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March 13, 2013

Financial planning for the future of your children

Financial planning for your childrenAny parent will understand the need for careful financial planning to safeguard future prospects. Investing in the future of our children, whilst sometimes can be a financial strain on the household budget, can also teach them about money and all things related. The lack of education surrounding money matters leads to an unawareness of the value of money and how financial planning can assist day to day life and future endeavours. It is the role of the parent, to begin early, to ensure a brighter future possible for their child.

Money Education –

Educating children on all things money related can be quite difficult. Whilst they may want to spend their readily available cash on a new computer game, a parent can teach their child about finances early on with the help of a savings account. Whilst the child may not be overly enthusiastic about this idea at first, the long term possibilities of having a good financial start to their future will stand them in good stead.

A savings account for a child is an important tool to help them see how money can grow. The decision to put a little by every month into this account should be budgeted for, but money received for birthdays and holidays can be deposited too. Whilst the overall control of the account would remain with the parent, the child can be shown how their little ‘nest egg’ is growing, building a possible university or first car fund.

Invest in Child Education Plans –

With the cost of attending university running into tens of thousands of pounds, it has never been more important to begin a fund as soon as possible; to enable your child to have more options. Whilst this financial planning may have been reserved for the upper classes at one point, it is now deemed as an essential part of investing in your children’s future, regardless of class. It is true that unfortunately some parents may not be able to afford this planning, which is now considered a luxury. Any small amount adds up to ensure your child can have a brighter future.

Make Provisions –

The cost of raising children can run into hundreds of thousands. Whilst it is true that it is not always possible to plan for all eventualities, an emergency fund can come in pretty handy. School trips, hospital stays, computing equipment and extra tuition can all add, to an already tight budget. Unfortunately, they can all come with very little to no notice. By putting a little aside every month, a parent can provide for many eventualities in life which haven’t been planned for.

Children Learn by Example –

A child will often see many things that may not be actually said. They are increasingly aware of their surroundings, the atmosphere and any potential conflict or stress. Parents often do not realise that children take many memories of their childhood with them, often shaping who and what they become. If a parent is a careful money planner, explaining the reasons behind it, a child will grow to be aware of the importance of money and financial planning.

Children may not understand when they are little, the value of money and how to plan for the future. That is expected and understandable. Subconsciously, the lesson will be taught through the actions of the parents, how they cope financially, how they save and how bills are paid. Saving for a treat over a period of time can be a valuable lesson to children about the importance of money and how it can grow. Planting the seed early can ensure a well educated and finance ready child growing into adulthood.

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