How Credit Unions Can Help When Preparing for a Baby
Incorporating the credit union in your savings plan and goal for a baby may not be something you considered, but you may be surprised to find out the number of ways the credit union can ease the financial burden during this time. It would be wise to stockpile as much cash as you can in order to be prepared by your due date. Using the Kasasa Cash Checking Account can help you in this process by earning 3% of your balance, up to $15,000. To give you an example, you could be earning up to $37.50 extra per month, or a total of $450 per year. This is a great way to give you a boost as you prepare for this new life stage.
Meritus Credit Union members Josh and Julia Allen recently gave birth to a sweet baby girl in April 2019. The Allen family too tried to prepare properly for all the expenses that may be headed their way, but they still were surprised at some of the expenses. “It's been a little scary to see how much money it involves, but we also have stopped spending money on other things, like going to restaurants and traveling, so it hasn't been as bad as it could have been,” said Julia.
This couple was able to plan ahead by committing to pay off of their truck prior to birth and then chose the credit union to refinance their remaining car note. “The credit union offered a great rate, and I love that there are locations in both Lafayette and New Iberia, since I live in Lafayette but work in New Iberia,” Julia explained. “It was convenient for me to visit while I was on maternity leave, but I can also stop by anytime now that I'm back at work.”
Her favorite part of the process was feeling supported as a mother, while trying to take care of their financial business. “The lactation room was amazing, as were the ladies I was working with who completely understood my situation. Everyone was so kind and accommodating!”
Julia concludes with the following advice for expecting mothers: “Well, this isn't related to money, but I wish I'd known how difficult breastfeeding can be. It seemed so easy, but it's actually a lot of work. Financially speaking, making a plan, even if it’s just a better rate at the credit union can make a difference. Also, Amazon Subscribe-and-Save is awesome!”
Be well prepared for the cost of having a baby through our blog post: ‘The Real Cost of Having a Baby’.