Published On: Fri, Mar 1st, 2013

Planning For Parenthood

Some say that kids teach you to become good parents naturally. However, we beg to differ. We feel that in today’s world you must have a proper planning for parenthood. It is always good to plan your life. The first point in planning for parenthood is to be prepared for it. You must be mentally, physically and financially prepared to have a baby. We all want our child to get the best of everything. To achieve that we must plan and in this article we will teach you exactly how to plan for the most challenging role of your life.

Today women mostly think of babies after thirties. This is exactly why the pregnancies are complicated. As a result some women might have to leave their jobs for some time. We don’t recommend that women should leave jobs and be at home with the baby. It is proved that working women generally have smarter kids who are more independent. What we are trying to say is that during the nine months of pregnancy you might have to leave the job and take care of your health. Well both the partners must look at how they are going to deal with finance if one of them quits. If working is required then women can opt for work from home options that are many in the market today.

Now that you know how you are going to get the money. The next step is how much money you would need to have a baby. Visit the hospitals, consult your friends and get an idea of how much the whole process cost. Try to keep an extra amount as there might be complications. You can get a medical insurance to meet certain part of the expense. You must get life insurance for yourself and your wife. This will be a security for the child. When you take a medical insurance check that it covers check-ups and ultra sounds. After a child is born vaccinations have to be given. Try to keep some fund for the medical expanses after birth. Try to get a medical insurance for a baby too at the earliest.

Making you child financially secured is very important. This is exactly why you must nominate them in your property and other assets. You must do good investments for them and their future. You must inform your spouse of all the investments so that in your absence they can manage your finances. Try to save more and do less unnecessary expense. Every month keep extra money for expenses related to the child. There are many investments that you can do for the education of your child. So please contact a good investment planner to help you keep that money.

Having a child brings in a lot of unplanned expenses. This does not mean that you forget all about you’re planning. We strictly advise that as new parents please don’t over spend nor do unplanned expenses. Keep your long term and short term financial goals in place. You must ensure that you stay in budget. Make your budget such that it can take in all the extra expenses. You must teach your children how to respect money and also how to budget from a young age. This will only help you in the future.

These are some of the financial aspects that you must keep in mind before planning for parenthood. There are more preparations that are on physical and mental aspects of parenthood. We will discuss those in later articles. Parenthood takes a toll on you physically and mentally. However, if your finances are in place then the whole journey will be much smoother. With a good financial backing you can manage the physical and mental stress better too. We wish you all the best with parenthood. We hope these tips will help you to give a better future to your children.

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