How to be financially prepared before starting a family

Back to Getting pregnant

Financial Planning - Preparing For A Family

Although babies don't need much in the early days (even though there’s an array of products available in the market) the most difficult thing for most couples to handle is the loss of income when the baby's primary caregiver stops working.

If you both choose to continue working, child care can be an expensive affair.

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

Cutting down on indulgent sprees, impromptu expenditure and other random expenses (if you come from a middle class background) is the first step towards achieving financial security for your new family.

You may be eligible for a government Maternity Payment when your child is born and may also be entitled to other benefits like the Family Tax Benefit, Child Care Benefit or Parenting Payments, depending on your income and assets. – PLEASE CONFIRM IF THIS IS APPLICABLE IN INDIA.