Becoming a new parent is like a life-changing experience for you that will bring immense joy and responsibility in your life. Before welcoming a newborn into your life need to ensure their financial security is essential. Once you learn about financial management increase in budget for new members make sure you have started saving and if you need financial support take a personal loan from Kotak Mahindra Bank. The faster you work out your finances and start saving, the better for your kid, also save money for education, and medical expenses, as it will help you get a headstart. A new member is about to be added to your family and it’s a huge deal for you both mentally and financially. All you need is good planning and preparation for upcoming new expenses with your child. Here are the things you need to consider when planning for the finances before and after the arrival of the new member to the family.
The Financial Reality of Parenthood
After the birth of a new newborn most of parents start realizing their budget is not stable enough for a new family atmosphere. Your monthly budget should cover your all monthly spending, and repayment of loans also in parenthood you need to add your own child’s expenses with proper financial support you can take a personal loan to cover those expenses. Do a comparison of your expenses and monthly income to each other and see what the difference is. If the difference is bigger than your source of income then you need to ensure that you will increase your income to match up to your expenses or cut down your needs. Raising a child from birth to age 18 can cost approximately upwards of ₹20 lakh including unexpected medical bills, education, food, dress, etc.
Personal Loan as a Helping Hand
To manage expected and unexpected expenses consider a Kotak Mahindra Bank personal loan it will be a supporting pillar for your financial stability. They offer flexible repayment options and competitive interest rates to their customers also exciting plans for newborn parents, this personal loan can help you provide a Nursery setup for your child. This plan includes a cradle along with a comfortable mattress and pillow. Baby Nappies and Diapers are the two important expenses for years that you can include in this loan. Also, try to use Cloth nappies they can be big savers but you need to consider the washing costs and effort. The food babies eat is not the same as we adults do it will be an additional expense to consider that too.
Buying newborn essentials in bulk or wholesale can be a great way to save money. You can opt for homeschooling for your child or choose a daycare center after carefully calculating the budget. A personal loan from Kotak Mahindra Bank will help you to cover immediate expenses, such as hospital bills and baby supplies Consolidate debt, if necessary, and Finance education fees or childcare costs.
Key Features of Kotak Mahindra Bank Personal Loan
Personal loan for Newborn parents is the key feature of Kotak Mahindra Bank its aim to support you in handling their expenses Kotak Mahindra Bank provides a suitable personal Loan amount of Rs ₹50,000 – ₹20,00,000 with an Interest rate of 10.99% – 24%, Tenure: 12 – 60 months and Processing fee: 0.99% – 2%. It’s for New parents and they can choose other financial loans that suit their monthly budget.
Comprehensive Financial Plan
Start saving for an emergency fund separately to cover 3-6 months’ expenses. Join any policies or Invest in life insurance and health insurance for your family and give proper nominees for your investment if something happens to you nominee will get the fund. Always allocate 50% – 60% of your income towards necessary expenses don’t think right now it’s not needed but in the future, it will be helpful. Prioritize saving for your child’s education and future whether it is a small amount of investing or saving monthly or weekly the right financial plan can secure you and your entire family from unexpected disasters.
Smart Investment Options
Diversify your portfolio with Kotak Mahindra Mutual Funds plans nowadays mutual fund investments are highly helpful. Take PPF, and FDs to secure your children’s future with Kotak Mahindra Bank. Take investment plans in the Education sector then you can Utilize tax benefits under Section 80C.