Planning to start a family

Just married, what next? Start a family. Starting a family is not just an event but a life changing event. Though there is excitement, there would be a lot of pressures. The pressures would not only be psychological, but also financial. We need to be ready to take care of both, the physical and psychological part would be taken care with guidance from your medical practitioner, but what about financial, and you need to take care of that. Are you ready? Have saved enough for this event and after that. Remember your expenses will start mounting. Now you will have to take care of 3 persons and the third person will need a lots more care both in terms of time and money. Have you take a health insurance policy? If yes, or you have one provided by your office find out if it covers maternity expenses.

On the contingency front, you would have to recalculate your life insurance requirement, as now you would have many more aspects to take care of in your absence. This life changing event can become less stressful, if you have planned properly as the event is just not one time but it will change the rest of your life. If your wife is working, you would also have to consider the possibility of her quitting her job. This means lower income. Though we usually recommend 3 to 6 months of contingency expenses, during this time we recommend to increase it to at least a year’s expenses, that too the increased expenses. Plan early and enjoy the joys of starting your family.