Your child is your most precious possession. They’re one of the only things you’d do absolutely everything for, and give your all to. You’ll be there for them in their time of need, as will they be for you. You’ll help them through every stage of life and won’t stop until the time comes when they need to start caring for you. There are obvious things you need to do as they’re growing up, e.g. feeding, washing, roof over their head etc. But what can you do to make sure their future is bright as well?
Read on to find out.
Helping your child financially is just one of those things every parent has to do. From funding the $5 trip to the mall with friends, to the hefty price tag of the college fees. It’s just what parents do. So to make sure you are your child have enough later on in life, start planning early. If you put $1 a day into a savings fund, and do it every day from birth until they’re 18, you will have saved $26,208 for them. That is such a huge amount of money that would help out beyond belief. It works out to only $28 a month, which if you cut out a takeaway or two, will be more than easy to achieve. You could even save a bit longer until they’re 21!
From the age of about 13, it is every child’s dream to move out and have their own space. No nagging mom or dad in the way, total freedom. Whilst they’re counting down the days, we know you’re longing for them to stay. Or, as they get towards the stage of wanting, and being able to move out, start making a box full of all the essentials they’ll need. So for example soaps, cutlery, bedding etc. It’s a really thoughtful way of showing them you care. Another thing to consider is what will happen to the home they leave behind when they fly the nest. Well, you’ll either stay in it, or downsize to something more affordable. If you’re staying, it might be a good idea to leave the house in the will to one of your children. Talk to a wills lawyer and see what you can arrange. As morbid as it may be, it is an area you need to cover to give your child a better financial future.
Schooling is such a big part of a child’s life. College especially. If your child has decided to head down that route, do everything you can to make sure they go to the best college possible. If they’re in school and falling behind, give them extra tuition at home, or look to hiring a tutor. Going to a good college really does open a lot of doors. Their aim should be going to the best one possible, and with a little help from you, they’ll be able to make it. Make sure you fuel their passion for education.