FINANCIAL PLANNING FOR NEW MOMS

Financial Planning for new moms

Plan your finances for your baby

Having a baby is one of the most awaited event of a married woman’s life, but it’s not easy to take care of everything once you find out that you are pregnant. Apart from the physical and the emotional changes in your life, your financial needs will also change. Even before your baby is born, it is going to add up to your regular expenses and after its birth, these expenses will increase exponentially. So, don’t you feel that there is a requirement to plan your finances for you baby and make changes in the current plan? Here are a few points that you can consider so that you do not face any financial problems while you raise your child.

 

Before the baby is born

Estimate and save money needed for medical tests: As soon as you find out that you are pregnant, take time to think about how much money will be needed for various medical tests and appointments with gynecologist. This will help you decide how much more do you need to save for such expenses.

If you already have a health insurance, add maternity cover in that: Doing so will save you a lot of trouble during the pregnancy, as a lot of financial burden will be taken up by the health insurance provider. With the money you save, you can buy something that your child may need in future. You can also choose doctors, gynecologists and pediatricians that are included in your insurance to avoid extra expenses.

You also have an option to add your child to your health insurance. As children are prone to fall sick easily, you can save some bucks for yourself by adding your child in your own health insurance and plan your finances for your baby easily.

If you have a life insurance, add your child as a beneficiary so that they get all the financial support even when you are not there for them. Also as a new member is added to your family, write a will or update the will that you have already written.

Maternity leaves: If you are working and you get pregnant, you have two options – either leave your job or take a maternity leave and get back to work when it’s over. If you are thinking of the second option to get back to work, you need to plan your maternity leave well. You should check your company’s policy if it pays you during the maternity leave. This will let you easily plan your finances for your baby when it’s born.

If you have decided to leave your job, you should understand that you people are going to be dependent only on one salary which means good financial planning will needed along with good savings. Talk to your spouse about it and discuss what and how things are to be done.

Start saving as much as you can, that too smartly: As your expenses are going to increase with the child’s growth, you need to start saving at the right time to meet his needs properly. There will be hundreds of things that you will need to buy for your child that you cannot even imagine before its birth.

 

After the baby is born

Prepare a budget and follow it: As your child is born, the expenses will increase. To avoid any wastage of money, draft a budget and follow it. While buying anything, make sure that you buy things that you really need, not just want. Baby’s things can be expensive, so buy only those things and at a rate that doesn’t exceed your budget and are actually necessary.

Start investing in various schemes that can offer you high returns: Start saving or investing in schemes like fixed deposits, mutual funds, bonds, money back insurance policies, stocks, savings account etc. These schemes will let you earn high returns and add to your savings that will be useful in future for your child’s needs.
Buy life insurance for your child: Buying a life insurance can be a good idea for your child. Even though parents do not plan for this because they do not imagine losing their child, but this can save a lot in case of accidental demise of your child.

Personal loan is a good idea if you find that you are not able to meet the expenses. Personal loans can easily help you plan your finances for your baby. Personal loans are available at different interest rates and tenure, so choose the loan from where you can meet your requirements without much headache.
Once your child is born, do some retirement planning: If you are already investing in retirement plans, good. If not, it’s time that you start planning your retirement, so that you are not dependent on anyone else in your retirement phase. This decision to plan your finances for your baby and yourself will reduce the burden on your baby once it’s grown up.

Invest in children plans: It’s a good idea to start investing in children’s plan after they are born. These plans will let you have good savings at the time when your child is ready for higher education or marriage.
Order a birth certificate and Social Security Card: Though most of the hospitals arrange for these things for you, but in case they don’t make your own arrangements.

 

If you follow some of these points, you can avoid being trapped in a financial dilemma and let your child get everything that a baby needs.

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