It is a very important decision for every couple to have a baby. With this decision, connected is the future of a child. Being parents is of much joy. Similarly, parenthood requires certain responsibilities to be carried out properly.

Since every parent wants that their child gets what he/she wants. Similarly, they want their child to have a secure and bright future since their satisfaction as the parent lies in the successful fulfillment of the child’s future goals. Alongside giving birth, parents’ responsibilities include taking care of a child’s growth, basic needs, educational expenses and savings for future. Practically, money is required before the birth of a child.

So, you need to ask yourself whether or not you are ready to have a baby. You must create a financial plan before having a child with the following three things in mind.

·        Estimated medical expenses

·        The number of days you would take leave of absence from work

·        Estimated expense for the child

Adopting insurance policy:

Raising a child costs parents a lot of money, which can be reduced by Health Insurance. So, you can get one before the birth of your baby.

Financial planning during Paternity or Maternity Leave:

Estimate how many days you or your partner would be granted as paternity or maternity leave and create a good financial plan for that period beforehand.

Creating a list of estimated expenses for the baby:

It is good to estimate how much to spend on the baby’s clothes, diapers, toys and other needs each month. That the expenses will rise with the child’s growth should be kept in mind. Also, medical expenses need to be included.

Post-delivery budget:

After the birth of your child, consider adding some extra expenses for the child’s foods, diapers, clothes, toys, etc. to the budget.

Changes in career plan:

You have to think clearly whether or not you can give your child the much needed time while carrying on your current job. If you want a baby now, you should stay on the current job since you never know if the future job may come with more workloads. Also, if you and your partner are both employees, you have to decide who will assist the child in what ways in terms of time. Discuss as openly as possible.

Taking care of the baby:

You should decide who to entrust with your baby’s care in case you are both service holders. You might enjoy some savings if your assistance for the baby’s care comes from your in-laws’ house. However, your situation is not that, you have to employ a babysitter or governess.

Family expenses:

You might quit the job in order to take care of the child. Then, think properly what you have to compromise upon and if your partner’s income alone will be sufficient to meet the family expenses and make savings for future.

Savings for the child:

To secure the future of your child start savings right after his/her birth. You may need to spend a lot of money for your child’s education. Choose what kind of savings account you will maintain for this purpose.

Loan payment:

If you have a loan, try to pay it back before having a baby, otherwise your child’s expenses may seem to be a burden that might spoil the joy of becoming parents.

Discussion among couples themselves:

Discuss with your partner every detail including how to finance the household, who to pay the delivery expenses, which school to choose for the baby, how much to pay for the baby’s schooling and future expenses, etc.

In fine, your responsibilities as the parent only start with the birth of your child. So, there is no alternative to a proper financial planning if you want to raise your child as per your expectation. Do you have that financial stability to have a baby?

By calling to our Careline number from Sunday to Tuesday (Except Government Holidays) from 9am to till 5pm,you can consult with a Doctor directly, about any kind of problem related to mother and child.Our toll free number is 08-000-888-000.