Financial Planning for Families

Posted on January 6, 2017 By

32-9You always want to provide what is best for your family; the best of the education for your kids, the best of the living standards, the best of the vacations, the best of the amenities, and the best life. ‘There are no free lunches’ and nothing in this ‘best world’ is going to walk up to you, just because you wish it. A well-calculated plan is a crucial tool to make your family’s dreams come true.

A professional can guide you through at this juncture. On a self-help basis, decide your goals. If you are planning to start a family and are still a ‘double income no kids’ couple (DINK), then this is the right time for you to chalk out a financial plan for the family that you wish to start. Often, DINK couples indulge in spending beyond their means and now is the right time to set your budget. Begin investing in some baby items like cradles and other furniture. This would also be a good time to put aside a few bucks for the maternity expenses and also for the additional baby needs like diaper expenses, baby food, medical expenses, and such other things. You’ll also need to get your baby an insurance cover soon after the birth. If you are working in a corporate circle, get in touch with your employer regarding this.

Work out the expenses that you’ll have to shell out, once mommy begins working again. Your prime expenses will include daycare fees or babysitters charges. If you have your mother-in-law coming over, then saving a few bucks will be a bit easier. The grocery bill will show a steep rise as baby food cans will take over, but there is no need to worry. Check out the tax rebates that are prevalent on the investments that you make for your baby. As a reminder ‘DO’ create an emergency fund in case of any unexpected events.

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Much-needed Financial Planning Tips When Expecting a Baby

Posted on December 30, 2016 By

First time parents are expected to go overboard with preparations once their baby is on the way, be it expenses on baby clothes, accessories, nursery decorations, baby showers, etc. Shortly afterwards, the initial excitement wears down and the nine-month gestation clock starts ticking until D-day. This is when the realization of the extra cost of having a baby sinks in. This is the time when would-be parents start thinking about all the prenatal medical expenditure, expenses towards hospitalization and delivery, pediatric medical expenses, baby food expenses and money spent towards buying clothes, toys and education. I know the list is long and might seem like a money monster which will take away all the excitement of fine dining and shopping that you experienced before the baby came into picture, however, I wish to assure you that some of the financial planning tips listed below will surely ease your journey.
How to Save Money When Expecting a Baby
One of the biggest expenditures for children generally happen to be towards their education. But even before your baby is born, there are heaps of expenses to be dealt with. Here are some ideas to help you deal with these expenses.
Prenatal Medication
Medical test of Pregnant Woman
As soon as the pregnancy test is declared positive, would-be parents need to start shelling out money towards medical tests, ultrasounds, fees of gynecologists, nutrition supplements and so on. The uphill burden of expenditure can be reduced by opting for a health insurance policy right from the time you get married or start planning your baby. The health insurance company generally expects policyholders to pay a minimum amount towards each medical bill while the rest of the medical expenses are borne by the health insurance company. As a thumb rule, check if your hospitals, gynecologists and pharmacies accept the insurance policy that you have. If not, then I recommend that you search for medical services that have a tie-up with your health insurance company before you set up an appointment. This will help save a lot of money.
Preparation for Baby
Couple shopping for baby clothes
It is delightful to go shopping for baby clothes, cribs, car seats, strollers, baby monitors, etc. Some of you might even redo an entire room, converting it into a nursery. As exciting as it seems, babies tend to grow very quickly and it is therefore futile to spend a huge sum on new and expensive baby clothes. Even doctors recommend usage of soft, tender and used baby clothing on babies.
Personally I suggest that you may opt for borrowing baby clothes, cribs, strollers, etc., that have been previously used by your friends for their babies. And if you are lucky enough, you might receive some new accessories for your nursery as baby shower gifts. I can’t help mentioning a noteworthy fact about pregnancy in advanced stages. The recommended restrictions of movement and food consumption for a pregnant woman are likely leave a considerable surplus of money in your kitty.
Delivery
Newborn baby
As previously mentioned, couples might have to be careful while selecting hospitals for the upcoming childbirth. It is ideal to get confirmation about the hospital’s tie-up with your health insurance company way before the due date. It is also recommended to get similar confirmations from the obstetrician and anesthesiologist before you appoint them for the delivery. This will help you save a huge sum towards delivery and hospitalization expenses. The arrival of a baby is a wonderful moment. But it is suggested that you find some time to check with the health insurance company for possible addition of your newborn child under health benefits. This might mean an additional expenditure towards premium, but trust me, it is well worth the expenditure. After all, there might be – god forbid – some unforeseen health expenses for your baby.
Baby Arrival
Mother in Kitchen with baby
It is quite common for both partners to be working professionals. As soon as the baby arrives, the maternity leave and paternity leave begins. This means that the family income decreases considerably as long as one parent stays at home as a caregiver. It is ideal to refer to the policies of your organization to make sure if they have an option of paid maternity or paternity leaves. At times, organization offer a maternity leave allowance instead of a full salary payment. This stage also marks a steep rise in expenses towards baby food, diapers, pediatrician visits, toys, day care charges or baby sitter charges. These expenses could range anywhere between $1000 to $1200 each month. Accordingly, money needs to be religiously set aside for such payments by both the partners. If you happen to be a single mother, then you have the option of applying for single mother financial aid too.
As the Baby Grows
Children at nursery
Before you even realize it, your baby will become a toddler ready for play school. Personally, I suggest that this is the best time to invest in a good education plan for your child that will help secure his or her higher education needs. Such plans are designed keeping in mind the growing inflation rate of the economy. If you love to plan about your every penny, then it is best bet to start saving at a slow rate right from the time you get married. By the time your child is ready for school, you will be surprised at the huge amount you will have saved by then.
Financial planning is a must at all times. At the prospect of arrival of a baby, even the most spendthrift partners start getting calculative. Early planning and budgeting can help couples avoid a lot of mental stress over finances after the baby arrives. This financial security can help you delve wholeheartedly in the realms of your newborn child.

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Looking On The Bright Side of Bitcoins

Posted on December 28, 2016 By

Why Using Bitcoins is Advantageous

Modern technology has definitely changed the way people live, giving them a lot of convenience and many other wonderful advantages. Aside from this, it has also changed people’s habits: today, a lot of people use the internet for so many different things, from shopping to finding information, communicating with others to entertaining themselves. The good news is that there are inventions which give people even more convenience, one of which is bitcoin, an internet currency which can be used for buying and selling online. Using bitcoin, then, is certainly a great idea, as through it, you can be sure that you will be able to enjoy so many wonderful things, and that the benefits that come your way will not only be numerous, but will also be very much worthwhile.

When one starts using bitcoin, he or she will be able to benefit, first of all, because using bitcoin is known to be very safe, safer than all the methods of online shopping that are common with people. People who shop online using their credit cards might know that there is a certain risk that lingers, as their information can get stolen by people of malicious intent, which might cause them a lot of trouble. In order to avoid such tragedy, then, and to keep yourself safe and secure as you shop online, you should certainly start using bitcoins whenever you wish to buy anything through the internet – this will definitely give you greater peace of mind in all your transactions.

When one decides to start using bitcoins for internet shopping and other transactions, he or she will also be able to benefit because through taking this step, greater privacy can be enjoyed. For one thing, the contents of people’s wallets will be kept a strict secret, so no one can find out exactly how much they have at any given time. One who wishes to purchase things in privacy will also enjoy using bitcoins, as through it, no one can trace the purchases to him or her.

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Finance


Smart Ideas: Guides Revisited

Posted on December 28, 2016 By

Bitcoin – What You Need to Know

In recent years, people have become more and more knowledgeable about bitcoin because of its presence on the news. This would be the ideal currency for pretty much all online transactions. If there is more you need to know about the particular subject then make sure to have your questions answered by this article.

How could this possibly work?

One of the most popular electronic currencies is known as bitcoin and you need to know more about this in the best possible way as it is essential in modern banking. This is the best and most practical method which people are making use of these days. You have to be aware of all these things especially in the age where everything is digital. These transactions are regularly kept in the banking record books.

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Finance


Options – Getting Started & Next Steps

Posted on December 28, 2016 By

Some Things You Should Know About Bitcoins

Bitcoins are making use of encrypted digital currency that is operated by smaller organizations. This simply means that bitcoins are not controlled by the government or any financial organization. Bitcoins just make use of a bitcoin wallet that does not need a lot of requirements on the part of the one getting it compared with opening a bank account that requires a lot of things such as the applicant’s valid ID. The bitcoin wallet comes in handy if you want to have access on your own bitcoins and if you want to make transactions with other persons who have a bitcoin account.

How is a personal bitcoin account set up?

You are able to get a bitcoin wallet on your own if you seek the help from a certified bitcoin broker. You are then given a bitcoin address and a private key by the certified broker after you have successfully open a bitcoin wallet of your own. A series of letters and numbers comprise both the bitcoin address and the private key, where the former has the same function as that of a bank account number and the latter is provided to serve as the password for the bitcoin user.

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