Many parents start saving and planning for their child’s future even before the child is born. In fact, with rising costs of living, whether it is for college or a safety net, future planning has become essential.
So, how do you, as a parent, secure the future of your children, even during our absence?
According to an article titled Planning for your child’s education? Here’s help by Pankaj Mathpal published in moneycontrol.com in 2012, when it comes to financial planning for your child’s education, the most reasonable way is to start saving early. As soon as your child is born, parents should begin investing in small amounts as per their risk appetite which will help accumulate a huge corpus in the long term.
Parents.com has suggested some ways through which parents can get a savings plan in place for the baby’s future:
• It is good to start early. New parents can begin at a bank or credit union and start a savings account with minimum balance.
• Make sure the emergency fund and retirement accounts are well filled before allocating money to college savings.
• Establish a budget first and then pay the baby every month just like you pay your other bills.
• Be realistic as the entire financial burden of college should not be the sole responsibility of your spouse and you.
• Get life insurance.
To know more about how you can go about to save for a secured future for your child, please flip through the pages of this ClipBook.
A financial plan should be for the long term, but can it be for a lifetime? Well, yes, if your life is a monotonous journey with no twists and turns. But life is not that boring, or shall we say, that smooth.
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