with each new child in the family. Both parents should be insured to be sure that the child will be provided for.

You should find out about all the organizations that provide life insurance, and then brainstorm the details with your spouse. How much is the payout? Is the employer providing the insurance? How much is the payout? Most experts recommend an amount that is 8 to 12 times the person's annual income to be sure that the child will be able to maintain their standard of living, grow up, and go to school.

If a man's wife works, he should find out if her employer provides life insurance and what the payout will be if she dies. If the payout is small or the employer does not provide insurance, he may want to take out insurance for her to cover expenses if she dies. If his wife does not work, he should still take out insurance (it may have to wait until after the baby is born). He should find out how much child care costs per year and add the cost of household help. An amount of about 10 times the annual pay will give the couple peace of mind that their child will be provided for.

LIFETIME OR TERM INSURANCE? Is the insurance lifelong or temporary? With lifelong insurance, also called permanent, the premium is sent to a fund where it is not subject to taxation. If necessary, you can count on this fund. This is the type of insurance in which the person pays for his own insurance.

In the case of temporary insurance, you can choose how long your life is insured, for example, for 20-30 years, which is why it is called "temporary". Usually, temporary insurance is the cheapest. The insurance premium depends on the person's age, and he pays a certain amount every month. Temporary insurance is less expensive, since the premiums do not go to the insurance fund. In addition, in this case, it is easier to change the amount of the monthly insurance premium when there is an addition to the family. It is also important to monitor how often it needs to be renewed.

Finding the RIGHT INSURANCE. If you find that you need to increase your monthly premium, the best advice we can give is "shop around!" Different companies offer different premium amounts. You can consult with agencies or search online.

Health insurance

One of the most important things to do before having a baby is to review your health insurance. If your spouse works, her employer may be paying for her insurance. If the partners are married and both have health insurance, they will likely want to consider taking out better insurance with another provider.

If a woman does not have health insurance, she may have difficulty getting it during pregnancy. Many insurance companies have a waiting period (about 1 year) before they will cover the cost of having a baby. It is a good idea to find out if there is insurance included in any social programs or if there are any child health insurance programs. Some of them are free, some require a small fee. They are available even if both spouses work.

When checking out health insurance, there are a few things to think about. Is the insurance standard, where the insured pays the premiums and a portion of all expenses? Who supports the social program? The amount of payment also varies from case to case. Spouses need to find answers to some important questions related to payments before they take out insurance. If both work on this, they will be able to find an organization that will pay for both policies in an insurance situation. A family policy is a good choice. Or you can find out which organization has better conditions for one parent and for the child.

To find out what is covered by the policy, you should talk to specialists at the company. If the consultant cannot give exact answers, you can contact the company directly. Some questions to ask:

• What type of payment is this?
• What are the benefits of motherhood, if any?
• Does the term "maternity" refer to cesarean section birth?
• What types of anesthesia during childbirth are most beneficial from this point of view?
• What is the cost of a policy for a high-risk pregnancy?
• What is the insurance premium and how often does it need to be paid?
• How are consultations paid for?
• Is there a chance to fully cover the cost of childbirth?
• What percentage of the amount is paid?
• Are the conditions we choose (maternity hospital, birth in a general ward or in a separate room) paid for?
• What procedures should be completed before arriving at the maternity hospital?
• Does the cost of the policy include payment for a nurse?
• Does the cost of the policy include payment for medications?
• What tests during pregnancy are included in the cost of this policy?
• What tests during labor are included in the cost of this policy?
• What types of anesthesia during childbirth are included in the cost of this policy?
• How long can mother and baby stay in hospital?
• Are payments sent directly to the maternity hospital or to the insurers?
• What services are not included in the price of this policy?
• What child care items are included in the cost of this policy after the baby is born?
• Does the cost of this policy include payment for the chosen doctor?
• What is the additional charge for including a child in this policy?
• How can I include my child in this policy?
• How long will it take to include a child in this policy?

You should check with the company about the coverage of procedures, tests, medications, and other things related to childbirth and motherhood. For example, some insurance companies do not cover ultrasounds, so it is important to check this in advance. Some types of insurance do not cover the newborn - perhaps you will have to pay for the cost of his stay in the maternity hospital yourself. Or the cost of the policy does not include the doctor chosen by the spouses. If the insurance does not cover all medical expenses, you should start preparing for this as soon as possible.

Disability Insurance - Is It Necessary? If one of the spouses has an accident that results in them being out of work for a long time, disability insurance is a good choice. This insurance pays a certain amount of money to the insured person in the event of temporary disability. Most employers provide this insurance, but each working spouse needs this insurance to be about 65%-75% of their income.

The employer of the man or his wife may provide disability insurance at the place of work. The downside of this insurance is that it ends when the worker changes jobs and the benefits are usually relatively small. In addition, there is a tax difference between employer-paid and self-paid policies. If the company pays for the policy, the worker pays all income taxes. If the worker pays for the policy, his income is not subject to taxation.

If a man decides to buy a policy on his own, he should look for one that is renewable and does not close when the insured reaches retirement age. The best temporary disability policies define disability as "inability to perform normal work." Some less expensive policies pay only if the insurer is unable to work at all, and should be avoided.

It is worth clarifying the waiting period - many employer-provided insurances have a 30-90 day waiting period. Sick leave may not be paid for quite a long time. This is where having an emergency reserve can be crucial. Also, the payments may be lower if the worker has chosen a longer waiting period before receiving the insurance amount.

A NOTE TO THE WISE: A man should make sure his wife checks with her employer to see if disability insurance is available for pregnant women. In some cases, payments are only made in the event of serious health problems or after the birth of the child.

Property insurance

Home insurance is a good way to invest money to protect your family from financial losses in various situations. This policy may include a clause such as liability release in case someone has an accident at home.

The amount of the payment should be clarified. If the couple decides to hire a nanny, they should make sure that the insurance covers everyone who comes to their home, even a hired nanny or housekeeper.

If the couple does not own their own home (and therefore cannot insure it), they should inquire about rental property insurance. This insurance applies in the same situations as home insurance and should be taken into account.

Insurance You Shouldn't Buy

With a baby on the way, couples may want to consider many types of insurance. However, there are some types of insurance that are not necessary because they cost more than what would be paid out in the event of an insured event. The following types of insurance should be avoided:

• Credit insurance. This type of insurance pays off the mortgage and other debts in the event of the death of the person. It is more expensive than life insurance, and the money goes only to pay off the debts. In addition, this type of insurance applies only to one of the spouses. If both spouses want to be insured, they will need two policies.
• Health insurance. This insurance only covers one illness, such as cancer. It is wiser to purchase comprehensive health insurance that covers many illnesses.
• Child life insurance. Until the child starts earning money on his own - a VERY rare case for a newborn - his death will not affect the family's financial situation. And you should not "get hung up on insurance", it is wiser to save money for tuition.
• Accident Life Insurance: This insurance will provide a large sum to survivors if the insured dies in an accident, such as a car or plane crash. The risk of death in an accident is very low. If a person thinks they need this insurance, they should check their credit card. Some companies will provide insurance for situations such as a plane crash if the ticket was purchased with the card.

Cost of child care

Deciding which spouse will work and who will stay home with the baby after it is born is one of those decisions that most families don't want to think about. However, even despite the need to earn money, in many families neither parent wants to stay home.

And every parent wants to be sure that their child is well taken care of while they work.

Usually, the employer pays all taxes for the employee, including the medical care tax. An exception is allowed if the employer pays the employee below a certain amount. This should be clarified with lawyers. Make sure that the property is insured and these expenses are covered by insurance.

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Cost of child care

Child care is quite expensive. For some families, it is about 25% of their income. The cost of child care for children under three is the highest, depending on the type of care, although it does not decrease much as the child gets older. The cost of home child care depends on each individual case.

There are government agencies for low-income families. You should check with your local government.

There are also social programs designed for such situations; in particular, you can take out a loan.

In some situations, a child may require special care. If a child was born with a pathology or illness and requires personal attention, it will be more difficult to find a good nanny, and it will cost more.

Living within your means

If one of the spouses does not return to work after the birth of the child, the spouses should check how they are going to live on one salary. Perhaps they should start living only on the salary of the spouse who is going to return to work, already during the pregnancy.

If both spouses are going to work, they should find out how much child care costs - it can be a very large sum. You should find out where you live and start saving money to pay for these purposes.

The best way, which is suitable for any situation, is to start living on the expected income after the birth of the child during pregnancy. The extra money can be put into a savings account in the bank, and by the birth of the child, a decent amount will have accumulated. And the spouses will get used to the new standard of living.

Tax changes

Having a child affects your taxes. Because a child costs so much money, it is important for parents to figure out all the ways they can save money on their taxes. This section discusses taxes, tax credits, and other ways to do this.

Cost of taxes

One of the first things you need to do is figure out how much of your paycheck is going to taxes. You can wait until after the baby is born (some taxes are reduced after the baby is born) or you can think about it during pregnancy to figure out how much money will go to taxes after the baby is born. You have to be careful with this if the baby is due late in the year. If you change your taxes this year and the baby is born next year, you'll run into complications. These are questions you should ask your lawyers.

It is not advisable to spend "extra" money. It is better to put it in an account so that it can be used in various unforeseen situations (unplanned need or expenses related to childbirth and buying everything necessary for the child). After the birth of the child, you should also save money.

Child benefit

An allowance is paid for each child under the age of 3. Also, when the child reaches the age of majority (if he/she is studying full-time at a state university) and until he/she reaches the age of 24, the income tax is reduced.

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Should I go back to work?

Spouses are probably wondering whether it is financially worthwhile to return to work immediately after the birth of a child. You can make some calculations that will help you make a decision. First of all, you should add up all the expenses associated with work:

• Nanny payment.
• Cost of artificial feeding (if the mother cannot breastfeed) and equipment for the nursery and for home.
• Income tax.
• Cost of travel to and from work.
• Cost of food, dry cleaning and other necessary things.
• The cost of expenses such as eating out, buying food, hiring a housekeeper.
• To determine the cost of your vacation:
• The total cost of benefits and expenses associated with one spouse not working.
• Total expenses associated with the work.
• Divide this number by the total number of hours spent away from home. This gives you an idea of how much each hour spent away from home and away from your child costs.
• This should also include things like employer-provided insurance.

This number may surprise the spouses.

Money saved for the child

It is always a good idea to save some money just for your child. This way, it can be used for unexpected expenses or for education when the child grows up, especially for expenses related to higher education. In this section, we discuss ways to save money for your child.

There are several ways to invest money for a child. The more risky the investment, the greater the profit. However, a risky investment means a high risk of losing money. You can choose a safer way to invest money. Spouses should think together about how exactly they want to invest the money.

It would be a good idea to create an account for your child, the money from which he or she can use in the future. It should be replenished regularly, making it part of the family budget. As the child grows up, you can inspire him or her to also replenish this account. This will help the child understand the value of this contribution and help instill healthy habits in him or her. It is not necessary to invest a lot of money each time, the main thing is to start early and put a small amount there each month.

Present

When the baby is born, the couple will likely receive many gifts. Many of them will be useful for the baby. Friends may also ask the couple what they want to get. When a relative or friend asks about a gift, you can always mention the "baby account." It is not rude, extortionate, or bad manners to suggest that they put some money in this account.

Bank deposit

It is advisable to open a bank account soon after the birth of the child and put there all the money that the child receives as a gift. It should also be replenished whenever possible. When the child grows up, you can add the money he or she earns there. If you do not delay with this for too long, by the time the child reaches adulthood, this account will have a fairly decent amount.

Total contribution

General deposits, also called savings deposits, are also a good way to invest money intended for the future of a child. Many of them do not have a fixed time and amount of payment, so you can put a little in there every time you manage to save money. Quite a few of them require a relatively low down payment.

If this account is set up in the name of the child (and one of the parents), there may be a tax benefit. In most cases, the tax will be lower than if the account was set up in the name of the parent alone. This is quite beneficial for some families.

During pregnancy, you can inquire about these types of deposits. The earlier the deposit is created after the child's birth, the more money the child will receive, even if the deposit is limited in time. The later you start, the less money there will be. Also see below for a discussion of such deposits.

Payment for higher education

Soon, parents will realize that their child is growing up fast. Although it may seem unbelievable, soon enough, he or she will be old enough to pursue higher education. In addition to the life changes (for everyone) associated with leaving home, parents will realize that education is expensive!

Higher education can be a complete drain on funds for parents who didn't plan for it. Fee-based higher education at some universities cost about $5,000 per year in 2002, and this amount increases annually. Parents should think about what this amount will be by the time their child is due to enter college.

What can you do about it? The best solution we can offer is to start saving money right now.

Savings deposit

In the past, many parents opened a savings account to save money for when their child needed to go to college. Children under 18 are not allowed to open their own bank account, so this is a good way to save money for the child. Savings accounts include joint, linked, and common deposits.

A parent (or other adult) can place the money in the child's name and control the account until the child reaches adulthood. At that age, the child assumes responsibility for the deposit and all the money and can spend it as he or she wishes without having to ask anyone's permission to do so.

The taxation of contributions should be clarified in each specific case.

Some other recommendations

Responsible parents want to take care of all possible financial matters before or after the baby is born. Here are some other financial details that the couple may not have known about that can be taken care of during pregnancy or immediately after the baby is born.

Maternity leave

A woman should discuss maternity leave with a colleague at work. And then she should discuss her plans and expectations for maternity leave and her eventual return to work with her boss, social worker, and colleagues, if necessary. She should be aware that some decisions cannot be made until after the baby is born, particularly about how soon she will return to work, because she cannot predict how the birth will go. She may feel fine and return to work sooner than she thought. Or she may have a difficult birth or need a caesarean section and be off work longer than she expected.

Maternity leave varies in terms of detail across companies, from a fairly short unpaid leave to several months of fully paid leave. Paid leave is usually considered temporary disability.

A woman should also find out about her rights regarding maternity leave. She should be aware that she is not legally allowed to be asked when she plans to return to work. However, it is advisable to discuss this with her superiors as early as possible so that the budget can be calculated taking this into account.

Smart shopping planning

Since we've already discussed the financial aspects of parenthood in this chapter, we now want to give some tips on how to plan now for the purchases that your baby will need later. We'll discuss preparing for the baby in Chapter 9, but here we'll give expectant parents a chance to think about how and where they'll buy the things they'll need, what they'll need, and how much it'll cost.

It would be a good idea to estimate the approximate cost of these purchases now that the couple is somewhat removed from the true cost of the necessary items. It is important to understand that it is undesirable for these purchases to "eat up" the entire family budget, and that although parents want the best for their children, this is not always necessary. Many things can be bought at a second-hand store or borrowed from friends and relatives (if these items meet safety standards). You can look for things in different stores and do not forget to look at prices on the Internet.

Removing a safe deposit box

If the spouses do not yet have their own safe deposit box, now is the best time for them to do so. This can be done at many banks for a reasonable price.

The safe deposit box can be used to store important family documents, such as marriage certificates, birth certificates, insurance policies, wills, contracts, real estate contracts, valuables that are not used very often, such as jewelry, and other items that you want to be reliably protected. It is recommended to make a list of items placed in the safe deposit box and make copies of important documents to store them in a fireproof cabinet at home. You can also keep copies at your place of work.

When renting a safe deposit box, you should make sure that both spouses have signed the contract and, therefore, the key to it will be available to both of them, as well as the safe deposit box itself - this will eliminate the need to go to the bank together every time and will be useful in the event that one of the spouses dies or an accident happens to him.

If one of the spouses takes maternity leave

If a mother takes maternity leave, she gains some new rights. In particular, she is paid child support and receives some tax benefits.