Taking care of a baby isn’t an easy task by any means. Preparing for these little angels should go beyond heart-warming ultrasounds and knitting clothes. Welcoming your child into the world is an exciting venture with a new set of responsibilities and requirements. In this life-changing experience, you truly need not only the love and support of your loved ones, but also well-planned finances.
Pregnancy is one expensive journey and demands hefty payments from prenatal care to birth and even after. It is crucial to consider all additional costs when planning a baby. You are already daunted by the idea of becoming parents soon, and the pressure of finances on top of this can get you stressed. However, there is no need to worry because we have the perfect list of financial concerns and how to solve them listed below. Ensure that the child and mother are both physically and financially secure with the help of these pointers.
In light of this life-changing event, you will have to make some minor and major changes in your habits. The mother should remain healthy and maintain her fitness in the prenatal stages of her pregnancy. This not just helps the mother prepare for the delivery but also ensures the overall well-being of the foetus. Mothers are also advised to cut down on their caffeine intake as it can have a negative impact on the growing foetus.
The one habit you need to quit at the earliest is the use of addictive substances. Cigarettes and alcohol are two substances that can harm your child more than you think. A newborn is vulnerable to the impacts of these addictives. The child can develop severe respiratory ailments and other diseases at an early age if kept in constant contact with such substances.
Also, keep in mind the future to come. A child is a 24-hour responsibility that requires continuous supervision and care. Spending time with your significant other and charting out new sleeping schedules and dividing tasks like changing diapers and household chores can help considerably. These pointers are just the tip of the iceberg. As the child grows more adjustments will have to be accommodated. Prepare yourself to make some major changes in your life for the little ball of sunshine to come.
You have additional family member to account for in your family budget! This is bound to switch things up for you financially. Taking care of a child requires specialised medical and developmental care along with other additional facilities. In order to make room for this you will have to allocate a sizeable amount of your budget solely to your child. Make sure your new budget accounts for expensive diapers, baby food, toys and so on, which make up the daily necessities of your baby.
Childbirth takes a huge toll on the body of the mother who then requires extra care and attention. Strong financial backing can assist this recovery and get the best of facilities available for the new-born and the mother. List out all possible costs and requirements to re-budget and provide your family with all the monetary aid it needs.
This joyous moment in your life has come after a lot of efforts. Unfortunately, a mishap can intercept you in your path to absolute ecstasy. Creating new life is a beautiful and a complex process. Anything can go wrong anytime. It is vital to be prepared against any sudden accidents. Unexpected complications or miscarriages can be life-threatening and require immediate medical assistance. Even after birth, you should maintain your emergency fund as children are accident prone and not completely developed. This leaves room for them to get hurt and injure themselves. An emergency fund can help you tackle such incidents. The rising inflation and price hikes are a clear indicative, that your funds need to grow exponentially if you want to keep up with all future requirements. So, make you have sufficient funds saved up to safeguard your family from possible harms!
Pregnancy brings with it a roster of doctor visits and medical examinations. Adding one more to the list might sound burdensome. But what if you could take steps to limit your child’s medical sufferings before it’s born? Genetic counselling could save your child from many possible genetic complications and ailments. Simple saliva and blood tests can reveal if the mother is carrying the genes for major health issues like cystic fibrosis, Tay-Sachs disease, fragile X syndrome, or sickle cell disease.
With genetic counselling such health risks can be avoided, ensuring the child’s proper development and prevent birth defects. Get the required medical attention in the prenatal stages of your pregnancy and allow your newborn to enjoy a disease-free life!
Right from pregnancy to post-pregnancy, a mound of expenses awaits you. From frequent check-ups to supplements and medications, the costs keep adding up. And let’s not forget the delivery process itself! Even after all of this, some additional expenses find you in the form of vaccinations, paediatric consultations and so on. One effective way to go against this spending is to get a comprehensive health insurance.
If you have a pre-existent medical insurance, revisit the policy, and ensure that all pregnancy related costs are covered. This can help you save up a lot on the delivery costs and gynaecologist visits. Inquire whether your health insurance covers C-section births as well and prepare accordingly. You can also get additional pocket-friendly insurance policies like the Pregnancy Complications Cover available on Bajaj Markets for premiums starting at just ₹499 per year. Such products provide extra financial security in case of a mishap.
Getting a life cover and including your new-born in your family health insurance policy is also a great idea. This will help you safeguard your child financially against any major mishaps in the future. So be ready, for you never know what experiences life has in store for your child!
It is never too early to start planning for your future. Be ten steps ahead and plan out for all small and large financial requirements of your child. The immediate small everyday essentials like strollers, car seats, cradles, breast pumps, wipes, diapers, infant formulas etc., need to be taken care of. Meanwhile, large financial requirements are also lined up for the near future. Imagine this, your child on growing up wishes to study abroad. The amount required for relocating, admission process, and daily expenditures is ginormous. Such huge lump sums require years of saving and investing on your part. Multiplying your finances from now can help you gather the funds required. Take the necessary steps now and give your child the wings its needs to fly.
Planning for the future from now is not a farfetched idea but a practical decision especially when it comes to finances. From a wide range of providers, apply for any financial instrument like fixed deposits or mutual funds. Pick what fits into your monetary plans with an easy digitised process. From pre-natal care to post-delivery, the journey is difficult. The right financial plan will assist you in your journey as you enter parenthood. We wish you the best as this new chapter in your life unfolds.