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THINKING ABOUT STARTING A FAMILY? HERE ARE THE THINGS YOU NEED TO DO FIRST

Marriage is all about sharing each other’s dream. As you start your new journey together, it’s wise to consider both short-term goals and long-term goals.

Short term goals, such as combining your accounts and investments, are the first ones that you usually think of. It’s equally important to plan your long-term goals such as buying a dream house, investing in retirement funds, raising a child and getting a health insurance for your family.

Let’s look at some things you should do if you plan to start a family sometime soon.

Here are some to-dos before you start a family

Practice a habit of saving: This is the main phase of your life; you need to set aside some amounts regularly for your family’s future need. The need may vary, short term or long term. It could be planning a holiday, buying a car or purchasing a dream home. Plan together for your aspirations and save to implement it with the right investment instruments. You should also start saving to have some contingency funds.

Secure your life: Everything is uncertain in today’s fast moving world. It has become important to secure your financial health to tackle the financial challenges that may arise due to economic uncertainties, job instability and a stressful work life. Few things that you can consider to invest in:

  • Buy a term insurance plan with an adequate cover for yourself to protect your family from any future financial uncertainties even when you are not around.
  • Buy a life insurance plan for your partner to secure her future financially.
  • Invest in some unit-linked plans for future life events like children’ education and marriage. After a child birth, you can invest in exclusive child insurance plans to take care of their future financial needs. Paying for best education is the top most financial concern.
  • Invest in a good pension plan to enjoy hassle-free post retirement life.

Secure your Family’s Health: Health insurance is the important thing that needs to be reviewed as soon as you get married. Your goals and needs change along with the newly created family. Your lifestyle changes should reflect in your health insurance also. You should ensure to have a health insurance plan that fits into your changing needs. Few things to consider at the time of health insurance review:

  • Ensure to have adequate coverage. Check if you both have the adequate coverage and increase the coverage as per the requirement. Think of combining your health insurance plans or buy a family floater health insurance plan wherein you can make an addition later when the baby is born. Consolidation could save your time and money.
  • You need to be well prepared in advance to welcome parenthood. Ensure the health insurance for family that you are opting for offers a maternity coverage. Check on the prenatal and postnatal coverage extended by the insurer.
  • Don’t wait until your bundle of joy arrives. Check with your insurer on the time limit to add the new born to the existing policy. Usually, Coverage is offered from the time of birth. You can even add adopted child under your health plan.
  • Have a plan in place to fight the financial burden in the worst case of physical disabilities due to accidents. Hence, make a wise choice while investing in health insurance for family.
  • Go for a comprehensive health insurance for family which covers all your families’ health needs. After all, health is wealth. Hence it’s essential to plan for healthcare needs well in advance.

Final word of thought

Just like your marriage, your financial goals are also to be nurtured. Take out some time to sit and discuss your financial needs after you tie the knot. Make plans for an emergency fund, happy retirement life and all other major life events. Most importantly, get the adequate risk cover (both life and medical) to take care of any financial burden. Plan your goals and implement them together. That is the beauty of marriage!