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KOTAK: Financial Checklist for New Parents

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KOTAK: Financial Checklist for New Parents

December 24
22:05 2021

Becoming parents is a great news and comes with a lot of joy. As soon as the news is out that a woman is expecting a joy of happiness is filled in the family.

However, this ultimate joy of life come with a big bucket of responsibility for a lifetime. Before the baby even arrives in the world planning for doctor visits, baby shower, maternity requirements and so forth start in full potential.

The financial planning for it starts from the very beginning. We have a checklist for all the new parents that will help you in making your financial plan in this big shift of your life an easy journey.

Determine Your Pregnancy Related Expenses

Pregnancy is an expensive affair and demands you to have steady funds to curb the expenses. From ultrasounds to medications, healthy food and lifestyle habits to monthly and weekly doctor visits need for money is one factor that stays constant in the whole journey. Determining on the needs and requirements at the time of your or your spouse’s pregnancy will maintain the upcoming expenditures. Have a set fund for the same before planning a baby so you do not face any issues while you embark on the way of welcoming your little munchkin.

Preparation for Arrival: Delivery, Pediatrician, and Vaccinations

Preparation for the arrival of the baby is ten folds from that of a guest. Setting up a new room, buying and investing in their wardrobe, kids’ food supplies, pediatrician visits, their infant vaccinations demand a sound funding. When it comes to your baby you do not want to take even a slight risk and hence, you will demand the finances that do not make you fall short of anything you want to give to your ward.

Open a Separate Savings Account

Opening a separate zero balance