Arrival of a little baby is one of the greatest joys in our lives. However, it also brings monumental responsibilities which can appear daunting and challenging if not planned well in advance. Following are few pointers that will make the parenthood of newly borns’ parents joyful.
1. Start by creating short term kitty to be used for delivery based expenses and numerous items that any new born kid will require.
2. Please meet HR and check out the maternity or paternity related benefits provided by the employer.
3. Add your baby’s name to your Health Insurance ASAP.
4. You have just got one more precious dependent to your life. Review and increase your life cover if required.
5. Please redraw your budgets, expenses will definitely go up disproportionately with the arrival of baby.
6. Use your bonuses and other lump sum inflows to prepay your loans so that you can sleep peacefully just like your baby.
7. Start investing through mutual fund SIPs for your Child’s education and marriage. Don’t be lured by Child insurance plans, they are terrible.
8. Review and rewrite your will.
9. Don’t fall for emotional traps of product manufacturers whether toys, dresses, insurance and investments. The inclusion of word child is to emotionally trap you. Don’t fall prey to such tactics.
10. Last but not the least what is good for you is also good for your child. These principles are universal hence don’t really do anything different.
Have a wonderful week ahead!!!