Happy Children’s Day: Today the festival of Diwali is being celebrated all over India. But today is also Children’s Day. Every year on November 14, Children’s Day is celebrated on the anniversary of Pandit Jawaharlal Nehru, the first Prime Minister of India. In the current era, the best gift for your child on Children’s Day can be financial planning for his safe future, which can be started from the young age of the child. From the beginning, parents need a solid plan for their child’s needs, his higher education expenses, college fees and other expenses. Children also have their dreams and ambitions, to fulfill them, parents, as well as children, have to find the best option.
Financially securing the future of a child is as important as taking care of its present. Some tips can help you in securing your child’s future…
Start planning soon
Today, Millennial parents lack resources. Full information remains on their fingers, but even then, most people are not good in terms of financial planning. Most parents are unable to make any financial plans for their children’s higher education. Because of this, they do not have enough savings and when the time comes for the higher education of the child, they have to take help of debt. In today’s time, it is very important that the planning of finance should be started early so that neither the child nor the parents face any hindrance in fulfilling their children’s dreams.
Educate the child about finance
Parents are the first teachers of children. Apart from teaching children the difference between right and wrong, it is necessary for parents to go a step ahead and ensure a safe financial future for their children. For example, parents can regularly talk to their children about finance. In childhood, parents can talk about common things like income, expenses and savings and later they can provide children with the bank, fixed deposits, savings bank accounts and various government schemes with cumulative accounts and good insurance to secure their financial future. Can tell about the benefits of the plan.
Learn about the child’s interest and talent
To ensure the happiness and success of the child, it is important that parents recognize the talent of the child and mold them accordingly. To know about their dreams, talents and ambitions, parents should make a structured assessment, which includes expert guidance. In this way, parents can learn about the cognitive skills and abilities of their children.
Invest in Children’s Insurance Plan
Do something on Children’s Day that will always be with your child. For this, the insurance policy of the child can be thought of. The insurance plan will not only create a safe fund for his education but will also secure his career. The sooner you take the child’s insurance plan, the more you will be able to secure for its bright future. Most plans come with convenient terms of premium. You can opt for monthly, half-yearly or annual payments. Tax benefits are also available with these insurance plans. In this way, the children’s insurance plan is not only a saving, but it is also a planning and also serves the purpose of investment.