When you hold your baby for the very first time, you are filled with lots of happiness and responsibility. A part of responsibility is to give the best to your bundle of joy. As per the study, child’s education and marriage is the top most financial needs across age group of respondents, then buying a home.
Parents can successfully fulfill their children’s requirements, including basic expenses, education and marriage if they follow effective financial planning. Majority of parents are depending on their current income source for the day-to-day expenses.
But, buying an online insurance policy like term insurance, health insurance or child insurance can help you to meet your goals without considering your hard-earned money or savings. Hence, it is advisable to invest in these plans for financial security of you and your family.
Some parents are preferred to have mix combination when it comes to investment and therefore, they opt for insurance products, fixed deposits etc. Financial experts suggest having a policy along with a couple of fixed deposits to meet the education needs of their children even if they are not around to take care of such requirements.
Prepare a plan for effective financial planning and prioritize things, like insurance should always appear on the top of this list. Sometimes, parents show more interests in buying a property and/or buying gold. Parents always wish best for their children even if they need to compromise in other areas.
Today, many parents prefer those products which are steadily ratcheting up the money they spend on their kids. If you plan your financial needs well, then you don’t need to feel any pressure of parenthood and unnecessary sense of inadequacy.
Start your investment to fulfill your child’s requirements when you start planning for a baby. Build a financial corpus for your child so that their needs are taken care of when you are no more around.