How to create a solid financial cushion for your child’s future?

Did you know that about 65% of Indian parents spend at least half their yearly income on just their child’s education? Once you factor in other expenses such as medical care, household expenses, clothes, etc. it becomes evident that financial prudence and long-term planning is imperative. This article serves as a guide for young and expectant parents on how to restructure their finances, draw up an action plan best suited to their needs, and use resources efficiently, among other things

It’s said that a child gives birth to parents – and with good reason. The parent-child relationship is a unique bond that lasts a lifetime. While the emotional aspect of bringing up a child can arguably be left to instinct, one should certainly plan the financial aspect well in advance so that it doesn’t limit their parenting aspirations. In the anticipation of donning a new role as a parent and celebrating an addition to the family, many couples tend to get so overwhelmed emotionally that they overlook financial prudence and planning. On the face of it, it may seem as if the expenses before and during pregnancy (say, regular medical check-ups) can be met from one’s monthly budget. That’s fine until a critical vaccine, a diagnostic test, or a fertility program becomes necessary and y...