When a baby is on the way, it is an exciting and an exhilarating event for the new parents. Besides the emotional preparations, it will be worthwhile if the parent/s to be can be financially ready too. Sleepless nights over the baby crying, diaper changes and feeds is part of the new parenthood experience. Let there be no sleep lost over any financial concerns at such a special event of life.

Foremost, do adequate recce on the expected expenses on delivery. This depends on the hospital or the nursing home you are aligning with. Your doctor could provide you with a rough number to start with. Medical expenses are going up year on year and you will need to budget for this before the arrival of the baby. Check with your existing health policy on the cover provided for maternity expenses – both pre and post the baby’s arrival. Whether it is your corporate health insurance or the personal health policy, ensure that you are familiar with process to file the claims and the paperwork required.

Ensure that you have the funds required to pay the bills that do not get covered by the policy and in case you don’t have any such policy. Remember, in case you are unable to opt for a cash less claim, you will need to shell out for all the expenses from your own pocket till the time health insurer settles your medical claims. The best way to create a corpus would be to start planning for it early. Start a monthly saving for these expenses to build the required corpus. Ensure that you have built this corpus by the 6 th or the 7 th month of pregnancy.

You or your spouse will be taking leave for the arrival of the baby. Do keep in mind the impact this leave could have on your monthly household income. Have clarity on the employer’s policy on the maternity and the paternity leave that you will be applying for and the salary payment during this period.

There will be expenses coming your way both pre and post baby arrival- whether it is buying the baby Cot, baby pram, getting the room painted or the monthly baby feed or diaper costs. Have a budget in mind. Get a corpus accumulated to fund the cost of these necessities and wants. Other than this, do keep a rainy day fund for the baby’s arrival. You don’t want to be caught unawares at time of contingencies for the mother or the baby.

Keep the paperwork handy to get your newborn baby added to your existing health policy. Under most policies, a new born can be added to the existing cover only once the baby is 91 days old and at the time of annual renewal. Other than this, while you may have planned for the paediatrician for the baby, do check if his expenses get covered by the policy.