Want to raise a happy & healthy Baby?
Updated on 18 March 2023
Nothing gives more happiness to a couple than the fact that they are all set to welcome a baby into their lives. Along with the moment of happiness, it should also be a movement of financial planning for the growing family.
If you do proper financial planning for the coming child in time, you will become responsible and happier parents. It can give your child a financially secure and happy life. Moreover, you get a chance to give your baby a better future to your survivors as well as become a good person. However, a better future for your baby is possible only with timely financial planning.
You may also like to read: 5 finance management tips for new parents
Here are five important financial planning moves you must consider making before your little one arrives for a stress-free and financially secure life ahead:
If you are expecting a child, then you must take care of your financial status first. You should thoroughly analyze your income, expenses, debts, and other financial obligations. Make a personal budget so that you can plan better savings to pay for your child's expenses. You can check your finances based on your assets and liabilities.
If you are working then you must also review Maternity and Paternity Leave. Most companies in India offer paid maternity leave for 180 days but only a few offer paid paternity leave. So, it's important to enquire about the provisions for parental leave in your organisation. And if you have to take some unpaid time off, then you must plan accordingly.
If you are bringing a new life into this world, then it's essential to insure the new life too. You can choose a suitable insurance policy for your upcoming child, and make a proper payment arrangement for the instalments. It can pay you 50-100% of the earnings lost during pregnancy and childbirth.
If you have proper knowledge about your financial health and childbearing expenses, then you can make it a part of your financial plan by making a proper budget for that too. You can also use Mylo's helpful baby expenditure tool to keep a track record of all your baby's expenses. This will not only give you financial insight into your life with a baby but also help you track and minimise your expenses.
You may also like to read : How does practicing Garbha Sanskar during 9 months of pregnancy help women deliver a healthy baby?
While it may not feel like an immediate priority, the sooner you start saving for your child's school and college tuition, the more options your child will have. A common way to save for kids’ education is by investing in tax-advantaged savings plans. So, start researching and begin investing as soon as you find an appropriate investment avenue for your family.
Becoming a parent is the most challenging and life-changing event of anyone's life. You are not only responsible for yourself and your partner but also for a little one. To give a better nay the best life to your child, you must make proper financial planning for your growing family.
Ishmeet is an experienced content writer with a demonstrated history of working in the internet industry. She is skilled in Editing, Public Speaking, Blogging, Creative Writing, and Social Media.Read More
Get baby's diet chart, and growth tips
Daddy-Baby bonding from Pregnancy to Childbirth: Top 7 tips for you
How to prepare your child for pre-school
I am pregnant, can I still breastfeed my toddler?
My toddler has bad breath. what should I do?
When will my toddler learn how to scribble or draw?
Can loud volume affect my toddler's ears?
At Mylo, we help young parents raise happy and healthy families with our innovative new-age solutions:
Disposable Diapers | Baby Wipes | Cloth Diapers | Diapers & Wipes - Baby Care | Hair | Skin | Bath & Body | Diapers & Wipes - Baby Wellness | Diaper Rash | Mosquito Repellent | Anti-Colic | Diapers & Wipes - Baby Gear | Stroller | Dry Sheets | Bathtubs | Potty Seats | Carriers | Diaper Bags | Carry Nest | Baby Pillow | Maternity dresses | Stretch Marks Kit |