The essential financial planning for your new born....
Waiting for the arrival of our precious baby is the most joyous moment. Expecting her for 10 months is not an easy journey but no feeling is greater than finally having her. As a parent, you are now responsible for the complete care and well-being of a new person.
We as parent must provide the basic need to her. When she is hungry, we provide her with food. When she is sick, we look for the best doctor. When she needs education, we save for an education fund.
For many new parents, they may not be financially stable. The great opportunity to be a parent invariably turns into a burden, For such couples, grappling to make ends meet, they might wish they had planned things differently!
The most essential thing on the to-do list is to budget your money carefully. There are expenses that you have not predicted such as for health, medical needs, nutrition, or even baby care. We must provide the basic protection to them prioritising health, as they are fragile and can easily fall sick. They are not as hardy as adults in sickness and pain. But for our little ones, they cry. That's the only language available to show they are not happy or if they are sick. Of course, as parents, we want the best medical care for them.
With medical fees that keep spiralling upwards, it's not easy for new parents to keep up with. But you can transfer the burden to an insurance company. With medical protection from insurance, you do not have to worry about medical fees. Having the peace of mind that the doctor will provide the best medical care for her. This could help you to save money too when it comes to the medical bills. All will be taken care off by the insurance company.
New parents aren't as constrained by the early arrival of their child than with the lack of financial planning for it. Being self-aware and honest about the situation is the first step. Once the wrong financial ideas have been put to rest, you can get on with planning for your baby's future positively.
Mr. William Lew is the Unit Sales Manager in Great Eastern with more than 15 years of experience. He graduated from MMU with Bachelor of Multimedia Marketing. He further pursue his education by qualifying as a Fellow of Certified Life Practioner by MFPC. He is also one of the Top 10 graduate in Life Planning Advisor.