It is Sunnat to make Aqeeqa on the 7th day after the birth of a child, but if this is not possible, it shold be done on the 15th or 21st day.
If one is not capable of doing so, then one may slaughter any time before the puberty of the child. After puberty, the person should slaughter for himself/herself.
It is required to make Aqeeqa of two sheep for a boy and one sheep for a girl.
The Aqeeqa should be divided into three parts: one part is to be given to the poor, one to friends and family and one part to be used in the house.
It is preferable that the bones should not be broken but separated by the joints and buried after eating.
It is also better that the child be named by the 7th day from the time of the birth. A good name, preferably one of the names of the Ambiya or of a Sahabi would be of Barakat. "Muhammed" is the best. Names such as this should never be mispronounced.
During Aqeeqa (7th day) the child's hair can also be removed and the equivalent weight in Silver should be given in Sadaqah. Soaked Saffron can be rubbed on the child's head after the hair is removed.
It is also permissible to make Aqeeqa of one cow for a few children, meaning 2/7 part of a cow for a boy and one part for a girl.
One should not borrow money to make Aqeeqa as it is not compulsory on a person that cannot afford it. Aqeeqa is not Fardh or Waajib but it is a sunnat.
Circumcision is a Sunnat for males between the ages of 7 to 12 years. To circumcise after the age of 12 is prohibited. It is best to circumcise at an early age, even during Aqeeqa (7th day) as the child heals very quickly and does not suffer much. There is no need to have functions to celebrate the process of circumcision.