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You are here : home > Raising Children > Related Articles for Raising Children > Financial Planning for Kids

Financial Planning for Kids

Financial planning for kids is extremely important. Parents should do financial planning beforehand so that kids do not face financial problems in future. Due to raising prices of products and services, financial planning for the future of kids has gained prime importance. Read on to find financial planning tips for securing future of kids.


All parents want to bring up their kids to become responsible and successful human beings doing well throughout life. Parents are ready to sacrifice anything to secure their kid’s future. This becomes essential especially when it is important to do proper financial planning for the growth and development of child. Financial planning should start as early as possible so that the parents do not have any financial burden and their kids should not have grievances from them.

When the budget is tight and the income is limited and fixed, parents have to plan and invest in such a way that their kid has the leverage to choose any career or field of education he wants. There should be no restriction just because the parents lack money to support their kid’s education.


Steps of Financial Planning for Kids

Have a quick look at the steps for financial planning for your kids.


When You Should Start Financial Planning for Your Kid?

Financial planning for your kid can start even before the birth of your kid. Some couples make plans even before they conceive. This is the case when both the partners are working and the household expenses are covered by the income of both of them. The financial planning done at this time helps cover the expenses of the child birth and everything related when the mother has to stay back home on maternity leave.


Financial Planning for Kid’s Education

Second step of planning includes financial planning for the education of your kid. Though having kids is a matter of pride and happiness, it is a great responsibility to bring up your kid and help him have his academic dreams accomplished.

When you are planning for your retirement and your kid’s education, do keep in mind the rising cost of education. Childcare and education has been the biggest expenditures in the recent past.


Financial Planning for Kid’s Future Life

Save for your kid’s wedding and your grand kids also. This will save you from feeling embarrassed when you are retired and your source of income comes to an end. When you are thinking about your kid’s future and establishment, you should also pay attention to your retirement.

In India parents have to make financial planning for the marriage especially if it is a girl child. This money is utilized in the wedding ceremony and the rituals that are associated with it.

Financial planning for the kid’s health is also an important aspect that the parents should not overlook.

Parents should save enough money to help their child establish or start a business if he has interest in that field. Do not forget to analyze his caliber and abilities before you provide fund so that you are assured about his seriousness.


Financial Planning for Recreation and Entertainment of Kid

If your income allows, plan a vacation in intervals that suit you and let your kid explore the adventures and escapades in which he finds interest.

It is advisable that you teach your kid from the very beginning the importance of money in life and at the same time educate him how to save money as well. This will help your child lead a peaceful and comfortable life. 

When you have a limited income and a tight budget, financial planning becomes difficult yet it is very essential too. You can take professional advice and make sensible investments so that you get good returns. Just keep in mind that you do not enter into any fraudulent work or get trapped into market gimmicks. Invest prudently and try to avoid high risks.

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6 Comments
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Pranab Ganguly.4 years ago
plan for children's education, daily expenses and retirement at the same time. a comprehensive plan will help you prioritise and invest accordingly
It is important to continually evaluate and realign the plan as per changes in your life
 
 
 
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Samarath.4 years ago
the earlier you start financial planning, the better equipped you will be to realise your dreams and prepare for life's eventualities. The relevance of a financial plan is understood when you put your entire financial life in perspective.
 
 
 
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Jonita.4 years ago
most couples plan for children's graduation and post-graduation, they do not account for an increase in regular expenses after the baby arrives and this should be a part of financial planning. Additionally, double-income households may see a big fall in income as a result of one person taking a career break or quitting the job to take care of the child
 
 
 
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Discussion Forum - Recent Posts
When should parents start financial planning for kids? What are ways to secure kid’s future? Is buying an insurance plan similar to financial planning?
Sudha
Financial planning for kids is very essential. If we do not do financial planning for kids, we and our kids can face lot of difficulties in future. Therefore, it is very necessary to do financial plan...
Karishma
I agree with Sudha. It is a must to do financial planning for kids. The education has become so expensive and there is so much of struggle. Therefore, it is very essential to do right kind of financia...
Ridhi
I recently got the child plan which gives gaurantee for education. I think buying child plan is the right way to secure child' s future. I want some suggestion on is this kind of financial planning fo...
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