KOTAK: Financial Checklist for New Parents

December 24 22:16 2021

Becoming parents is a great news and comes with a lot of joy. As soon as the news is out that a woman is expecting a joy of happiness is filled in the family.

However, this ultimate joy of life come with a big bucket of responsibility for a lifetime. Before the baby even arrives in the world planning for doctor visits, baby shower, maternity requirements and so forth start in full potential.

The financial planning for it starts from the very beginning. We have a checklist for all the new parents that will help you in making your financial plan in this big shift of your life an easy journey.

Determine Your Pregnancy Related Expenses

Pregnancy is an expensive affair and demands you to have steady funds to curb the expenses. From ultrasounds to medications, healthy food and lifestyle habits to monthly and weekly doctor visits need for money is one factor that stays constant in the whole journey. Determining on the needs and requirements at the time of your or your spouse’s pregnancy will maintain the upcoming expenditures. Have a set fund for the same before planning a baby so you do not face any issues while you embark on the way of welcoming your little munchkin.

Preparation for Arrival: Delivery, Pediatrician, and Vaccinations

Preparation for the arrival of the baby is ten folds from that of a guest. Setting up a new room, buying and investing in their wardrobe, kids’ food supplies, pediatrician visits, their infant vaccinations demand a sound funding. When it comes to your baby you do not want to take even a slight risk and hence, you will demand the finances that do not make you fall short of anything you want to give to your ward.

Open a Separate Savings Account

Opening a separate zero balance savings account for the funds you want to spend on the childbirth and the stage after that is one of the best advise you will receive. New parents tend to ignore that the funds for the phase of pregnancy, childbirth and the basic need after the child is born are very important to be saved beforehand to curb any kind of inconvenience caused later on.

Revise Your Monthly Budget

With the entry of one more gift of God in your lives, the budget you as a couple used to have will not be enough to suffice the needs of the kid as well. Look into the needs and requirements of the baby and revise your monthly budget in the same pattern. It will be best if you make this plan before the survival of the baby, so you do not have to face any issues when your child is born.

Update Medical & Life Insurance Plan

Everyone today should have a medical and life insurance as the uncertainty of life cannot be marked. After 90 days of your child’s birth, he or she is eligible to be a part of your insurance. Get it updated as soon as possible to get covered for any situation whatsoever.

Update Your Tax Forms

Childbirth will also need you to look into the tax forms and get them updated. Talk to your CA or financial accountant for the help needed beforehand to fall not fall under defaulter’s category under taxation system of the country.

Plan for Child’s Education

As soon as the child comes in the world, the most important thing that parents start to care about his studies and higher education funds. The schooling fees is high in the present era and to enroll your ward in a good college r school you must have a dedicated fund so that and the savings shall start beforehand for no problems in the future.

Take the SIP route

It is not just about saving money; one must invest their money to make it grow. SIPs are one of the best option available today when it comes to investment. SIP or systematic investment planning is a method through which you can invest in mutual funds through small and periodic instalments. Parenthood comes with a lot of responsibility and finances is the top priority, which can be managed by saving and investing.

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Company Name: KOTAK
Contact Person: Carolina Darbelles
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Country: India
Website: https://www.kotak.com/