We are having a child

Expanding your family not only increases your happiness, but also your financial responsibilities. Think about the costs of childcare, school, and university. If one of you reduces your working hours, that also has consequences. You’d rather not think about it at a time like this, but what happens if one of you passes away? Will you still be able to afford expenses like the mortgage, childcare, and other expenses? An overview of your income and expected expenses, and which risks are covered, can provide a great deal of peace of mind and insight.

Regarding child benefit and a child-related budget, it’s worth checking if you’re eligible. The age and number of children, combined with the parents’ income, all influence this.

Check the maternity leave regulations

As an employed mother, you are entitled to paid maternity leave. This consists of a total of 16 weeks. If you receive benefits from the UWV (Employee Insurance Agency), you are entitled to maternity benefits. Self-employed entrepreneurs can also receive benefits from the UWV. This last point, in particular, is often overlooked. Always apply for maternity benefits at least three weeks before your desired start date.

View the parental leave regulations

As a working parent, you have the right to temporarily reduce your hours and spend time caring for your children. This is called parental leave. You can take leave until your child turns 8. You won’t receive pay for the hours you take as leave, unless other arrangements have been made with your employer. Your pension accrual may continue in full while you take parental leave. This depends on your pension plan.

Childcare, playgroup and childcare allowance

If your child attends a registered childcare center, you are eligible for childcare allowance. This is a contribution towards the costs of childcare. The amount of allowance you receive depends on your income (after deductions) and the number of children attending the center. Since 2018, you are also entitled to childcare allowance if your child attends a preschool.

Please note that there are also consequences if you become a benefit parent. The amount of your healthcare and housing benefits may be adjusted as a result.

Adjust your insurance

Immediately after your baby’s birth, it’s crucial to update your insurance policies. It’s not something you’d normally think about at that moment, but you can contact us for that. We’ll review the following policies and ensure everything is up to date:

Health insurance
Liability insurance
Travel insurance
Life insurance
Funeral insurance
Accident insurance

Parents and grandparents can give money to (grand)children, for example, to save for college. Be sure to consider how much of this gift is tax-free. If you’re not careful, your child or grandchild may have to pay gift tax.

Beware of the “own-pocket” option. You must include the assets of minor children in your assets on your tax return. Therefore, you may have to pay wealth tax. In the case of a gift, we can inform you about the applicable rules and assist you in ensuring everything runs smoothly.

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