Planning for young parents

Everyone who has a child will agree that "having children is expensive". You need to plan well in advance how to manage time, career and money when it comes to children.

Here are 5 tips to consider

1. If both parents are working, re look at the priorities and careful plan how you are going to manage time and career. Plan on the chores each of you will do.
2. Re look at your insurance. Typically, you need to have at least 10 years of your basic expenses covered.
3. Education planning is a huge expense these days. the earlier you start saving the easier it would be on your purse.
4. Critical illness & Medical insurance for the child is also essential. It is not uncommon these days to see young kids having cancer or heart problems. The cost of treatment is high and this will be easy on your pocket. Also, cost of insurance is low when you start young.
5. If you haven't got a WILL written yet, get it done ASAP. Estate Planning is essential.