1 Don’t buy everything:
Please keep it mind that your baby is not going to notice expensive toys, clothes or nursery accessories you have purchased, so don’t spend heavily on these things. Try to get these things on rent. You can buy pre-owned items online or hand me- downs, especially items like baby swings or cribs. You can check out few useful websites such as toys-on-rent.com . It is more important for parents to focus on more essential things as baby is going to receive lot of gifts.
You don’t’ want to end up with double of everything , do you?. Instead of this you can always before baby proof your house. Because you will hardly left with spare time after baby’s arrival at least for tow years. You can install smoke alarms and socket protectors,
Smoother and varnish splintered wooden furniture and install shelves so can keep things above your toddlers reach.
2 Get your finances in order:
Your budget will go up substantially , once baby arrives, so you need to increase your contingencies funds too. Make provision for at least six month worth of expenses in your fund. Discuss with your spouse, whether both of you will continue working or move from double income no kid to single income single kid status .
If both of you want to continue working then calculate how much you are going to spend on baby sitter/ nanny. If anyone of you wants to quit the job then try living for at least 3-4 months to see how things shape up. If you want to quit the job permanently, then you can withdraw your money from your EPF ( Employee Provident Fund) account and invest in another avenue which will give you handsome returns.
3 Write a will:
Don’t be careless in this case. Write/ modify your will. So that your child will not have any problems in future in claiming your assets as legal heir. You can also appoint her as a nominee for some of your investments or accounts. Most importantly appoint a guardian for your child after taking a approval from that person. Specify the manner in which your child is to be brought up and assets to be used for growing her. If anything were to happen to you and your spouse. This will avoid any confusion and acrimony among your family members about who is responsible for what.
4 Increase your Insurance:
Review your insurance policies. Take a term plan or enhance the existing plan after taking into consideration all your debts and amount you will require to sustain and educate your child for the next 20 years. Review your health plans also. The cost of prenatal and postnatal, as well as regular pediatrician consultation can be too high.
Even though your employer provides you a cover , buy a family floater plan that includes your child. A cover of Rs 3 lakh for a family of three will fetch a premium of Rs 6500 to Rs 7500 . However all such plans cover child only after he is three years old. Some plans provide maternity benefits too, but you should have had the policy for at least two years of this…