Financial Planning, Before Planning a Baby

With changing times and increasing cost of living, life has become very tough that even to give a birth to a child requires a second thought. Yes, now to relish the feeling of parenthood also one needs to be clear about his financial position, and plan certain things in order to give the child a good life.

These days with the increase in cost of everything from daily routine items to education and medical expenses there is a dire need to plan your budget for the new arrival that includes determining how much incremental expenses your family will have to bear.

Planning process not only includes controlling your daily expenses but also looking for good options for long term investment for the education for your child. As we all know that in this competitive world as a parent, no one would like to compromise with a child's bright career, regardless of the rising cost of education.

All you need is a Saving’s Plan that is designed to provide money during key educational milestones and take care of your loved one’s future even if you are not around. So in this aspect ‘Education Insurance’ offers you unique features which ensure that this objective is achieved and it helps in strengthening your child’s dreams.

To ease your burden there are various Children’s Plans available in the market offered by different banks and insurance companies focusing on the future of child. Education solutions ensure comprehensive financial planning for your child’s education/ developmental needs. ‘In this you pay premium regularly or in lump sum and during the key educational milestones of your child you can withdraw the money partially. It offers financial protection to your child’s future in the unfortunate event of your death.’

Today, providing a good education, establishing a professional career or even a modest wedding is expensive. Costs are increasing fast. So don’t’ panic, only what you need to do is a little research before planning that how much you'll need when your child takes these important steps in life!

Not only education medical/ health is also an important aspect to be taken care of. In this regard what is available is medical insurance in which you pay monthly premium and in case of any medical emergency the companies would bear the entire expenditure. There is also facility called Cashless Mediclaim available, in which you don’t have to pay cash on the spot.

So go ahead with little planning, budgeting and enjoy the awesome feeling of parenthood ensuring a bright and promising future of your child.

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