Mothers across life-stages need to take charge of their finances to ensure a smooth journey and here is how they can
In India, there is no dearth of advice for wouldbe and new mothers. Well-meaning tips on which doctor to visit, what to eat, the medication to take and how to exercise pour in from all quarters. However, there is one aspect even the closest kin is hesitant to touch upon—the financial challenges associated with this phase of life. Motherhood is no child’s play and mothers across life-stages need to take charge of their finances to ensure a smooth journey. We tell you how.
FINANCIAL PLANNING BEFORE FAMILY PLANNING
When Mumbai-based oral and maxillofacial surgeon Garima Devrani (see picture) decided to have a second child, she started planning her finances immediately. “I began saving a part of my income right away. I have accumulated Rs 2 lakh and it is parked in liquid funds,” says the expecting mother. She also has her health insurance policy with a sum insured of Rs 10 lakh to fall back on as it covers maternity costs.
FINANCIAL PLANNING BEFORE FAMILY PLANNING
When Mumbai-based oral and maxillofacial surgeon Garima Devrani (see picture) decided to have a second child, she started planning her finances immediately. “I began saving a part of my income right away. I have accumulated Rs 2 lakh and it is parked in liquid funds,” says the expecting mother. She also has her health insurance policy with a sum insured of Rs 10 lakh to fall back on as it covers maternity costs.