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How to Manage Personal Finance as a New Parent? a Technical Insight!

Money can't buy friendships but does it help in keeping them

The news about the arrival of a bundle of joy is always a great source of happiness. Being a new parent not only requires you to be emotionally invested but also needs you to be backed with enough resources.

While the foremost point on the to-do list would be to get the house in order and ready for the new member, in the present times, equal focus is needed on long-term financial planning as well that comes with creating a family.

It then becomes imperative to stay on top of your money matters when it comes to budgeting for the family. For first-time parents prioritising finances will keep them a step ahead in their journey towards a secure future for their family.

How to take off on this journey as young parents? Here are a few tips from CRED, a transparent and fully digital credit card payment platform, that has rounded up the best advice for expecting and new parents –

Taking the first step

Planning the costs at hand should be the first step to keeping an attentive tab on expenses that will be incurred including pre and postnatal charges during the maternity period, including hospitalization and delivery costs.

Beyond this the expenses to cover your child’s day-to-day needs, necessary listed vaccinations, followed by other annual expenses that are required for the first few years pertaining to the baby’s health. Monthly budgeting in such cases usually helps and results in improved financial planning.

Medical insurance – a healthy promise

Upgrading your medical insurance would be a wise move as it can aid you during any unprecedented life situation – today or in the future. It makes it easier to handle medical expenses in a time of need and helps you secure the healthcare requirements of the baby, with minimal costs. This financial backup helps in the reimbursement of health costs that might be unforeseeable.

Savings and Investments – a dynamic duo

The practice of creating a financial portfolio with diversified investments, keeping in mind the rising cost of living,  has been evidently surging.  It is always a smart move to keep the piggy bank well-fed. To keep the aspirations and dreams covered, it becomes a financial goal for one to save and invest for their family’s bright future commonly including the child’s eventual tuition fee and higher studies.

Disciplines like starting early, smart allocating in terms of investments, tracking expenditures, and keeping debts at bay play a huge role in future-oriented plans. The whole cycle of saving and investment when understood well does really help you go a long way.

Making it easier with Credit Cards

Credit cards are probably the easiest and most convenient mechanism for availing credit from a lender, in a way that enhances one’s lifestyle. Feature-rich financial instrument credit cards not only come in handy in time of need, but the accompanying rewards can make them all the more useful for you and your family, adding some more excitement on the days when you are tired and waiting for the kid to fall asleep.

With new-age digital platforms, new parents won’t even have to worry about missing bill payment dates or late fees, courtesy of timely reminders on the app.

As new parents following these tips can save you from an otherwise bumpy ride, laden with confusion. Navigating life as a new parent can be stressful but with platforms Like CRED, you can always stay ahead of the curve, and rest assured that your child’s future is sound and secure.

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I am a QA/QMS Lead and was a mechanical and automation engineering student. A hardcore gamer and master in the Age of Empire, and always ready to learn and create new things. I love challenges and like to face them upfront.

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