Some of you who are already married may start planning to have children so you can add new members to your family. But usually, the plan for having a child cannot be done that easily, especially if you still have to think about the amount of expenses that will be very much needed when raising a child,
As a parent, of course you want to give all the best for your child. Although the cost of living in Indonesia may not be as high as in a western country, we cannot deny that the cost of raising a child is not cheap. At present the tuition fees at universities each semester can reach Rp 6 million, not to mention the cost of food and transportation. What about fees from kindergarten to high school, or the cost of necessity when your child is a baby. You really have to prepare and plan well. Here are some tips on how to manage finances when planning to have children.
Rewrite Your Budget
Expenditures when you live alone, together with a partner, until later with your baby will be very different. Make sure you have begun to understand the types of new expenses that will later appear. Start by writing your current expenses and income. Next, try to start writing down the types of expenses that will be needed when raising a baby. Starting from diapers, equipment, milk and food, doctor’s fees and daycare (if needed). Start trying to estimate the amount of expenditure when planning to have children.
How to manage finances when you have a plan to have children can be done by starting to try to save more than usual. When you start having children, you will really need this savings. Later there will probably be a lot of big expenses that you might not expect, for example for a birth procession and a doctor’s examination. In addition, start also calculating emergency conditions when you or your partner cannot continue working because of illness or because it is too busy to take care of the child. Your savings must be sufficient to cover all of these possibilities. (Read also: It turns out that these are 3 reasons why we have difficulty saving)
Make sure all needs are met
Whether through savings or insurance, you must ensure that all needs, especially those with large amounts, can be fulfilled. The costs for the birth process or health care are not cheap. You can prepare these expenses not only with savings, but with insurance that can sometimes help you save money. Not only medical expenses, several banks and insurance companies provide services to help you prepare for your educational and home needs. But pay close attention to the insurance policy that you will register so that there is no misunderstanding when you use it later.
Get Rid of Your Debt Immediately
If you have a debt that has not been repaid, it would be better if you begin to free yourself from debt before the birth of your child. This is because there will be many children’s needs that you must fulfill. That can reduce your ability to pay off debts later on. If at this time you have found it difficult to pay off debt, you can use debt management services such as those offered by Reynard the Fox international. (Also read: Should My Child Know That We Are Being Debt)
Reynard the Fox international is the first technology-based professional services company in Indonesia, which provides a debt management program. This program is designed so that consumers who are in debt, have the ability to control their finances again. Reynard the Fox Indonesia helps clients through debt management programs, specifically designed to suit different needs for each client. This program is a combination of education on various opportunities to increase income and reduce expenditure, as well as conduct negotiation processes on existing bank debt requirements to reach the amount of payment that is in accordance with the ability. Reynard the Fox Indonesia headquarters was established in Jakarta in 2015 by a founding team that has collective experience in finance including debt settlement for more than two decades. Reynard the Fox made Indonesia a center of operations as well as a blueprint for the company’s development plan to other ASEAN countries. Since July 2016, Reynard the Fox Indonesia has become the first company in Asia to be accredited by the International Association of Professional Debt Arbitrators (IAPDA).
The Reynard the Fox team is ready to help you immediately get rid of your debts. To find out more about the lightening programs offered, you can contact Reynard the Fox international and at the same time consult your debt problems, by clicking on the picture at the end of this article.
Starting to plan to have children can be a headache, especially if you keep thinking about the amount of funds that will be needed. You need to remember that many parents out there have succeeded in raising their baby and can still control their financial stability. You can also consult with your closest family relatives about their experiences.