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"Being Mom" is a great feeling. Motherhood brings immense joy to every woman whether she is a home-maker, working professional, self-employed, irrespective of her socio-economic status. As a mother, she has to make so many sacrifices; most critical being leaving the job or her work as carrying a baby and then parenting a baby is an occupation in itself. As more and more women are contributing to family's kitty, it becomes increasingly difficult for them to leave the job. With more and more women joining the workforce and organizations giving due recognition to their contribution, support their decision to take a sabbatical. This period covers the period of pregnancy, delivery and parenting of the young one. Thought it is a big relief for moms-to-be but it has its own set of challenges and most major being rise in expenses and fall in earnings. How to cope with this scenario without compromising on the joys that motherhood brings in. For this you need to be really well planned financially!
It is really heartening to note that so many women now take a very proactive interest in their financial planning and one aspect that this interest is in planning for childbirth and its impact on finances. The earlier you plan for it, the easier it will be to bear the financial implication of motherhood and parenting. Parenting is not an easy job but at least if you take care of your financial implications it will leave you free to do all important "Parenting"
First is to save for childbirth expenses, then for the expenses related to it and God forbid if there are health issues with the child. Note that your regular expenses with the new borne are going to go up because of the expenses on child birth and your income is going to be affected. So you have to estimate the length of the span for which you are going to take the sabbatical.
For planning in advance, you need to make sure that you have a proper medical policy which covers the cost of pregnancy because most of them give cover in the range of Rs.25,000 to 50,000. But more important thing in the policy should be that the child is covered from day one. Family Floater policy from Max Bupa Heartbeat cover baby from the day 1 but for this benefit to kick in you will need to buy the policy 4 years in advance. Companies like ICICI Lombard and Apollo Munich have started offering this cover with sub-limits ranging from Rs.15,000-50,000, but with a higher premium. These policies not only take care of hospitalization costs be it normal delivery or C-section one but also of pre-natal and post-natal care.
Now comes the need to create a corpus for a period for which you are planning the sabbatical to partly pay for the increase in expenses during this period. The earlier you plan, the greater is the chance you are well taken care of during the sabbatical. As a first measure you can use your marriage cash gift as parenting fund. This will comprise your cash received during marriage, your regular investments, windfall gains like bonuses and incentives etc. At the younger age both husband and wife should use all these three things to build a parenting fund.
Basically creating a parenting fund can insure that you became a great parent because you are minimizing the financial impact of parenting which allows you to devote more time on parenting. Those women who are planning a sabbatical can cover risks that are coverable and creating a parenting fund, which can start creating from the day you start working.
Typically the fund will not have a long investment period, hence investment will primarily be in debt funds or at best in debt oriented hybrid funds i.e. MIP. You can also take benefit of the interest being accrued on your fixed deposits and recurring deposits. As duration of investments is not very long say between 1-3 years, it is not advisable to go with equity mutual funds , instead you can park your funds in FDs or Debt funds of mutual funds. Now that you are starting a family, you need to be more responsible by taking enough life cover for yourself. You can opt for an Online term plan where premiums are quite cheap even for big sum assured.
With all these suggestions & actions in place, you are ready to welcome your little bundle of joy!
Apnapaisa is Online market place for loans & investments. Author can be reached at www.facebook.com/apnapaisa .
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