Besides paying for the most immediate daily expenses for baby, yourself and your spouse, you need to start thinking about saving for baby’s future.
• Invest your money
To help grow your money, consider engaging a financial planner to help you set an investment portfolio for you if you have not done so yet. Decide on the most suitable investment vehicle for you based on your financial goals – how much money do you hope to have for your child’s education; how much retirement funds do you need? Be realistic in your expectations and manage your investment risk carefully.
• Make sure you have insurance
If there’s one thing you should not skimp on, it is insurance for your family. Ensure that you have coverage for medical expenses, accidents and your home, so you can be sure your family will be taken care of should anything happen to you.
• Kickstart baby’s savings account
As soon as you conceive, you should already start setting aside money for baby’s future. Make putting money into the account a must every month. It may not be a big sum of money per month, but the earlier you start saving, the more you will accumulate by the time your baby is all grown up and ready for school.