Money Management Mantras for Dads-to-be
PNB MetLife 28-08-2018 04:19:14 PM
Becoming a father is one of the happiest moments in a man’s life. Nothing in the world can replace it. Your priorities shift from when you become a father. But once the baby arrives, there comes a host of expenses from clothing to diapers to medical care and many more.
As a Father, you will play an important role in providing for the financial well-being of your children. Bringing a child into this world opens the door to happiness along with a spike in expenses. Surprisingly, very few of us undertake child investment plans to deal with this radical phase of our life.
For Dads-to-be, there are some crucial responsibilities for the new entrant coming into your world. For your child’s better future, a child insurance plan is a must. This requires management and efficient handling of your financial affairs.
Let us see some of the money management mantras for a soon-to-be father.
- Decide whether you can handle all the expenses with one salary
It has been seen that in most of the cases where dual income couple has a baby, one spouse opts to stay at home to care for the baby. As a result, the other partner, usually the father takes up the responsibility to financially care for the family. So, before you have a baby, plan your budget, look out for some child investment plans, and figure out whether you can live on a single salary.
- Do you really have enough to cover all the expenses?
Check whether you have sufficient emergency funds to deal with more unplanned health-related bills. If not, then you need to up your saving account before planning for a child. You should have a sufficient amount in your hand which can cover all the expenses including the pre-delivery as well as the post-delivery expenses.
- Study about the Childcare cost
Childcare is expensive. Reading up on it could make you aware of various expenses you are getting into. This will help you to plan for them in advance and can adjust your career path towards a more flexible schedule. A better plan could end up saving you a lot of money.
- Set up child investment plans
You don’t need to have enough money to invest in these plans. Once you have a baby, these plans become a no-brainer for you. Invest a small amount of money every month in these plans right after you plan to have a baby. Figure out the best insurance plans and line them up before it gets too late.
- Start funding for your child's education
We all know that education has become very expensive nowadays. The prices are sky-rocketing continuously. Every parent wishes to shape a bright future for their child. You also might have taken several steps to do so. Further, for those who are planning to have a baby, it is advisable to set up an emergency saving fund for your child’s career course, to ease the burden later.
Always remember, financial affairs are one of the important steps you should consider before having a baby. Think upon it twice. Hope this article helps you release your stress of the required finances for your would-be child.