Financial Planning builds a secure future for your Children meeting their financial needs for education, career, marriage and any other special needs.
A children financial plan acts as a blueprint that simplifies decisions about savings and investments for meeting the children financial goals, without affecting your retirement goals. As the saying goes, wear an oxygen mask yourself before assisting your child.
You as a doting parent would ideally like to give your children the best of education, choicest career, a decent lifestyle, a great wedding, a lovely house. A sound children financial plan takes care of the finances required to meet these aspirations and goals based on the realities of your finances.
Child Financial Plan will ensure that you start planning early and your children do not start their career burdened with debt (education loan).
Sports, art, literature, research, films and other such careers cost a lot. Child Financial Plan is crucial to give financial support to your children’s dreams.
Short term expenses like coaching classes for sports, tuition, or any other form of extracurricular activities demand investments which can quickly liquidate.
Financial planning for children's marriage is a major financial target that every parent needs to achieve.
Children Financial Planning ensures that you are insuranced, made the WILL and have taken care of succession planning in case of an unfortunate event.
With an imprecise number of years in mind the time span can be decided. More time span better for planning the investment.
This will depend upon few factors such as education planned abroad or in your country, graduation or post graduation, inflation.
Analyse your present financial situation and other financial goals.Determine the balance amount required to meet the goal.
Channelise the savings towards right investments to meet the finances required to fulfill the goal.
Review and rebalance the plan on a continuous basis because changing interests and the career decision becomes clear only when they reach a certain age.