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Tips for money saving for first time parents

Some financial tips for first time parents-

1. Re-budgeting

Make sure that you have enough budgets to welcoming your little one in the world. There are many charges like hospitalisation charge, medicines, vaccination for baby for these expenses you must be ready with your budget. If you have maternity cover, check the sum assured to see if it will be enough. And if you need to opt for caesarean birth, it is going to charge you some extra.

2. Start funding for an education

For education of your little bundle, you must have to save big amount. Now a day’s education cost is very high, and an education loan is always around you to help.

3. Get a life insurance policy

Protect your family against any misadventure, by getting life insurance policy.

4. Make a will

Draw up a will for your kid. All parents want to give property to their kids. Will, will keep your child safe from family disputes.

5. Emergency fund

Always keep emergency fund for emergency situations. Consider fixed deposits and liquid mutual fund. After the birth of baby you have to bear lots of expense. For that you must having fund.

6. Your retirement planning

After planning everything for your baby, now it is the time to plan for yourself. Retirement time is your time to pursue some of your dream. Also save some money for your retirement period.

About the author

Sheetal Pawar

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