Starting a family brings immense joy as it is a new journey in your life. When you decide to become a parent, you may go through a series of emotions and feelings such as excitement, happiness, stress, nervousness, joy, and lots more! While it will bring a massive change to your lives as to-be parents, you will also witness several financial deviations. One thing you need to keep in mind is that your life will not be the same as before. Hence, it is very important that you are prepared for this big change in your life.
You need to take special steps in order to be financially prepared so that you and your spouse have a stress-free experience after you welcome your child to this planet. You would definitely want the best for your child, and hence, to make sure that your little one enjoys the best attention, you will have to take care of your finances efficiently.
If you choose to not plan your finances, your relationship and your wallet may get affected. To avoid such troubles, you can take simple steps to ensure that you start a family with good financial management.
1. Evaluate your health insurance policy: Do you and your spouse have a health insurance policy? If you are planning to start a family, you may need to re-evaluate your medical insurance policy. Your current insurance policy may cater to the needs of you and your spouse. However, you will have to check if it will take care of your child’s health needs too. You can then decide to make alterations to your existing policy or even take a different policy at a different premium for your entire family.
2. Get maternity coverage in your health insurance policy: It is very important to pay attention to the costs that you may incur during pregnancy and labour. You can keep a part of your funds for the birth of your baby. You can go for a reliable medical insurance policy with a maternity benefit. In India, this cover includes pre-hospitalisation expenses related to maternity, pre and postnatal expenditures, new-born baby cover, room charges, anaesthetist consultation charges, emergency ambulance charges, surgeon charges, medical practitioner fees, and nurse charges. You should note that there may be a waiting period of 2 to 4 years to make a maternity-related claim. Hence, it is ideal to go for a maternity benefit immediately after you decide to start a family.
3. Assess your contingency fund to be prepared for maternity and post-maternity expenses: You can take a look at your emergency funds to analyse if you have a pretty high amount in order to be ready for any urgent financial need. In case, you are short of funds, you may take a personal loan since it can be utilised for any purpose. Whether you need money for medicines, regular medical check-ups, scans, or any other reason, you can use your personal loan to handle your expenses.
4. Make certain purchases in bulk: You can buy certain products such as grocery products, medicines, dairy products, baby hygiene products, baby food, maternity clothes and other products related to having a baby in bulk. When you buy these essential products in bulk, you may receive discounts and you will also be able to save money extensively. However, since you are buying them in large quantities, you need to ensure that they will not expire anytime soon.
5. Be financially prepared for baby-proofing your living space and vehicle: It is very important that you make special arrangements in your house and car before you have your baby. This is required for the safety and security of the new-born. Baby-proofing can be fun yet expensive. You need to set aside a portion of your money for baby-proofing your home so that your kid can crawl around the house without any form of danger. As responsible parents, you will have to get any broken or damaged part or item of your house fixed thoroughly. If there are any pointed objects in your house, you can get them removed or get them modified. If you have a car, make sure you invest in getting a child-lock system before your child is born. Also, if you have not taken a motor insurance policy for your car, rush and get one soon! It is very crucial to care for the safety of your family when you drive a car. You can compare numerous car insurance options online and buy one easily.
You also need to be absolutely mentally prepared for starting a family along with being financially prepared. You may come across many stressful situations and new surprises that you would have never thought of. If you have decided to start a family, be firm and brave about it. With these simple financial tips, you will be able to face any steep rise in your expenses very smartly. You and your spouse can tackle all kinds of hurdles associated with starting a family by being calm and organised.