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When Should You Start Planning Finances For Your Child? #BabyGotPlans

Published on: 3 November , 2017 | Ekta

Parenting is one of the most beautiful experiences in one’s lifetime, where we are entrusted with the crucial responsibility of bringing up the NextGen kids. Striving to ensure that the child grows up to be a responsible and proud citizen, and that his/her future is safe and secured. The most challenging responsibility of parents is to equip the child with the best possible education. The job does not end here – we need to plan finances for their child’s medical needs as well as marriage expenses. Currently, as a parent of a toddler, it might sound like it’s not a pressing need of the hour. But, the truth is otherwise. Is it complex and challenging? Well, it is actually not! As a mother of a 2-year old daughter, I want to INVEST in a gift that my child will cherish for a lifetime. While parents save differently – some in gold, some in stocks, some in fixed deposits, this is my current portfolio for my young turk –
  • Fixed Deposit – Needs no explanation. Does it?
  • Post Office Deposit – Child Plan when she was just 3 months old. You can deposit upto 2Lacs a year in installments or a single term payment which can be liquidated once she turns 18years.
  • 1 Gold Coin a year
  • Children’s Savings Protection Insurance Plan
https://www.youtube.com/watch?v=eTgpWt6CsqQ While there are several ways to save and the combination of which gives you a holistic approach to smart savings. This is how I have devised a well-thought financial investment plan to meet the expenses at every stage of my child’s development. These financial tools would go a long way to ensure the financial security of your child and ease out all the financial worries which could have otherwise hampered her progress and happiness. While the first 3 are fairly familiar, I’d like to throw some light on the IDBI Life Insurance plan for children: The highlights of this plan are:
  1. The plan gives you guaranteed annual payouts either in the last 3 or 5 years of policy.
  2. In case of an unfortunate event, the death sum assured will take care of your child’s financial needs.
  3. In case of an unfortunate death of the insured, guaranteed annual payouts and bonuses will be paid on their respective due dates.
While I chose IDBI, you can choose Child Insurance plans from other leading Financial Institutions whom you trust the most. Be cognizant of the fees, benefits & exit terms if any. It is a long-term commitment, you do not want to find yourself in muddy waters after 5 years. You may want your child to become a Doctor or an Engineer, but your #BabyGotPlans. Young parents should take cognizance that the education system is highly dynamic and so are job roles & opportunities. With more students aspiring to study abroad, with appropriate planning one can accomplish children’s as well as their own dreams as well. Kids have their own dreams. And it is, but right, on our part to give them all the facilities and freedom to try different fields of opportunities before settling for the one that they enjoy the best. You can sail through smoothly only if we plan our investments appropriately. Advance financial planning for kids would definitely ensure child’s security, without the parents having to forego their dreams and aspirations. So, when are you going to start investing for your child’s future?
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Ekta

A doting mom to an angel, Social Media Specialist & Professional Blogger. She loves to share her thoughts with other parents in the same turbulent boat. She absolutely loves & adores her family & is learning to strike a good work-life balance. When she is not writing, cooking or busy taking care of her toddler, she probably is dancing to some good desi music!

Glow Origin 2017-11-09 17:31:48

This post was so much needed this is a must read to all parents

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Glow Origin 2017-11-09 17:31:48

Thank you! :)

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Richa 2017-11-09 11:02:27

Wow, this seems to be a good option, though we have diversified our investments but still looking for some other good options. Will definitely explore the opportunity!!! AllThatsMom

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Richa 2017-11-09 11:02:27

Thanks Richa! Who doesn't want to invest wise for their child's future? All of us do!

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Prerna Sinha 2017-11-08 16:17:49

Such a genuine article this is, thanks for sharing! ⚡️

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Prerna Sinha 2017-11-08 16:17:49

Thanks Prerna! :)

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Snehal 2017-11-07 21:02:41

All parents should check out this post! Starting early to plan finances for kids is a good idea!

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Snehal 2017-11-07 21:02:41

Thank you Snehal. Earlier the better!

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Nisha Malik 2017-11-07 19:41:59

We can't ignore finances when we have a baby. It's really important to start planning finances as soon we can. Really nice article.

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Nisha Malik 2017-11-07 19:41:59

Thanks Nisha! :)

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Poornima m reddy 2017-11-07 17:50:20

Is very essential to secure your kids future.. some parents are soo busy then only focus on the current plan nothing for the future

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Poornima m reddy 2017-11-07 17:50:20

Absolutely well said. We plan for tmrw's breakfast, wekkend plan, summer vacation but not much for the future!

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Deevyanka 2017-11-07 10:56:27

This is so much valuable for new parents and is a great reminder for every parent to look into the savings for our children's future.

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Deevyanka 2017-11-07 10:56:27

Thank you Deevyanka.

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Priyanka patwari 2017-11-07 10:12:25

Investing for child's future always good bcoz advance financial planning for kids would definitely ensure child’s security.. Love the info

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Priyanka patwari 2017-11-07 10:12:25

Thank you Priyanka, never too early to start planning for your kids.

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Hena Jose 2017-11-06 22:29:20

This is a great post. Its so essential to plan for your kids early. All the methods suggested by you are super good. I would suggest MF too.

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Hena Jose 2017-11-06 22:29:20

Mutual funds? To be done soon ;)

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Gunika 2017-11-06 18:43:11

Glad someone shared a genuine policy because when it comes to babies...u really can't go wrong

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Gunika 2017-11-06 18:43:11

Thanks Gunika.. Gold and FD maynot always justify the perfect investment plan!

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L steffy Manju 2017-11-06 17:29:21

Dis is the major part which is still a discussion between me n my husband... Lyk always he convinces me with his thoughts that we'll start but that start is has nt yet begin....this is s a must to do for every parent... This is jus to make him or her have a safe n bright future

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L steffy Manju 2017-11-06 17:29:21

Certainly Steffi, we should start as early as possible.

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Indu srimal 2017-11-06 16:59:06

Yes evn did d same... We startd planning early... Too.. Dis is really imp part for ur baby's future

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Indu srimal 2017-11-06 16:59:06

Thanks Indu! Planning early is fantastic!:)

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Thank you for the comment!