The Buyt Desk
Motherhood is a great feeling, and it comes with responsibilities. However, with effective management of time and money, one can enjoy a contended motherhood.
The effective management of finance is more pertinent because maternity involves lots of expenses, such as pre and postnatal checkups, delivery costs, vaccination, treatment, etc.
Thoughtful finance planning helps expectant mothers and parents sail through this phase and enjoy fulfilling parenthood. It is also imperative for the well-being of the child.
Check out what experts suggest to expectant moms about panning their finance.
Keep A Contingency Fund
Unpaid maternity leave and job break are common in maternity. Even if you come from a double-income family, it concerns. The contingency fund will act as a life-saver in such a situation. Now, the question is how large your contingency fund should be?
The experts say it should be significant enough to bear the expense of 6-7 months, and if you can enhance it to 9-12 months, nothing is better than that. If your income is irregular, you can increase it further because post-maternity, you may not be able to work like pre-maternity period for a long time.
And even if you can manage, there are other costs that you need to bear, such as house help, daycare for the child, etc.
Get Health Insurance That Cover Maternity Costs
If you do not have a health insurance plan covering maternity costs, try to get one beforehand. The insurance cover will help you cover all the expenses related to maternity. Although it is not easy to find an insurance plan offering maternity benefits with a low wait time, there are platforms present that compare multiple options and suggest insurance plans according to your requirements.
Plan Fund For Next 4-5 Years
If a situation arises wherein you have to take a job break then a contingency fund will help you. Further, In addition to that, planning finance for your child’s education from an early age will help you accumulate enough corpus for his/her higher studies. You can choose some investment options to plan your finance. There is enough options present, such as SIP, Mutual fund, Fixed Deposit, etc. All these investment options don’t just let your finance multiply as your child grows but also allow you to liquidate money whenever needed. Also, it will help you with money when it’s the time to enroll the child in school.
