Now that you are a parent, PLAN should be the next top priority on your mind!! Diapers and car seats will eventually give way to important financial concerns like Child Education and Child Marriage. Early planning can ease your mind and help to ensure your children have what all you Dream for them.

• Help baby in growing up in your own unique style: When it comes to bringing up your New born baby, it is the most responsible and hardest job ever and No formal trainings are given for this. Each person’s knowledge of how to bring up a child usually comes from their surroundings and they have to themselves identify their own ways.

• Plan for young star’s Financial future: Planning for Financial Future for your Young star has to be defined individually. It is the start of kid’s journey of life and has a long way to go. Planning is required for different phases/ stages of life. They could be Planning for expenses for, Daily Lifestyle expenses, Day care, Pre schools, Formal schools, Higher education and also prospective Life i.e.wedding and so on.

• Regular and Disciplined savings will help you Dream Big: Once you have charted out such expenses, Specific amount has to be set aside in a Disciplined way for each step. Regular saving keeping inflation in mind will help you in not taking education or marriage loans. Dream Big and Start taking Baby steps today.So, assume as if you are paying EMIs in advance for the loan that you will require in future.

• Don’t Forget to plan for the uncertainties: Then comes the role of Planning for unexpected. There are moments in life that will change everything and shake things up for you. It may be getting a pink slip at work .It is important to build Emergency fund which will help you sail your boat in those tough times.

A very Wise saying by Warren Buffet goes like this “Someone’s sitting in the shade today because someone planted a tree a long time ago.”

• Insure all unforeseen circumstances: Also, to cover untimely death, It is important that you have adequate life insurance for your family. The life insurance should provide enough money to live on after you pass away. The children should get enough that it can help cover the cost of their educations and other daily lifestyle expenses.        The purpose of life insurance is to make sure you can continue to take care of the kids even after you are gone. It should be accompanied with health insurance, critical illness insurance, disability insurance and accidental insurance.

Taking on responsibility for the financial future is a lifelong commitment. Everything is worthy only if commitment is there. “ Unless Commitment is made, there are only promises and hopes…but no plans.”

Stay Committed towards your goals and focus on the planning part!!!

About the author: Gurleen Kaur Tikku is a Certified Financial Planner and devotes her time to her company www.hareepatti.com. She has done her Bachelors in Finance and Investment Analysis(BFIA) from College of Business Studies(CBS, Delhi) and MBA from IMT, Ghaziabad. She can be Contacted at [email protected]