} A simple financial checklist for new parents

A simple financial checklist for new parents

14 Aug 2019

If you have become a parent recently, then congratulations! Welcoming a newborn to this world is a graceful act and our heart goes out to parents, who put in every sort of efforts to make their child feel special, loved and cared for. The feeling of being a parent is just indescribable. It is something that can only be felt. Children need us and we ought to be better than who we generally are.

Parenting is hard. You need to be more careful and plan everything to perfection, especially your finances. You would be feeling the weight of responsibility since it is the greatest one in your life. You must strongly focus on your financial strength since you have another person to think about and financial planning from an early age can be beneficial. 

It is a recommended step as, being in this sector for a long time, we have seen parents struggling to meet their financial needs, especially when it comes to handling their children's educational expenses. New parents must take the right steps at the beginning, to ensure their children enjoy a comfortable and relaxing life ahead. And this is exactly where we will help you out.

We say you go for strong financial tools like Mutual Funds to shape your future into something extraordinary. Read on to know more.

Some useful tips that will facilitate new parents

  1. Increase savings - Even though it seems simple enough, it is the first vital step towards ensuring your child's future is secured and safe. Children's dreams change every now and then. Their ambitions and plans change as they grow up. And thereby, it is important that you be financially prepared for whatever path they choose to embark on. You will soon be noticing an increase in expenses sooner or later. So, the smart step would be to increase your savings now and cater to them. Investments are a great way to stay ahead of your future financial expenses! Also, you need to focus on building an emergency fund and give it a timely boost. You definitely would not want your child going through a financial crisis! So, start planning initially and keep your child safe. A healthcare emergency or a job loss may come knocking your door any time! So, be smart, increase your savings, and stay prepared for whatever life presents you with.
  2. Plan for healthcare expenses - Healthcare expenses will be on the higher side now and thereby, adding your child to the family healthcare plan is prudent. Also, do remember to allocate a part of your savings regularly for healthcare expenditures. Your investments will come handy in meeting your healthcare expenses. Planning it well beforehand is the key to success. Contact us for the best mutual fund investing advice - Taking care of a baby involves additional expenses and unless you start planning for it from now on, your expenditures can mount quickly. So, act quick and ensure you make the best use of the time available in your hands.
  3. Go for SIP in a liquid fund for meeting educational expenses - If savings permit, get a head start on your child's school education fees. This will help you avoid burdening your income with a heavy expense that can also involve lump-sum payments. Educational expenses can often get tough to bear and this is exactly why you need to plan from before.  Education inflation, that was trending at 12% recently, is much higher than the normal kind. You need to keep this in mind while planning for your child's education-related financial goals. 
  4. Start a college fund - Invest smartly and have a portfolio of good equity mutual funds. It will let you save for your kid's college education. When you start early, there will be a lower SIP commitment and hence, your income will not receive a blow. With less constraint on your income, you can live a relaxing life. When you welcome a child, your financial responsibilities will increase. And thus low pressure on income can only be termed as a real boon. Today, you can invest in mutual funds online too and this enhances your whole investment experience! Also, think whether you want your child to receive foreign education. It will need further planning ahead and investing in a more diverse portfolio. Considering you will have nearly 17 years, it can be achieved with significantly lower SIP amounts. So, these are some things that will help you out while you begin a new phase of life! For further help, you can visit Wealthclock Advisors. We are an experienced financial advising firm that offers the most useful guidance and help to investors. 

So, contact us for whatever query or doubt you may have and get the most relevant answers.

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