What Are the Best Financial Tips for First-time Parents?

Financial Tips for Parents to Build a Future for Their Children

Expenses and Other Factors to Consider While Expecting Your First Child

FAQs about Financial Tips for First-time Parents

How much emergency savings do new parents need?

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No set quantity or formula exists for this. However, an emergency fund should last at least a year.

What are some investment options for new parents?

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Mutual funds are one of the simplest investment options for new parents.

Can a newborn be included in a health insurance policy?

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Yes, parents may enrol their newborns in existing health insurance plans.

Is a ULIP a good investment plan for a child's future?

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Yes, ULIPs are considered a good long-term investment for children’s future due to their flexibility and disciplined savings structure. It offers the advantage of switching between funds, tax benefits, and life cover. As education costs continue to rise, ULIPs can help build a substantial corpus over time. A ULIP return calculator can help you estimate the required investment amount and expected returns, making it easier to plan your child's education.

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