• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
financial planner in Chennai

Financial Planners in Chennai | Financial advisor in Chennai | Assuredgain | Chennai | India

Chennai's #1 Financial Advisor & Planner

  • Home
  • About Us
    • Why Us – Best financial advisor in chennai
    • Employee Financial Wellness Program
    • Free Consultation With chennai’s No.1 Financial Adviser
  • Our services
    • Insurance Planning-
    • Tax planning
    • Investment Planning
    • Child Future Planning
    • Retirement Planning.
    • Employee Financial Wellness Program
  • Blog
  • Contact Us
  • Terms & Condition
  • Privacy Policy

Financial planing for new parents – a quick guide

December 19, 2012 by assuredgain

Fatherhood is a beautiful feeling for every father of a newborn baby. But then a baby changes the whole thing, including your bank balance. While many expenses are inevitable – like medical and vaccination costs – as a new parent, you can still slice major costs with some thought, planning and creativity.

Both parents have to sit together and device plans for kids to help him in the future.

It’s easy to fall into the marketing trick of private insurance companies selling baby products just after you become a parent. So someone wants you to purchase stuff as a gift of a lifetime to your spouse, and then most others want you to buy things that your baby will love (even before it can come to its senses!).

To get over these sales gimmicks, it’s important for new parents to take time to evaluate the baby’s needs versus wants. Most baby products that are marketed as “essential for babies and mothers” are not really essential products.

So before reaching to your wallet for splurging on your baby, keep in mind these simple tips that can save you a serious amount of money over the first few months and years of the newborn’s arrival:

1. Have a “baby budget”: Like you budget for every major cost item in your household, also create a “baby budget”, and then stick to it. Include the costs that will arrive the moment your baby does and will be incurred in its first year. Key items that must be a part of that budget are – health care products, child care, and daily baby products.

2. Avoid big brands: Spending on baby products is guided by more emotions than any other sort of buying. After all, you don’t want to compromise at all on your baby’s needs and products that satisfy the same. But be careful not to stock up on too many items of big brands – that price their products way too expensive, expecting to cash in on the emotional buying behavior of new parents. Especially if an “essential” item is available in a dependable, lower-priced brand, consider trying that one out instead.

3. Don’t Overbuy: As we mentioned, becoming a parent is a highly emotional moment in one’s life, and especially when you are a first time parent. In this emotional moment, as it happens with so many first-time parents, they cross all their budgets to buy those fancy, adorable, baby clothes, toys, and other paraphernalia. If you are an about to be parent, it’s very important that you make a budget and not overshoot it. If you happen to find something special that your baby simply “can’t do without”, do one simple thing instead of buying instantaneously – write it down on a wish list, and then save money to buy it sometime later or in a sale.

As we mentioned, becoming a parent is a highly emotional affair. So just take care of your emotions while spending money on the baby, Instead, spend greater amount of time with your baby. Kids are after all your most priceless possessions and grow up all too soon. Happy parenthood.

Saving 10K every month for your kid can make him a Crorepathi.  Please do feel free to call 09962439282 to know more about child crorepathi plan.

 

 

Related posts:

  1. Eighth Wonder of the World to get Rich – The Power of Compounding
  2. What Benefits can I Expect From Utilizing the service of a Certified Personal Financial Advisor
  3. Life insurance — it’s protection for your family and peace of mind for you.
  4. The Importance of Having a Financial Plan
  5. Delays are costly in retirement planning
  6. Tax saving is not enough! Go ahead do Tax Planning!
  7. Why should you have a Financial Plan?
  8. Income tax tips for Rs. 200,001 to 1,000,000 slab
  9. Are you a Ant or Grasshopper
  10. Do not let your Dream House become a Nightmare!

Primary Sidebar

Recent Posts

  • Life Insurance Tax Hike 2023- What You Need to Know to Protect Your Finances
  • SBI Life Retire Smart Pension Plan Reviews – Good or bad?
  • What is succession planning and why its important?
  • Bajaj Allianz Life Guaranteed Pension Goal Review- A Guaranteed Trap
  • 2021 Guide to Term life vs Whole life insurance

About Us

AssuredGain is a leading wealth management firm specialising in financial planning based in Chennai. We offer all the services traditional financial planners offer, except that at AssuredGain, we do things a little differently……and these differences mean we’re able to maximise your financial success and help you enjoy today – and retire life ready, certain you have enough.

More About Us

Meta

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

Archives

  • February 2023
  • March 2022
  • November 2021
  • July 2021
  • March 2021
  • October 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • August 2019
  • July 2019
  • May 2019
  • March 2019
  • September 2018
  • June 2018
  • December 2017
  • July 2017
  • March 2017
  • May 2015
  • November 2014
  • July 2014
  • May 2014
  • April 2014
  • February 2014
  • January 2014
  • December 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012

Connect with Us

Address: 5/318, Old Mahabalipuram Road, Oggiyampet, Chennai: 600097
Phone: +91-7200039282
Email: info@assuredgain.com

  • +91-7200039282
  • info@assuredgain.com

Tags

Advanced planning Bajaj Allianz- Best financial planner in Chennai best retirement planning india Certified financial planner Chennai Chennai Chennai Financial planning education planning Financial Advisor financial freedom financial planner chennai Financial Planning Financial planning chennai Financial planning for singles financial products for women health insurance investment Investment Advice Investor Education LIC policy life insurance Money Money & Finances NCFM ncfm exam ncfm registration ncfm study material Permanent Total Disability personal accident policy policyholder Rajiv Gandhi Equity Savings Scheme real estate Real estate investments retirement planning for seniors retirement plans india retirement plans india best Save Tax savings sensex stockmarket Tax planning Wealth Coach wealth management wealth manager Wealth Protection | Tagged insurance

Our Newsletter

Subscribe to our newsletter to get the latest updates from our blog. We respect your privacy.
+91 72000 39282

About Us

Footer

© 2022 ASSUREDGAIN FINANCIAL PLANNERS | All Rights Reserved.