Parenting

Future Planning For Parents: 3 Key Areas

6:01 AM

Any parent wants to ensure that their child will be well-provided for in the future. Unfortunately, this simple goal is often rather difficult to achieve, as so much of the advice on the subject is confused by marketing spin, contrasting opinions, and even individual parental preferences.


However, while much is said about preparing for your children’s future, it is possible to collate all of this information into three, simple areas that all parents can action - so that’s precisely what we’ve done.

Plan for… a college education
A college education is extremely expensive, so most parents are advised to start saving as soon as possible. It is generally recommended to set up a specific, dedicated college fund account for this purpose, as this helps to ensure your children’s college fund is kept separate from your regular savings.

Plan for… helping your children onto the property ladder
At present, more and more people are relying on family gifts to purchase property, and this is unlikely to change much in the future. It’s therefore worth considering starting a savings fund expressly for this purpose, for the same reason as you would save for your children’s education: the sooner you begin, the more you will be able to save.

Plan for… reliable financial stability
The two options discussed thus far have focused on saving money, but savings are not the only form of preparation parents can undertake to ensure their children are provided for in future. Life insurance is an incredibly beneficial product that can provide overall financial stability; the infographic below is a great place to start if you have never considered this form of insurance before.




Infographic By: Do I need life insurance


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