Preparing For A Baby

Kids should not cost you a fortune; there is no harm in preparing yourself financially before they actually arrive, says Himali Patel

- Himali Patel

Finding out that you are about to become parents means bag of mixed feelings. First time parents are excited, those with experience are anxious and somewhat prepared for the drill. Preparing for parenthood is not about enrolling into parenting workshops or visits to the doctor for ultrasound or listening to advice from all those who have been through parenthood. Mumbai based couple Rinku and Dhaval Bhalala, became parents for the first time a few months ago; the feeling is still sinking in. “We are excited and at the same time realise that it is a huge responsibility,” they state in unison.

Preparing for parenthood isn’t just tiny clothes, ultrasounds, painting the house pink or blue; it involves a lot of financial preparation. Yes, through the course of pregnancy and child birth, you would have learned enough medical jargon to know what is antenatal, EDD, fibroids and more. You will know about growth chart, the important milestones in the first year and so on. But, in the midst of all of these, you definitely should pay attention to your family’s financial well being.Tax benefits, child savings plan, and emergency funds for children are equally important, if not more.

Getting ready

Actually, however one may plan for it, one can not exactly be ready when it comes to brining up a child. But, with some careful planning, chances are that you will be able to cope emotionally and financially through this life changing experience. “Costs of crèche, nursery, and day-care facilities have sky rocketed, hence planning for this in advance is also important in addition to an emergency fund created both for the child and parents to shield against job loss, medical emergencies during the first year of child birth,” advices, Dilshad Billimoria, director, Dilzer Consultants.