For first-time parents, everything is new, exciting, and nerve-wracking, especially financial planning. As soon as you announce your pregnancy, congratulations and advice will start pouring in plenty.

Next, as expecting parents, you will have to decide a name, plan for doctor visits, vaccinations, clothes and the costs keep piling up.You will need a financial plan to cover all this without any hassles.

We have compiled a few tips for those nine months –

Month One

Create a budget for when the baby arrives –

As a new parent, you may not be aware of all the expenses that you would have to incur for your baby. Do some research, ask friends and family what to expect. Account for all of this in your financial plan.

Month Two

Plan your finances to eliminate debt and establish an emergency fund –

You should start an emergency fund that covers three to six months of expenses.You should plan your finances to begin paying off any high-interest debt so you can invest your hard-earned income and savings instead.

Month Three

Plan your finances for child care if needed –

You need to look for various options available for child care should both of you choose to work. Does your employer offer childcare on the premises? Alternatively, check the cost of hiring babysitters / putting your child in other daycare centres.

Month Four

Estimate Delivery and Post Delivery Expenses in your financial plan –

Having your employer or your spouse’s employer cover the costs will considerably reduce your burden. Several expenses will arise, including follow-up checkups, some of which your medical insurance may cover. You can budget for other costs pertaining to vaccinations, etc in advance while preparing your financial plan in consultation with a financial advisor.

Month Five

Review Your Insurance Policy –

Opt for a health insurance cover apart from the employer-provided health cover. Further, consult with a financial advisor to ensure you have adequate life cover in place.

Month Six

Include an Estate Plan in your financial planning  –

It is imperative to have an estate plan to ensure that everything is set in place for your family in the event of untimely/ unfortunate situations.

Month Seven

Plan your finances to include expenses of baby gear –

You should list down essential baby gear that you will need after the birth of the baby. You can also consider saving money by receiving items that your relatives/ friends kids used.

Month Eight

Include your baby in your health insurance

If you want to include your child in your health insurance plan, you have 90 days from the date of birth. Fill in necessary details ahead of time. You can add the baby’s information, name, and birth date later.

Month Nine

Plan for your baby’s education & start saving for retirement

No matter how exciting and wonderful this phase may be, you still have to plan your finances to save and invest money for retirement.In an increasingly expensive world, education would cost much more than what it does now, given the increasing cost of living. By saving for a child’s education along with your retirement, the money will grow, allowing you to meet both goals.