When Simran decided she’s going to be the best Mom!
(To-be mother? Even Simran was. Here’s her story about her journey from a to-be mom to a super-mom)
It was a beautiful evening when Mumbai-based engineer Raj was standing in the balcony waiting for Simran – his beautiful wife, the person he admired the most. It was 7:30 pm now, Raj started growing impatient as Simran usually reached home by 6 pm. *click* *click* Just as Raj decided to call her, Simran opens the door. Raj was furious – she did not even care to inform him that she would be running late. This had never happened before. Angry as ever, Raj asked – “What do you have to say for yourself?”. Walking up close to him, she uttered the words which instantly brought a smile across Raj’s face along with tears rolling down his cheek. “Shh… the baby’s sleeping”, she said as she placed her hand on her abdomen. This was a moment to rejoice. Just a few minutes back, Simran’s doctor informed her about her 2-week old pregnancy.
As days passed, the baby was growing faster and Simran felt more connected than ever. It was a tough choice, but she just couldn’t bear the thought of not being with the baby through her early life. Simran decided to take a sabbatical from her job. Simran, being the smart woman she always was, realized that there is no escaping to the physical and emotional stress but at least she could take charge of the financial stress. Raj and Simran earned a decent income combined but it was not sufficient for the new entrant. The heat of staying financially afloat was building upon Raj as he started working harder. Here’s how Simran helped Raj and herself cope with the financial stress.
- Set a budget
Simran knew the healthcare costs were soaring. She decided to create a budget and divide it into three sections: pre-delivery, delivery and post-delivery. She estimated the amount of money she would need at each stage and started setting the equivalent amounts aside. While she could have saved in cash or in her savings account (an earn 4% returns), she was too smart to do this; instead, she chooses to invest into an ultrashort debt mutual fund which is quite similar to her savings account, but would yield ~8%. She knew it was a smart way to make her money work for her.
- Pay off expensive debts
Raj was delaying the payments of his credit card as he wanted cash to be able to buy the new iPhone. However, Simran being the wiser one chose to pay off the debts and save on the huge interest costs that were mounting. This let her set more money aside for childcare. By choosing not to stuff cash in her drawer, she saw her money growing everyday on the investment app.
- Cutting down on frivolous expenses
Raj and Simran knew that to make space for the baby’s budget, they need to cut down on a few not-so-important expenses. Suddenly, the yet-to-be-born baby’s smile became more important than Raj’s much coveted shoe collection and Simran’s flair for designer accessories. For every unpurchased Zara dress and every Adidas left at the store, they added to the baby’s budget. This was not a sacrifice, this was an investment into the baby’s happiness – their happiness.
- Find an alternate source of income
Since the household needed money and Simran was a skilled professional, she decided to be a freelance writer. This did not help her just financially but also mentally. She enjoyed her work thoroughly (she always had a passion for writing) and also earned enough to keep her financially afloat. No amount is enough, especially when your child’s smile is going to depend on it.
- Create goals and plans
Raj always wanted his first child to be a doctor. Unfortunately, this dream needs more than just passion, it requires a lot of money. Also, Raj and Simran had decided to give their child all the happiness they could and this included everything from yearly vacations to a grand wedding. Raj was foresighted enough to see the need for starting an SIP into mutual funds which would need nothing more than a small amount invested in a disciplined manner. He knew that the power of compounding would take care of the rest. They create goals – Simran called them life milestones and started investing regularly for the longer term.
Nine months ahead, they witnessed the birth of a beautiful child with eyes like Simran and a nose like Raj; they decided to name her Anjali. At a celebration, Raj raised a toast to Simran and said “If it weren’t for your wisdom, at this time, I would be scurrying for help to pay the hospital bills”.
It’s been 27 years since then, Anjali is now a doctor, happily married to another doctor. Today, Anjali gets to know that she’s pregnant. No prizes for guessing what happens next.