Thursday, August 6, 2015

How to sort out Finances during Unplanned Pregnancy!

How to sort out the finances during 'Unplanned pregnancy' quotes in 'Child' magazine, india (August 2015 issue).
According to certified financial planner Shilpi Johri, Head and Financial Planner at Arthashastra Consulting, Gurgaon, “An unexpected pregnancy translates into unplanned expenditure on medical bills, hospital visits, frequent breaks from work, an attempt to garner a more physical and emotional support system, as well as prenatal and post-natal care for the mother and the baby.”

So the first and foremost thing you must do is cut down on various discretionary expenditure like eating out, taking frequent vacations, etc. “Make a list of the forthcoming expenditure and create a fixed deposit accordingly.
Also have your life and health insurances in place. Proper nominations will ensure that money will go to the rightful owner in case of any mishaps,” says Johri.

Even if both partners work, “I advise them to plan their expenditure as per the income of one person and to consider the other person’s income as bonus,” adds Johri. This is because a partner may or may not take leave from work, and may or may not get back to work.

“Communication is also key. 
A lot of times, couples have very superficial discussions and do not open up about their true feelings simply to avoid altercations. They themselves can be confused about what they really want. In addition, in India, there is an added psychological pressure to please the parents. However, it is crucial that there is absolute honesty about finances,” concludes Johri

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