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    CHILD EDUCATION

    Your First Child and 5 Ways of Financial Planning

    Last Updated On 19-05-2016

    From researching car seats and cribs to decorating a nursery, there's a lot to do when you are expecting a new baby. In addition to readying your physical house for your bundle of joy, you will also want to be sure your financial planning is in order.
    There hardly is a more important time to start thinking about your finances. While it may seem overwhelming to add yet another item to your to-do list, some smart financial planning now will ensure you are prepared for the changes that come with having a child. Discover five financial tasks prospective parents should prioritise before their newest family member arrives. That way you can focus on child development and quality time.

    1. Create or review your budget
      You may have been living easily on one or two incomes without a child, but having a baby brings additional expenses - not to mention potential changes to your income. "When you're in the midst of it and you're trying to make ends meet and you probably haven't slept a lot - that's the worst time to start thinking about your budget.

      For expectant parents, the first step is simply getting a clear picture of how much you earn, how much you spend and how much you save. That way you'll be able to make informed decisions about how much leave you can take, how much you can spend on child care and whether you can afford to reduce your work schedule going forward. Online budget tools can help you set up a monthly budget and track your expenses.
    2. Prepare for your parental leave
      For most parents, quality child care for your newborn comes with a cost. You want to think about whether you or your partner - or both - are going to take time off work, and how that's going to impact your income.
      Investigate whether your employer offers paid parental leave. If you plan to take unpaid leave, examine your budget to see how long you can last on an abbreviated income and then start saving for those paycheck-free weeks or months ahead.
    3. Contemplate quality child care costs
      If you anticipate needing quality child care, you will want to explore your options. The cost of care varies by region and type of care (a day-care centre versus a nanny or in-home help. Assess what you can spend, investigate what's available in your area and consider creative ways to save. For example, sharing a babysitter with one or two other families or asking someone who is already retired in your family can greatly reduce the expense and, as an added bonus, gives your baby some instant buddies.
    4. Purchase life insurance
      It may seem odd, especially if you are still young, but now is the time to start thinking about life insurance. Should something happen to you or your partner, life insurance can prevent further financial ruin and provide for your child's immediate and future needs. How much life insurance your family needs, depends on a variety of factors including your current income and housing costs.
    5. Create a will
      Most people think of wills as a way to distribute your assets. But even more importantly, your will designates who has guardianship of your child in the event you and your partner pass away. Creating a will doesn't need to be complicated. You can even use an inexpensive online service or store-bought documents to name a guardian. But doing so is imperative: If you don't choose someone, the court will choose a guardian for your child - and it may not reflect your wishes.

      For expectant parents, the months before the baby arrives can feel like a whirlwind of activity. But taking the time to financially prepare for your little one can provide peace of mind during this busy time, and allow you to focus on your family and child development after your baby's arrival.

    To know more about Term Insurance browse the website for various Term Plans offered by PNB MetLife

    Disclaimer:

    The aforesaid article presents the view or an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ before making any decision.

    PNB MetLife India Insurance Company Limited, Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka.
    IRDAI Registration Number 117. CI No: U66010KA2001PLC028883. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale.
    The marks “PNB” and “MetLife” are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
    Call us Toll-free at 1-800-425-6969 Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203

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    BEWARE OF SPURIOUS/FRAUD PHONE CALLS!
    • IRDAI is not involved in activities like selling policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

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    Disclaimer: 
    The aforesaid article presents the view or an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ before making any decision.

    PNB MetLife India Insurance Company Limited, Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka.
    IRDAI Registration Number 117. CI No: U66010KA2001PLC028883. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale.
    The marks “PNB” and “MetLife” are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
    Call us Toll-free at 1-800-425-6969. Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203
    EC219 LD/2019-20/230

    BEWARE OF SPURIOUS/FRAUD PHONE CALLS!
    • IRDAI is not involved in activities like selling policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

    Disclaimer

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    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

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