It is common to hear some people say that becoming a parent is nowadays an expensive ‘venture’. It is a fact that parenthood means more expenses, which is why one must be fully prepared.

So, can expecting mothers avoid falling into the debt trap?

Usually, some expecting women are tempted to take loans as they prepare for the baby. However, this can be avoided if one takes the necessary precautions and puts aside cash to cater for childbirth.

Kevin Rutikanga, a sales executive at RwandAir, advises expectant mothers to develop clear savings and spending policies to guide them on how to handle the finances. “Make a list of the things you will need for the baby’s arrival and plan accordingly. This will help you to stay out of debt,” he says.

He argues that since it is always difficult to anticipate the future after childbirth, it is crucial to take action well in advance. Adding money to your savings accounts even when you don’t need it will create more available funds, he adds.

Besides healthcare and basic requirements at the time of birth, new parents must have enough savings to cater for eventualities.

Stop spending on luxuries and save the money to cater for new life you are expecting. “There will always be unexpected costs, like hospital bills, so you need to be well prepared,” he says.

Jacky Mutoni, the customer care consultant at Bank of Kigali, advises against taking loans to cater for the baby, arguing that the action can sink you into more debt.

“Acquire loans only as a last resort because that can be a sure way to stay indebted for long. So, it is essential that expecting mothers avoid debt.”

It is always important for one to evaluate their financial status all the time and keep clean books of accounts. This, Mutoni argues, will safeguard you from falling victim to alluring loan offers from banks.