Planning of finances,household budget and investment for child goals

4 June 2018: Life changes completely after the arrival of a baby is a euphemism. The surge in joy is in tandem with the skewer in expenses, the physical and emotional confusion about the financial stress. One must take several measures to balance the body and mind, in fact very little financial preparation need to deal with the new development.
The medical expenses during the pre-delivery period and the eventual delivery are often swished up helter-skelter from the immediate cash flow; the functions felicitating the birth and charges associated with the start of school are taken care of by fiscal gifts from family or personal loans; the investment for long-term goals is an uncertain venture, laced lavishly with ignorance.
1. Preserve for medical expenses as the prices for medical tests and hospitalization are increasing day by day, so it would be advisable that after deciding to have a baby, put away a small amount in a liquid fund is beneficial
2. Check group insurance by employer: The individual health plans offering maternity coverage typically come with limited payouts depending on the sum assured and these often fall short of the hospitalization costs. Having high premiums and a waiting period of 2-6 years and they also cover the pre- and post-hospitalization period, along with baby’s vaccination and critical care, it is advisable not to opt for such plans. 
3. New planning for a budget must be done- Mostly people ignored the budget planning but its very necessary for a smoother cash flow. Add the possible new expenses, to your old budget separating these into four categories—regular and one-time baby products; baby-related services; financial products to secure the child’s future, and to fulfill the child-related goals.
4. Single income household preparation- Stress level increased when you are working and decide to quit a job for a specific time. So its very important to avoid simultaneous spends on unnecessary items as it will grow into an emotional situation that can be difficult to handle. But if nothing seems to work than a mother has to rejoin the job after maternity leave. It will stabilize the situation. So preparation of single income household is much required.
Post delivery planning
1. Get Insurance- It comes under in one of the immediate tasks that must be performed just after the delivery. First, try having a life insurance otherwise buy a term plan which is 8-10 times than your annual income. Pure term plan is more beneficial than buying 3-4 traditional plans as that will not gonna give a good cover.