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A Guide To Planning Your Finances In Each Trimester

Finding out that you’re pregnant is a big moment. It gets you excited and sends you into planning mode - you start to plan the baby’s room, clothes and more. One of the things you need to do soon after you get the good news is get your finances in order before the baby arrives - better late than never!

So here is a trimester-wise guide in planning and consolidating your finances before your baby gets here:

Trimester 1

You might not have planned your pregnancy to the dot, and may therefore find that you also need to get your finances in line. Don’t fear, it’s not too late yet! Start planning now to give your baby a security blanket:

a. Track Expenses and Log Finances

If you haven’t planned your finances yet, it is likely that you haven’t tracked how you spend money, or where you stand financially. Begin by logging where your paycheck is spent, so that you can also see how having a baby will change your spending patterns. Take an account of all the money you earn, spend, and save. Make sure you look at the financial assets you have. Knowing where you stand financially can help you set realistic financial goals and work towards them.

b. Clear Your Debts

Now is also a good time to make sure that any loans you took earlier, or your pending bills have been paid off. This will help you save money later. This is also the easiest time to allocate money for loan payment, because your expenditure is going to increase as your pregnancy progresses and after the baby arrives.

Trimester 2

By now, you should know where you stand financially and have a “clean slate” that can help you start planning your finances with mainly your baby in mind.

a. Start Saving and Planning

During this time, you may be tempted to splurge, but that would be a mistake. Start setting saving goals and spending wisely. Based on your savings, you should start planning upcoming costs like delivery, health care for mom and baby, and costs like diapers, clothes and baby gear. Sort out medical costs first, and make sure that you and your baby can afford health care. Decide on a budget or ideal price range for each of these things, and make informed and smart choices about options within your budget.

b. Insure Yourself

Start looking for a life insurance policy on an affordable premium. Insurance acts as a way to secure your child’s future in the event of your absence. Your family needs to be financially secured to have a safe future. Term insurance plans like HDFC Life Click 2 Protect 3D Plus can provide a financial blanket to your family in your absence, with a low premium, and optimal cover. Ensure that your family is financially secured.

Trimester 3

Your baby is almost here. Now that you’ve planned a budget for your baby’s immediate future, look further ahead. Think about how you are going to save for education as well as your retirement. Look into your assets again, and start planning for goals in the long term.

Your family relies on you for the safety of their future. Make sure that you have a safety net of savings, assets and insurance, which will keep your finances and your family’s future safe. Choose HDFC Life, which can insure you for a low premium, and keep your child’s future intact.

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