One of the important life goals of parents is to make the future of their child financially secure. Apart from taking care well and providing the best education, Indian parents take a sigh of relief after seeing their children established in their respective field of livelihood. The parents feel relieved only after finding a suitable financially stable life partner for their children and getting them married.
“Securing a child’s future is the first and the most important priority of parents. As things around us are getting expensive day by day it has become a huge concern of parents to manage their child’s future education and living expenses. Here are a few tips that will help you save and secure your child’s future that they deserve financially,” said Prashant Sawant, Co- founder, Catalyst Wealth.
Sawant provides the following personal financial tips to secure your child’s future:
Setting a goal
Parents should set a goal for their children. It could be short term goal saving for a trip or long- term goal for their child’s education in a foreign university. When these goals are set, they can start executing their future plans.
Investing and making wise choices
Good investment will help your child in the future for their studies. If you start saving a little amount and start investing it early in various portfolios, it will give you a good amount in the future.
Good financial upbringing
Teaching your children, the importance of saving from the beginning is a boon. With you, your child will also learn to save and as a parent, you will not have to bear the burden alone.
Finding best saving schemes
A lot of government and private schemes are available in the market. You can use one, which fits your finances well. Different schemes have different maturity periods. Depending on the goal you have set for your child, you can choose the schemes accordingly.