Check out 16 Return-To-Work Programs In India For Ambitious Women Like You!
Is it important to be financially prepared for becoming a parent? How do you know if the time is right?
Poornima Kavlekar
How important is it to be financially prepared before you have a baby? When I asked this question to my friend, who had her first baby 10 years back, she said that these are emotional decisions and not linked to finances. When they decided to have a baby, they didn’t think much about how prepared they were monetarily. Most of us in India think along these lines. So did I, to a certain extent. While I always knew that I would be giving up my job when I had my baby, sacrificing a full- time career as a journalist and, therefore, moving from a double to a single income, wasn’t an easy process. My husband and I took a few important steps in preparation for parenthood though, which I will discuss a little later.
But, just before I sat to write this story, I chatted with a set of working women in their late 20s and early 30s, married for a few years now and fitting the profile of “time-to-have-a-baby -soon” category, to understand their take on this. And I got a different perspective. Most of them felt that they were financially ill-prepared and were unsure about their ability to support a child and other related expenses. In other words, today’s women are financially more aware, but as a consequence caught in a dilemma. “I am not sure if a single income will suffice under the circumstances as I will have to give up my job for at least a while,” was a common response.
Most of you will agree that we can never be fully sure of our readiness to become parents. Be it financially or emotionally, parenthood remains uncharted territory! It’s a journey filled with unexpected events. But, from a money management perspective, when a working woman gives up Rs. X amount of income for Y period of time, (something many Indian women do), some degree of preparedness is possible and prudent.
Is it possible to gauge how much you will need on a monthly basis and what should be your joint monthly inflow and outflow to help you decide the right time to have a baby? Not really, most of my respondents felt. However, one thing that all of us concurred on is that having a broad level of financial stability before you have a baby is essential. My friend, Aparna also gave an example, “If you see yourself starting a new business, or perhaps are signing up for an EMI, it’s important to evaluate how the decision to have a baby will impact the inflows or savings.”
Remember you can raise a child on whatever income you have, be it higher or lower from the current level, as long as you know, prepare for and prioritise your expenses.
However, you cannot compromise on the non-negotiable expenses like medical emergencies. To deal with this, take adequate insurance cover, life and health mainly, for everyone in your family, including your parents. Start saving for your child’s education as early as possible. You could ease off a bit on discretionary expenses initially to help you get that balance of an additional member in your family.
As a policy, start saving as soon as you begin your career so that you have already created a base to fall back on, during periods of lower income. The career break you take for motherhood may last a few months or even stretch over a couple of years. To avoid financial crunch in such a situation, put away a nest egg of around 8 to 10 months expenses. This is what I did. When I knew I was going to give up my job, I saved 6 months’ salary and set it aside exclusively as an emergency fund. Seven months after my first baby was born, I was ready to take up part time assignments which helped me regain my financial security.
For today’s couples who are getting ready to face parenthood, emotional and financial preparedness go hand-in-hand. So, go ahead and welcome your baby with open arms….and financial security!
Women's Web is a vibrant community for Indian women, an authentic space for us to be ourselves and talk about all things that matter to us. Follow us via the read more...
Stay updated with our Weekly Newsletter or Daily Summary - or both!
People say that women are the greatest enemies of women. I vehemently disagree. It is the patriarchal mindset that makes women believe in the wrong ideology.
The entire world celebrates International Women’s Day on March 8, 2024. It should be a joyful day, but unfortunately, not all women are entitled to this privilege, as violence against women is at its peak. The experience of oppression pushes many women to choose freedom. As far as patriotism is concerned, feminism is not a cup of tea in this society.
What happens when a woman decides to stand up for herself? Does this world easily accept the decisions of women in this society? What inspires them to be free of the clutches of the oppression that women have faced for ages? Most of the time, women do not get the chance to decide for themselves. Their lives are always at the mercy of someone, which can be their parents, siblings, husband, or children.
In some cases, women do not feel the need to make any decisions. They are taught to obey the patriarchal system, which makes them believe that they are right. In my family, I was never taught to make decisions on my own. It was always my parents who bought dresses and all that I needed.
14 years after her last feature film Dhobi Ghat, storyteller extraordinaire comes up with her new film, Laapataa Ladies, a must watch.
*Some spoilers alert*
Every religion around the world dictates terms to women. The onus is always on women to be ‘modest’ and cover their faces and bodies so men can’t be “tempted”, rather than on men to keep their eyes where they belong and behave like civilized beings. So much so that even rape has been excused on the grounds of women eating chowmein or ‘men will be men’. I think the best Hindi movie retort to this unwanted advice on ‘akeli ladki khuli tijori ki tarah hoti hai’ (an alone woman is like an open jewellery box) came from Geet in Jab We Met – Kya aap gyan dene ke paise lete hain kyonki chillar nahin hain mere paas.
The premise of Laapataa Ladies is beautifully simple – two brides clad in the ghunghat that covers their identity get mixed up on a train. Within this Russian Doll, you get a comedy of errors, a story of getting lost, a commentary on patriarchy’s attitude towards women, a mystery, and a tale of finding oneself, all in one. Done with a mostly light touch that has you laughing and nodding along.
Please enter your email address