Having a child is a pivotal moment in your life and parental leave offers you the time and space to bond with your newborn. To make the most of of your parental leave, it’s important to proactively prepare for and manage your time away from work to assist you financially and mentally.
Here are some ways to get the most out of your time off and allow a smooth transition back to work:
Plan your leave in advance
Consider planning your parental leave as early as possible. A discussion with your employer about the length of leave and any flexible options available, like a phased return to work or part-time hours, can help ensure a smooth transition both into and out of parental leave.
Budgeting for parental leave
Parental leave often comes with a reduction in income, so it might be a good idea to create a budget that accounts for the months you’ll be on leave to avoid financial stress during this period.
Stay connected with your workplace
While your focus will understandably be on your new child, maintaining some connection with your workplace can be helpful. You might choose to have periodic updates or check-ins with your boss or team. This can keep you informed about significant workplace changes and make your return to work a bit easier.
Advocate for yourself when you return to work
Speaking to INTHEBLACK Magazine, Prue Gilbert, CEO of parental leave consultancy Grace Papers, notes “We hear so often stories about women returning to work after parental leave and they end up getting all the bits and pieces of work that nobody else has had time to do.” That’s why it’s important, especially if you are a mother returning to work, to have a frank discussion with your manager about your career vision and goals, and to advocate for yourself.
Consider life insurance
Life insurance is an often-overlooked aspect of financial planning for new parents. It can provide an important layer of financial security for your family in case of unforeseen circumstances. The birth of a child could be an opportune time to evaluate your life insurance needs and consider obtaining or updating a policy to reflect your new family situation.
Parental leave is more than a break from work; this phase allows for personal growth and family bonding.
By proactively planning, staying connected with your workplace, and thinking of financial security through measures like life insurance, you could maximise the benefits of your parental leave.
I can help you plan for this phase of life and tailor a life insurance policy to your changing needs, so you can rest assured that you and your new family will be financially supported no matter what.
References:
Parental leave: how to get it right | INTHEBLACK (cpaaustralia.com.au) Nicola Heath. 1 April 2019.
Grace Papers – Empowering gender equality through flexibility © 2020 Grace Papers Pty Ltd.
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