Baby on the Way? Get Prepared for Five Financial Phases
Are you ready to welcome your child in this world? Have you set the plan to enjoy the most cherished moment of your life? The day when your child will feel you for the first time would be the most beautiful and exciting indeed. Many of you might have enjoyed those moments, and some would be waiting. Do you wish to live such moments of happiness throughout your life? A better financial planning can help you!
The rewards of parenthood are priceless, and you have to be ready to take the credits. When you hold your child the very first time, it gives you the feeling of immense joy and happiness which is just inexplicable. But, along with the excitement, you also own the responsibility towards your baby. Yes, before making the plunge, it is a must to be ready to face the financial challenges that you will come across in different stages of raising your child.
Stages Where You Will Need Financial Stability for Your Child?
Children go through different stages of development as they move from infant to adult. At every phase of such progress, your responsibility as a parent increases.
First - When Your Child Starts the Early Learning
Although the parent starts expending for the child the very next moment he/she is born, the actual expenses begin when he/she starts learning the basics. The primary education which forms the basis of growth and development is where you spend a big amount for your baby. This is the phase when your child is below the age of six, and you have to spend money for his/her primary education.
Second - The Time to Attain the Elementary Education
Yes, your child is growing, and you have to choose the best school in the town to admit him/her. Obviously, we would never want our baby to lack in education, and thus want to opt for the perfect place where he/she can get the best education. The age between seven to thirteen is the foundation period, and we cannot take any kind of risk. So here again, we will have to have a big sum of money to get the best education for our child to help him/her grow in a perfect way.
Third - The Teenage Time
It is no wonder that in most of the families, teenage years are the most challenging period both for parents and children. This is the time when your financial, as well as parenting responsibilities, increase. Your child would need special attention, financial and mental support, and along with studies, there will be much more expenses to bear. You will have to buy him/her a computer or laptop, mobile devices or other required essentials. At this stage, you will also have to bear the secondary education expenses which are no doubt going to loosen your pocket.
Forth - Time for Higher Education
This is considered to be the most expensive as well as the critical stage when you will have to finance the dreams of your child. To let him/her live independently, you will have to provide the best higher education that can either be an MBA or Engineering degree from a reputed college, or any Diploma course as per the choice of your child. You will be asked to pay a huge corpus which would help your child achieve his/her goals.
Fifth - Child’s Marriage
Although a parent never gets away from the responsibility of raising a child, his/her marriage forms a break or a pause. This is basically the last time a parent is held responsible as after this the child lives the life independently and is expected to be self-reliant.
So are you ready for all these important stages of your life where your child will need you the most? You have to think about it.
Investments are the source to live a financially independent life. If you are awaiting a baby in the coming period of time, then you must begin your investments in the best performing mutual funds so that your child never suffer due to lack of finances. Hold your responsibility and take the best decision for a healthy and safe financial future for your family. There are several child plans as well which are focused on building a fortunate life for your children. You can opt for them and begin right away. MySIPonline and team are ready to support you for your investment goals. Get associated with us to experience the world of online mutual fund investments in India.
- LTCG Tax Is Not As Negative As it Seems; Here’s Why?40874 min read Jan 01, 1970
- Sensex Plunges Over 1000 Points; Should You Buy or Hold Your Investments for Correction?41703 min read Jan 01, 1970
- Sensex Dives Nearly 840 Points: Things to Consider and Experts’ Take42763 min read Jan 01, 1970