Leaving the military can be the ideal time to start a family. You should prepare adequately to ensure you and your partner are ready for the responsibility of a child. There is a myriad of things to consider after military service so we’re hoping our list will get you moving in the right direction from the start!
Buy a property before you start trying for a baby. Ensure that the home is set up and has enough room for a growing family. Here are some of the best ways to prepare for having a baby after leaving military service.
1. Build an Emergency Fund
After military service, money won’t be quite as tight as once the children arrive. So this is the time to build up your emergency fund. Consider any benefits that you may be entitled to as a veteran, as these can be crucial when helping to build a fund. If you need assistance with your VA benefits, consult with a military law firm that can talk you through your options and help you obtain what you deserve. Plan on at least six months’ wages. Keep your emergency money separate from your normal savings accounts. If you dip into the funds, replace them fully as soon as possible.
2. Choose a Location Near Your Support System
Move close to trusted friends and family. Support is invaluable when having a baby. Consider which friends and family will be most helpful when the baby comes. Ask in advance if they will be willing to help with babysitting and other tasks.
3. Get Married
If not already, it’s almost always a good idea to get married. This shows your commitment to your partner and future family. Marriage also offers excellent tax breaks and other financial benefits.
4. Research Schools
Find out where the best schools are in your location. Ensure you move within one of the best school districts. Ask loved ones where they sent their children and what their experience was like. Consider education options for all ages, from preschool to high school.
5. Buy a Suitable Property
Decide how many children you plan to have. Consider the properties within your budget and ensure they have enough room. Find a property with a large yard. Consider how you will buy a property. As a military veteran, you could get a VA loan. Find out about VA loan eligibility for first-time homebuyers from the experts at Hero Loan.
6. Find a Job with Good Parental Leave
Look for a well-paid job that offers parental leave. Ensure the position you find will be able to support a family. Decide whether you or your partner will give up work to care for the baby. Consider having the lowest-paid person give up their job.
7. Purchase Life Insurance
Ensure your family will be cared for if you die by taking out life insurance. Shop around for the best coverage. Consider income protection insurance to cover you if you cannot work because of injury or illness.
8. Make Your Will
As soon as you buy a property, make a will. Once you have children amend your will, and ensure that all assets and money are left to care for your partner and children. Update your will regularly as circumstances change.
9. Sell Off Unwanted Items
Clear out any unwanted items in advance of the baby’s arrival. Sell items in good condition to save extra money for the baby. Sell off items that will be dangerous or unsuitable to have around children.
10. Consider the Future
Consider the way your life will change in the future. Ask yourself how many children you want, where you want to live, and if you want pets. Ensure you find a home suited to your needs.
We hope this list of ways you should prepare for growing your family after military service. There are likely other items as well but this should cover the major items. Careful planning will produce better results for all involved.