8 Economic Steps you Should Take While Giving Birth to a Child
Having a child is an amazing journey from conceiving to bringing it into this world. The excitement and anticipation know no bound but along with that comes the need for financial planning as well. Having a baby means planning lots of things. You might want the best saving plan for financially securing your family. With the introduction of online procedures, you can now compare the savings and investment plans offered by various financial providers and choose the one that fits your financial requirements.
Steps to keep in mind While Economically Planning for your Child
1. Understand your employer’s maternity and paternity leaves:
It becomes essential to know about the maternity/paternity leave facilities in your company. It can be paid or unpaid depending upon the company’s criteria and policies. You can always talk to your human resource personnel for exact information.
2. Review life insurance:
Your life insurance should have enough coverage for your new-born and make sure you have added the beneficiary as well. Usually, life insurance coverage has education expenditure, debt elimination, and salary replacement.
3. Add your baby to your life insurance within 30 days of birth:
Add your infant to your policy once you have reviewed both the parent’s life insurance plan. To get the best coverage, you can also select the pediatrician from your insurance provider’s network. Choosing to take this step provides you with a safety net for the upcoming life events of your child. Also, there are many child saving plan available in the market from which you can choose the one that caters to your requirements.
4. Review estate documents:
Don’t forget to check your legal documents for better security and future of your just born. A guardianship directive, medical directive and financial and medical power of attorney should be included in your legal documents. The social security card, birth certificate and the health records of your baby have to be kept at a secured place, and copies of the same should be sent to your executors for their records.
5. Consider a bigger purchase:
As you are growing as a family, you will require a bigger space for fitting the new one correctly. Making a proper strategy and implementing it can save you from spending unnecessarily. It will also help you to get the best savings plan for your family. You might need baby proofing, the crib and many more items for your infant. You can easily find the list of requirements on the internet and then choose from it according to your need to avoid extra expenditure.
6. Construct a budget:
Walking this journey without having prepared any budget will be a foolish step to take which can land you in huge trouble. First and the foremost thing is to create a budget which fits within the brackets of your income. This was you can save yourself from unnecessary expenditures.
7. Establish or increase the emergency fund:
Stash away a good amount of money as emergency funds, which can help you survive for a couple of months. This amount of emergency fund varies from couple to couple as per their capability.
8. Consider the savings for your baby’s future:
Once your infant starts to grow, the requirements to meet his/her expenditure shall also increase. The education expense is one of them. Keep aside a sufficient amount for your little one and keep on adding into it to avoid any emergency crisis.
Bajaj Finserv Life Insurance Plan
The life insurance plan of Bajaj Finserv will help you in several ways to plan your baby’s future. It offers the best saving plan for child as well as for the entire family. The child plan of Bajaj Finserv has benefits and features like flexible pay-out options, guaranteed benefits, guaranteed additions, simple application procedures, comprehensive coverage, enhanced coverage and tax benefits under sections 80C and 10(10D) of the Income Tax Act. Ready yourself as well as your baby financially with attractive offers on a life insurance policy from Bajaj Finserv.