As you anticipate the joys of parenthood with bated breath, whether you are having a baby or adopting one, you must balance this joy with child financial plan so that parenting becomes a beautiful experience free of financial worries. While the emotional rewards of parenting are unparalleled for most people, a family’s daily expenses increase. Are you prepared for the financial costs of raising a child? Apart from the expenses of daily care for the baby such as diapers, etc, your budget for Family Financial Planning may include:
- Adding your child to your health insurance plan
- Ensuring your life insurance is sufficient keeping in mind the new entrant in your family
- Making certain that an adequate fund is set aside for your disability insurance
- Providing for your child’s college education in case of anything happening to you
- Increasing spending amounts
- Considering different tax benefits that reduce your costs
From your child’s birth to college graduation- your family financial planning needs to be increased. Secure your child’s financial security without tapping into your savings for retirement and risking your financial security.
ArthaYantra can help you add a child financial plan efficiently to your Family Financial Planning and financial security for your child. Talk to our financial advisor about financial planning for the new addition to your family today.
Using ARTHOS, our integrated online personal finance platform, you can create a goal in the name of Child Birth under goals section and get customized recommendations on how to plan your financials to be financially ready to invite the new member to the family.