Every child has too many memories to take consideration of and keep for life. These memories include birthdays, anniversaries, trips, first birthdays, college days, schooling fun etc.
It’s extremely costly to bring up children and impart the right education to them. Think about the starting period which constitutes play school, daycare & music classes, cricket sessions, birthday parties, what not. Initially you’ll be stressed out, but in the end you will be plainly happy.
Just as how platonic connections work, and we expect family members to rescue us. The way it’s difficult to anticipate unfortunate incidents and that’s when our back up plans work for us. Every little support counts! This is exactly where contingency plans become so important. They not only safeguard our families but also keep an eye on the fixed budget.
Take note of the 5 strategic plans to grow your money and confer upon financial cover:
- Strategize your Financial Plan.
If you still do not have a concrete plan in place, it’s better to work straight up on it. Plan your finances keeping a new addition in mind and re look at the monetary priorities. Taken upon money matters with severity & understand the effect if the plan A fails. Discuss at length with your partner and reach a conclusive end to manage parental leaves plus single handed income.
- Begin to Save Now
Create a separate account for deposits, investment, specific savings, etc. Keep a certain percentage of your income aside & allow automatic transfers whenever falls due. This is excellent from a long term, money building perspective. This is simply done to direct savings to a profitable channel.
3. Target a Specific college/university & Save accordingly
Higher studies can mark a huge portion of your incomes. You can also save for a bigger car, house, etc to contribute to a long term vision. You can also opt for a tax free account to deposit sum for the expected child.
- Plan for Contingencies
This could be too soon to have a will. However, it’s nothing wrong to have one. This can pose to be a shield against multiple contingencies in the life ahead. Thought you were too young to need a will? With a growing family, it’s important to get all the paperwork done. Most certainly, you will be able to reduce the effect of mishaps.
- Protect your family
Be ready with insurance plans for family and partner, this will substantially help to get regular medical check-ups and provide life cover in instances of accident, poor health, etc. Take full advantage of the benefits in addition to absorbing new piece of information.
The ideal most way to protect your child’s financial security is to have your own finances in place. If you’re financially fit, then your child has a brighter future to come!
To it Sum all up:
Firstly, maintain a positive financial attitude at home and teach the basics to start with. Avoid spoiling your child with unlimited deposits of cash, whenever, wherever demanded. Teach your child to apportion money into multiple useful avenues instead of indulging into wasteful expenditure. Put across the logic behind mindful spending, as this is patronized by peers & closed ones.