You always want to provide the best for your family; best education for kids, best living standards, best vacations, best amenities, and best life. 'There are no free lunches' and nothing in this 'best world' comes to you, only if you wish. A well-calculated plan is crucial for your family's dreams to be true.
Often, DINK couples spend beyond their means and now is the right time to set your budget. Begin investing in some baby items like cradles and other furniture. This would also be a good time to put aside a few bucks for the maternity expenses and also for the additional baby needs like diaper expenses, baby food, medical expenses, and such other things.
The grocery bill will show a steep rise as baby food cans will take over, but there is no need to worry. Check out the tax rebates that are prevalent on the investments that you make for your baby. As a reminder 'DO' create an emergency fund in case of any unexpected events.
In case you have a way to generate revenues after retirement, saving for that phase can be deferred. Go for a life insurance for the whole family, as the amount on maturity can be used for college fees and cn be a wise saving plan. If at this stage, both you and your spouse are earning, the total salary of one spouse can be saved in a good investment scheme.
Financial planning lessens the tensions at home and makes for an improved standard of living. An advantage of financial planning is that it provides tax benefits, thus saving your pennies for a better cause. Get into the habit of saving right from the beginning, so that the rainy days can double your happiness!