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Planning a family : Some checklists

Considering having a baby? Follow our experts’ advice to plan ahead and be prepared!

For every couple, pregnancy and the birth of a child is a priceless journey. With a baby, new responsibilities emerge. Some couples transition into parenthood seamlessly. For many, these changes can be overwhelming. Could it be easier if one knows what to expect from the pregnancy, from their spouse, and from society? Our experts have compiled financial, physical, and mental health factors to be considered before you start the journey into parenthood.

Parents start planning expenses like education, medical, etc. once they become parents. Ideally, financial planning for the child should start before the baby is born. It takes meticulous planning to raise a baby in a secure, stress-free environment. The following tips can help one plan finances before becoming a parent.

  1. Pre-conception planning: Before you have a baby ask yourselves these questions:
  2. Who will take care of the child – parents, grandparents, domestic help? What is the cost (eg loss of income, additional expenses, etc.)?
  3. Does the house need renovations?
  4. Will either of the grandparents move in with the to-be parents?
  5. Will one parent take a break from their career — fully or partially? What could be the income loss?
  6. What would be the additional expenses – one-time as well as recurring once the baby is born?

You need to discuss and plan for all these situations carefully.

Many couples undergo medical treatments to conceive. In such cases, one has to prepare for significant medical costs (most of the medical insurance policies do not cover this!).

Maternity cover: Find out if your existing Mediclaim policy covers maternity expenses and the waiting period to avail these benefits, upper limits for normal or cesarian delivery, exclusions, claim methodology — cashless or reimbursement, number of deliveries covered, etc. If either of the parents has a corporate cover, it would be wise to check the limits available and use the personal cover for the balance.

One also needs to prepare for complications during the pregnancy. Does your policy offer a cover for these situations?

Post-birth planning: With the rising cost of education, raising a child is an expensive affair. One can therefore consider family financial planning that takes care of the long-term needs of the child. Your financial advisor can suggest a variety of systematic investment options to generate a corpus for education, weddings, etc.

Parents must also think practically about their own retirement. Keep in mind that retirement needs cannot be met with a loan, whereas education loans are available. So keep your eye on both goals.

To read more English blogs, visit our blog section.


– Trupti Rane

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