How Parents Can Plan For Financial Success21st Dec, 2017
The most exciting life event and game-changer for a couple’s financial plan is the birth of their new bundle of joy. Consequently, it is important to get on top of your finances ahead of time without fretting about it last minute. Here are 5 money-smart tips for you before your baby arrives.
- Health insurance
At any one time, a new born is prone to fall ill as their immune system is still developing. In most cases, especially if you’re employed, you have 30 days to notify your employer of the new addition to the family. Alternatively, if that is not an option at your workplace, KCB Insurance offers a comprehensive medical insurance package.
- Write or adjust your will
This is a very crucial step in protecting your child’s future. In case of a tragedy, you want to make sure your child is taken care of in the event that one or both parents die. Designate a guardian that you trust to be responsible for his or her wellbeing.
- Saving and budgeting
Before you start preparing for those inevitable baby expenses, start by evaluating your current monthly budget. Pinpoint areas where you can cut costs and boost your savings. We, at KCB, recommend you open a Goal Savings Account for one-time expenses such as buying your baby’s stroller and crib, as well as ongoing expenses such as diapers and clothes.
- Life Insurance
It is vital to secure your child’s future through life insurance in case of the demise of you or your spouse. For instance, you can start by setting aside funds for his or her higher education expenses with KCB Life Insurance products.
- Plan for Maternity/Paternity leave
Understand your company’s policies and state laws to get an idea on how this leave will affect your bottom line. For instance, find out if you will be on paid leave during that period to cater for your household finances as you prepare for your new born.
Adding a new member to your family comes with a lengthy list of responsibilities. As long as you prioritize on the most important ones, you will soon get the hang of it.
Start taking the necessary steps that will set your family up for financial success. We wish you all the best in this new journey of parenting!
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