Becoming a parent is the most cherished emotion that cannot be described in words. On one hand, parenthood brings immense happiness and at the same time, it instigates new changes which mean more responsibilities and more planning of your finances. You have a new life entered in your life and now you need to nourish it, this requires lit of planning of your finances. The life is not the same anymore. Let this emotional bliss not hunch your back with a load of financial crunch.
In our tenure of association with many people especially the ones who have become parents face the problem of coping up with the finances. We believe that lack of knowledge and poor financial planning is the key reason for such chaos. At Power Your Finance we have drafted a complete set of policies that will not only help you with the planning of your income but at the same time, our suggestion will help you decide on the policies that will best work for you and your family.
Financials Must Do when adding a child to your family:
People are often resilient to take financial guidance but once you have a new member added to your life, you need to think and act differently. You need to understand that your source of income is same but avenues of expenditure have increased, under such circumstances you can follow these guidelines which will help you manage your funds :
Understand your health insurance – this will help you estimate your expenditure at the time of delivery and will help you understand what all falls under the coverage of your health insurance.
Check for the paediatrician falling in your insurance network- Your first visit to the paediatrician will happen within the first week of your baby’s birth hence, cross- check with your insurance agency if the specific clinic or doctor falls under the insurance network.
Pick up a life insurance policy -This not only safeguards the future of your loved ones but also help you save a lot of tax.
Meticulous expenses – These are variable expenses that become recurring once the baby is in the house, baby food, diapers etc. all are a part of it . Make sure that you have set aside some budget for the same.
Juvenile Insurance Policy - Some of you might want to buy a juvenile life insurance policy which guarantees the future safety. The whole or permanent policy will not only give death benefit but at the same time, such policies give you cash value which can be used for your child’s further education.
Adding your child to the existing insurance policy – You can initiate this step 30 days after the birth of your child. Some companies have the provision of adding the child after 60 days of their birth.
Power Your Finance has a lot more to tell you about your financial planning after the birth of your child. To know more about how to plan for the better future of your child, get in touch with us today.
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