Are You a Young Parent? Here’s How to Get Your Finances on Track?

Nisha and Niraj were filled with bliss when little Riya started reciting her first nursery rhyme.

Just then Nisha said to Niraj, “Niraj, becoming a parent is such a wonderful feeling. The joy of seeing Riya smile gives us a sense of satisfaction and accomplishment for which there is no other substitute.

Niraj replied, “Yes Nisha, but it also comes with a huge responsibility. Along with joyousness, this newest addition to our family also warns us to be careful of our finances. With the passage of time, there are massive leaps in the increasing the cost of living, cost of education and so on. This has accumulated in additional expenses which our parents never had to face.”

Nisha and Niraj then listed down the below expenses;

Day Care: As working parents we have no choice but to shortlist the best day care centers. In spite of daycare being highly costly, this is an expense is something we can’t skip.

Play Schools: Play school are important for child’s overall development because it employs special educators which will help in preparing our child with the essential skill-set that they ingrain in your child, the fees are quite high.

Academic Coaching: We will need to enroll our kid in coaching institutions. The fees for these coaching classes are nearly as high as the school fees.

Once they were done listing these expenses both Nisha and Niraj decided to invest in endowment plans to cope up with the increasing costs and fulfill their child’s future goals.

Aastha Mestry - Portfolio Manager          

An Author and a Full-Time Portfolio Manager, Aastha has 6 years of experience working in the Insurance Industry with businesses globally. With a profound interest in traveling, Aastha also loves to blog in her free time.