Categories: Financial Future

Have You Prepared For Your Children’s Financial Future

Besides the TLC, it is a parent’s responsibility to protect their child and that includes preparing for their ‘financial future’.

First, update your will, trust and designate a guardian for your child in the event that something should happen to you and/or your spouse. This is a pretty big decision, but it is much better to pick someone that you trust with your child’s well being than to have the courts decide.

Then there is the life insurance; when we add a new ‘bundle of joy’, it is time to increase our coverage to ensure that our child’s financial needs are met in the event that we cannot be there. Term insurance is the most affordable option, but to find out what option is best for your family, contact a local insurance agent for more information.

There will be a lot of added expenses, another mouth to feed and cloth, children can be very expensive. Although, there are some things that you can easily do to save money. You can borrow baby items from family and friends since your child will outgrow them rather quickly. Consignment shops are also great, from children’s clothing to furniture and toys at some really discounted prices. Another way to save money is to make your own baby food, jars and boxes are expensive and home made is always a healthier option.

College may be looking very far off into the future at this point, but once your baby arrives, it is the right time to start a college fund. But, keep in mind, mommy and daddy’s needs need to be taken care of first. Your local bank or financial representative can provide you with more information on budgeting for your child’s college savings plan.

It really is never too early or too late to start thinking about your child’s financial future.

Rosie LeBlanc

Share
Published by
Rosie LeBlanc

Recent Posts

What Happened To Lucy The Blind Channel 4 Pianist?

American Idol and other talent shows on TV reveal a lot of gifted kids but…

10 hours ago

Days Of Our Lives Comings & Goings Week Of Dec 23-27: Characters Return For Christmas Fun, Pulling Double-Duty

Days of Our Lives (DOOL) spoilers note that the week of December 23-27 will have…

14 hours ago

The Bold And The Beautiful Spoilers: Luna’s Latest Plot Deepens – Endgame Beyond Jail Exit?

The Bold and the Beautiful spoilers document that Luna Nozawa (Lisa Yamada) is suffering from…

14 hours ago

The Young and the Restless Weekly Spoilers: Christmas Celebrations, Long-Lost Family, and Sharon’s Plight

The Young and the Restless spoilers for December 23-27, 2024, tease Christmas joy mixed with…

15 hours ago

General Hospital Spoilers: Fans Speculate On Sofia Mattsson’s Future- Is Sasha Saying Goodbye?

General Hospital spoilers and updates reveal there General Hospital spoilers and updates reveal is a…

15 hours ago

Days of our Lives Weekly Spoilers: Chaos, Calamities, Family Feuds, and Romance For Christmas

Days of our Lives spoilers for December 23-27, 2024, reveal an eventful week in Salem…

16 hours ago