The arrival of your bundle of joy changes everything overnight and he/she becomes the apple of your eye. As a father you are ready to do anything for your child, carefully selecting the best of clothes, food, amenities, doctor, and etc. How you plan and select things for your child, you need to plan the same way for the future. This is only the beginning; you will want your child to study in the best of schools, colleges, choose the career he/she wants and be able to fund their further education. We list a few tips that can help you plan for the future.

• Monthly Budget – It is time to revise your monthly budget and make way for the new expenses that are going to come along with the new one. You will have to consider including medicines, paediatrician’s visit, infant food, toys, furniture and many more. 
• Education Fund – It may sound silly to start an education fund for your little one who can barely talk. But when you think about it carefully investing early lets you harness the benefit of compounding interest and you can see your wealth grow in abundance. When you give money time, it will return in multitude. This will give you the security needed to ensure an uninterrupted education for your little one.
• Health Insurance – Either through your employer or on your own, include your child in your health care plan as soon as it is allowed. If you don’t have a family health insurance, then now is a good time to get one for you, your wife and your new born. Most insurance companies provide additional riders for disability and critical illness. It would be a good idea to include them for any unforeseen incidents in the future.
• Emergency Fund – This last year has taught us how uncertain life can be and you can never be prepared for all the curve ball life throws. Having an emergency fund isn’t an option and is a necessity. As per industry standards, it is advised to have set aside at least 6 to 9 months of your income as emergency fund. 
• Investments – Just saving doesn’t grow the wealth, you have to invest it and invest it wisely. There are vast numbers of investment instruments in the market. Choose the ones that meet your risk appetite and then the time horizon you want. Investing in diverse asset class helps to mitigate the risk of the volatile market.
• Estate Planning – The one thing that all fathers want is to leave a legacy behind for their children. The most assured way to do that is to write a Will, this way you can state how you want your assets to be distributed among whom after you. Ensure you have nominees on your bank accounts, insurance policies, savings and investments.

With these few tips, we hope you will be able to enjoy the roller coaster of parenthood with some ease. Happy Father’s Day today and every day as you strive to provide a secure and happy childhood to the apple of your eye.