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My Baby Needs Money: New Born Deposit Account

Yes it is true that babies come along in this world with an array of happiness, hope and possibilities. The husband and wife then enter into a new sphere of life where they now are “Parents”. But along with all the excitement and happiness come home some new responsibilities. The responsibility of raising a new life can be pretty hefty but equally rewarding. Taking care of these new bundles of joys is expensive. So, it would be wise to have a financial plan and wiser to work on that plan from the day someone decides to have a baby.

Having kids can be emotionally rewarding but financially draining. So it is necessary to have a financial plan and work on it. One might primarily not even have to go so far as to think about the child’s educational expenses. The initial medical costs, cost of new food, clothes, furniture, personal health care products are more than enough to ponder over. All these added together will certainly create an upward spike in the monthly finances.

“Babies are like little suns that, in a magical way, bring warmth, happiness and light into our lives”

-Kartini Diapari Oengider

Without preparation this sounds pretty scary. Which is why lot of people wait to first become financially stable and then think about having kids. Even then without preparing beforehand all the new expenses and keeping track of it might be a bit frustrating. Of course, parents would love to spend more time with their new born rather than worrying about expenses.

The best way to tackle all these problems is to have a large amount of money saved up for the time when the baby arrives. Now this whole plan can be divided into 3 steps

Step 1. Figuring out the expenses

 At first all the costs need to be figured out. This includes calculating an approximate amount of how much money will be needed to be spent on the baby’s food, clothes, medicine and furniture. Making a list of the necessary expenses for at least the first 5-6 months after the baby comes is vital for the next step.

Step 2. Opening a savings account

This is the most important step and the importance of opening a savings account for a child cannot be stressed enough. Opening the account is fairly easy and simple now a days. City Bank and City Alo (Dedicated women banking division of City Bank https://cityalo.com) offer the opportunity to open and save up for children. It is very easy to open an account with only a deposit of BDT 1000. And by opening an account City Bank also offers insurance for the child. This needs to be done months prior to the birth of the child. As this creates the opportunity to deposit a fixed sum of money every month. Not only does creating a savings or deposit account help save the most for the upcoming child but also teaches the importance of savings.

Step 3. Sticking to a routine

 The final step. This is a continuous process which definitely includes depositing a fixed amount every month in the previously mentioned savings account. This also includes cutting of unnecessary costs for a while.

Our parents have spent lots of sleepless nights trying to stop us from crying and changing our diapers and bed sheets. Have always tried to provide the best for us whilst teaching moral values. We all know parenting can be hard. It’s twice as hard for the single parent. In our countries’ perspective it is hardest especially for single working mothers. They have to earn for the family, cater their child’s need while overcoming different social and family issues. Despite that, there are still plenty of strong, independent and willful mothers both in urban and rural areas of Bangladesh who are capable of doing both jobs just to put a smile on their child’s face.

A new born is a blessing for the family, and there is no doubt about it. But bringing a baby aboard without accounting for the possible expenses is a big mistake. Creating a child’s savings account and a deposit account should be listed as top priority for the child’s safety and future security. Not only does the savings help the parent be prepared when the child comes, by continuing to do so it can also help children learn the importance of saving money.

 So, it’s best to start working on that savings before welcoming the newest edition to the family. So more time can be spent on playing, taking pictures of them and admiring how cute they are and how tiny their hands are instead of worrying about the next months budget.

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