#masteryourmoneywithneha Welcoming a baby? It’s time to plan your finances!
Do you know due to rising costs and improper financial planning for a child’s future, 80% of parents have to pay for the education from their day-to-day income or general savings? Overall, a lack of planning can impact the future through loans and the depletion of savings.
So being your fin-women why would not make your life easy by introducing financial planning for the child?
.Here is a list of all the expenses you expect while welcoming a baby
• Pregnancy-related costs: Get ready for regular medical tests, doctor’s consultations and quality care for the expectant mother. If the pregnancy has any complications, then expenses can multiply drastically.
•Maternity leave and sabbatical: If the mother is working, you might have to take into consideration a longer maternity break (than paid for) or a sabbatical for a year or two. Factor in the loss of pay if any due to maternity leave from work.
•Prep for arrival: From buying clothes to setting up a nursery or even buying/renting a larger house - it needs a lot more than thought and budget allocation.
•Delivery and hospitalization: This surely will be the biggest chunk of your expenses. When you are pre-booking at the hospital for the birth, parents should take expense estimates and keep aside the sum.
•Plan for a child’s education: Planning for a child’s education should be started right at birth. It creates discipline and gives more time for investments to grow.
Are you welcoming a new member in your family? . #nehanagar #finance #personalfinance
