Planning for the child’s future begins in the womb itself. There are several financial thoughts that keep going on in your mind. Planning is a positive thing but the plan has to be executable. The ideal way is to list out the expenses one by one. Sit together and find out about your savings and how you can multiply the yield or earnings in investment when the baby arrives. Financial plan is a very personal one. It can be a five year plan or also a short term one. Remember that all good planners have a Plan B in hand.
Find out the things that need immediate attention in terms of finance. Basic expenses lie in birthing and evaluate if you want to invest in the stem cell. There could be a wall you would want to paint, perhaps get a nursery done or add up a few duvets or also a small bed in one of the rooms. Moreover the instant cost that you will incur is mother care essentials, diapers, toys, pediatric expenses and clothes for the baby. A simple advice is to look into the things during pregnancy itself, so that you can stock it for ease when the time arrives. This also gets easy on your purse strings if you plan ahead.
Priorities are personal for all parents. For some, it could be investing in additional house help or for others it could be arranging for a stay of a parent as a support system. Chalking out all the essential items in a neat checklist does give you the ease to choose and prioritize. Are you planning to engage a babysitter or a nanny? That costs some money too. While you are reasoning many things in your mind and arguing in your head, it is wise to understand your existing loans and liabilities especially pertaining to vehicle and home loans so that the financial planning is easy.
You must be aware that kids grow very fast and an elaborate cradle will soon become a toy box. Did you know there are awesome rental schemes for furniture too? Hiring rental furniture brings down the major cost and you can save a few thousands. Moreover, rental furniture has all the elements of durability, colour and style. Be it storage, a closet for the baby or a caregiver or additional beds with mattresses everything is available online.
As you hold your child in your arms, your promise to yourself gets stronger. The promise to be fit, to provide for the present and also the future brings within you so much of hope and happiness. Heed the advice of a financial consultant if you would want to browse through the children’s savings schemes which will also serve as tax rebates. Plan well as the next thing on the checklist is the investment for a preschool. You surely want the best right? So from now on let prudence be your middle name.