Saturday, January 23, 2021
Home Business finance Planning For a Baby? Have Some Financial Planning Before!

Planning For a Baby? Have Some Financial Planning Before!

Below are some the most crucial financial tasks that must be on your checklist from the onset of your pregnancy, including estimating your medical costs, planning leave from your job and budgeting for your new born's arrival

Preparing for a baby isnt only about purchasing tiny clothes, diapers and mittens. It goes beyond watching the endearing ultrasound photos and counting baby kicks; baby planning involves a lot of financial preparation.

Priti Rathi Gupta, Founder of LXME, MD & Promotor Anand Rathi Group spells out the most crucial financial tasks that must be on your checklist from the onset of your pregnancy, including estimating your medical costs, planning leave from your job and budgeting for your new born’s arrival.

Please Follow NewsGram on Facebook To Get Latest Updates!

Save for medical expenses

The most obvious first step to take – start saving! Considering the exorbitant charges for medical check-ups and tests, and poor maternity benefits in health plans, it would be wise to keep aside a small amount each month in a liquid fund soon after you receive your good news. Don’t forget that with prenatal care, epidurals, and hospital stays, giving birth doesn’t come cheap.

Baby
Preparing for a baby isnt only about purchasing tiny clothes, diapers and mittens. It goes beyond watching the endearing ultrasound photos and counting baby kicks; baby planning involves a lot of financial preparation. Pixabay

Keep your debt status in check

If you have a substantial debt figure before you have a baby, there’s a good chance it will swell once your baby arrives. The ideal scenario is to be debt free with probably just your mortgage because when the baby comes along, expenses are bound to shoot up. Ensuring your debt is under control will render you financially secure resulting in peace of mind and contentment. If debt is all you think about, it will be hard to focus on your family.

Prepare for Maternity Leave

Taking time off your job to bond with your new baby, heal your body and adjust to the changes in your family is extremely important. According to the Maternity Benefit Amendment Act, women can take 26 weeks maternity leave. As per the Maternity Benefit Amendment Act, women can commence their leave upto a maximum of 8 weeks before the expected delivery date and the remaining time can be availed after childbirth. Some couples also make use of their paid vacation or sick days once the baby arrives. Discuss with the HR department and understand your company’s policies with regards to this so that you can plan your leave accordingly.

ALSO READ: Opiod Usage Can Lead To Hearing Loss: Study

Review your health insurance

You will need to include your new born to your health insurance policy, so take the time to review your policy now, while you are still free from baby duties. If you’re currently covered through your job, you can find out more from human resources, or talk to your insurance provider. It would be of use to note that even with health insurance, you might be responsible for some out-of-pocket expenses when it comes to childbirth and family coverage plans. By reviewing promptly you will have more time to clarify any doubts and start saving. (IANS)

STAY CONNECTED

19,120FansLike
362FollowersFollow
1,773FollowersFollow

Most Popular

Study Reveals Valuing Friendships Can Keep One Healthy

Having friends in life is important as they give us both emotional support and practical advice, whenever needed. A new study now suggests that...

White House To Display The Moon Rock In Oval Office

NASA has loaned a Moon rock for display in the Oval Office of the White House at the request of the Joe Biden administration. The...

Analysis Shows Batterry Storage To Be Cheaper Than New Coal Power Plants

A new economic viability analysis on Friday revealed that renewable energy along with battery storage in Tamil Nadu is cost competitive with new coal...

Vegan kids may have low level of vitamin D

If your child is fully vegan, then there are chances that they may have a lower level of vitamin D, a new study suggests. The...

Pandemic time used for self-development, survey reveals

The pandemic year 2020 is past us but not the coronavirus and the impact it brought into our lives is probably the biggest disruption...

What And When Do You Need Estate Planning Strategies

There are estate planning strategies to reduce estate taxes. If you have assets that are exempt from the estate tax and that you intend...

Loney Adults Over The Age of 50 May Face Mental Health Problems

Lonely adults aged 50 and over reported an average of two worsening depressive and other mental health symptoms during the Covid-19 lockdown, a new...

Remembering Subhash Chandra Bose on Birth Anniversary: Know 5 Lesser Known Facts and Quotes by “Netaji”

Subhash Chandra Bose, popularly known as "Netaji" was born on 23rd January 1897. Netaji is considered the most exceptional and revered Freedom Fighter in...

Recent Comments