First things first, don't freak out! It can be scary to know
that not working equals no income, but relax. There are ways that you can
afford some leave and still be provided for. Here are some tips for setting
yourself up to have a decent amount of maternity leave.
1.
Calculate what you have. If you haven't been closely watching your budget, then it's more than a great time to start. You’re probably already putting away money for your taxes, so you might as well begin putting a little extra away too (also, remember that your taxes will be a little less since you’ll be listing a dependent). Realistically assessing how much you make a year and anticipating slow periods is essential. Then look at your expenditures. Where can you re-allocate funds into savings? Do you have a subscription to a paid service that you never use? Are you paying a lot in interest on a credit card? Consider canceling subscriptions, finding lower interest rates, and maybe skipping the latte every morning at Starbucks.
2.
Calculate what you will need. Assess how much money you need to live on for as many months as you would like to take leave for. The first three months don’t have to be expensive. If you’re breastfeeding, the only new expenses will be diapers, health insurance for baby, and a decent stockpile of clothing. You will probably overestimate how much you need, because things like going out to dinner, trips to the salon and other luxuries will just naturally fall to the wayside. Equipment costs before you take leave are where the highest expenses will be. You’ll want a stroller and/or a baby carrier, a crib or bassinet, car seat and any other equipment you want to have for your baby. Hopefully, friends and family will help out with these things, but don’t underestimate the value of used items (except in the case of the car seat). Equipment can cost anywhere from $2,000-$6,000 for the first year.
3.
Contact your customers. Make sure you let your customers know well ahead of time what your plans are. Providing exact times and dates will reassure them of your commitment to their needs. Touch on the projects you may have in the works with them and make a game plan that assures that everything gets finished in a timely manner. Also, leave a note of your future or present absence on your voicemail, email auto-reply and website with the date of your return.
4.
Hire someone. For those jobs that you know you won’t be able to finish in time, hire another person in your field to complete them. Make sure it’s someone you trust and that their quality of work is at least as good as yours. In some cases, you can train another person and make a small stipend on the other person’s work in exchange for the use of your established business. If you’re nervous about leaving someone responsible for your jobs, then you might consider signing a Restraint of Trade agreement with the person. Don’t be surprised if a customer decides to solely use the new person going forward. A clause can be added to your contract so that you receive a small fee should the customer decide they prefer your replacement.
5.
Work it. You’ve got less than 9 months to get your house in order, so don’t drop the ball. Stay motivated by keeping your eye on the prize. The more you can get done before the baby is born, the more freedom and flexibility you will have during your time off.
6.
Don’t disappear. When you do go on leave, don’t just leave all your emails unchecked for three months. Seriously, you will regret it the moment you do check it. Stay current and respond to the most important inquiries. Contact your customers weeks before you plan to work again and give them a solid date of availability. Let them know that you’re enthusiastic to help out with anything they might throw your way when the time comes.
7.
Lastly, enjoy it! You’ve got the flexibility that many people don’t, so enjoy what you have. It may seem like you never get a break, but you really are setting your own breaks. Be thankful for the opportunities you do have working from home or owning your own business.
How are you preparing for maternity leave?
Restraint of Trade Law & Legal Definition [
USLegal]