Plan your Child's Future - get your finances right!015

Plan your Child's Future - get your finances right!

With the cost of living a quality life getting higher and higher, it can be understood why a to-be father would want to have a child only when he has ensured his future child’s finances. Follow the below steps and rest easy knowing that your child will not have to worry about having a good college education and a financially holistic lifestyle:

• College fund

A to-be father can be excused for being a worry-wart when he thinks about his future kid’s education. Higher education is expensive and even if education loans are available, the interest rates can be a burden that the child or family will have to bear. That’s why, it is a good idea for the parents to have a college fund prepared for when the child needs it.

• Comprehensive life insurance policy

Life is uncertain; however, we can take certain measures to prepare for unforeseen circumstances. In the event that something happens to the parents, it is important to ensure that your child’s everyday financial needs are taken care of. So, invest in a good insurance policy and get the peace of mind that you need.

• Opening a savings account for the child

On the face of it, a savings account may not seem like a major contributing factor in securing a child’s financial future but when you consider the interest that will be accrued over the years, it is a sound investment.

• Appointing a legal guardian

For single men looking to adopt a child, it can get difficult to imagine who will raise and protect the child if something were to happen to them since there is no mother in the picture. If the father has any assets like property or any liquid funds, it is imperative that he choose a legal guardian to entrust the responsibility of managing the finances until the child is of legal age as well as ensuring that the child is well-looked after, especially financially.

So, all the responsible fathers out there, you have your job cut out for you…!