Financial Planning - Preparing For A Family

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Financial Planning - Preparing For A Family

2 min |

Despite the array of products on the market, babies don’t actually need much in the early days.

A common setback to prepare for is the loss of income when one parent—usually the mother, but increasingly fathers too—stops working to become a full time, primary caregiver. If both choose to continue working and if your child care option is expensive, financial planning is called for.

A visit to an accredited financial planner may help you understand how to manage your finances for your new family.

Cutting down on indulgent and impulse purchases, expensive hobbies, and eating out, is the first step towards achieving financial security.

In 2017, paid maternity leave for women increased from 12 to 26 weeks, which is a good sign. Planning can include maternity insurance, income tax provisions and investment schemes that new parents in India should take advantage of.