Importance Of Planning Your Family Finances

While few can deny the arrival of a baby brings many rewards, the fact remains that raising a child is a costly affair. As parents, it is natural to want the best for your child. Best medical care, best childcare, to be in the best schools… the list just never seems to end. However, all this 'wants' come with a hefty price tag.

Ensure proper saving in your finances for your family

Before Sameer was born, my husband Faruk and I, sat down to calculate the total cost that we would incur by starting a family. The number was gigantous…and it was then that we both decided that it was imperative that we start saving for Sameer’s future as soon as he was born. Getting into the habit of investing early would help us prepare for his education and allow us to enjoy the financial freedom that comes when you have set your money aside

The first thing that we did was siphon off some of our monthly pay check to go into a savings account for Sameer. We both took into consideration the amount that we were comfortable to invest and put it aside on a monthly basis.

The second thing we did was sign Sameer up for a life policy. At some point or other, we knew Sameer would fall ill, and we wanted to be sure that we would not be slapped with a crazy hospital bill. Why take any chances?

Besides safeguarding our finances, we also took out a policy the moment he was born so that he could avoid the loophole of pre-existing illnesses! Because of our financial planner’s fore site, Sameer is now covered for pretty much everything from heart problems to asthma.

Today, we can sleep easy at night, because we have one less worry. We know that if anything were to happen (touch wood), we at least don’t have to stress out about finances!

If you are thinking of taking up a policy, but feel overwhelmed by all the different types and brands of policies out there, post a question on our Facebook page, www.facebook.com/asiaparent and we’ll get an expert to reply back to you.

Related: Preparing yourself for a baby

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Written by

Zuleha Harun Rashid

moneyfamily savingsfamily investmentsinvestments