Rohan, the most carefree guy we know at our company, was in an all-new avatar today. He is just back from his paternity leave, and we couldn’t help but notice the surreal combination of exhaustion yet excitement in his face. With eyes full of hope and happiness, his form is unbeatable- not that of the carefree Rohan we knew- but a more mature and determined Rohan.
That’s what a little bundle of joy does. A tiny angel comes to our lives one day and changes everything. From late night parties to late night lullabies, your life is filled with love, care, exhaustion and RESPONSIBILITIES.
We realize that a child comes with a host of financial responsibilities. And with inflation being the red-horned devil, the cost is sometimes overwhelming. According to a Times of India report, currently the cost of raising a child, from conception to college is around INR 70 lakhs. Considering an inflation rate of 3 percent the prices can go up to INR 1 crore. And just in case inflation was to grow at 6 percent per annum, the prices can go up to a whopping 1.7 crores.
However, we are lucky to be alive in a time that allows myriad ways to earn, save, and invest. Continuing our discussion forward, here are some financial goals you must have for your child’s future, and the investments you must make to achieve these goals.
Save for your child’s education cost
As a parent you would have multiple financial goals for your child’s future. One such goal would be to save for your child’s education. But simply saving for your child’s education is not enough. You also need to ensure that the money you are saving grows at a pace that helps you keep up with the skyrocketing cost of education.
Solution – Invest in ULIP that will give you investment option and life cover and with Edelweiss Tokio Wealth Plus you will get Rising Star benefit which will take care of your childâ€™s future in your absence. The sooner you start investing, the easier it will be to reach your financial goal.
Invest today for a regular income in near future
Besides saving for your child’s educational needs and preparing yourself â€˜financially’ for a medical emergency, you need to take care of other milestones, too. For example, you need to save for the down payment of your new house, for a family vacation, for your retirement, and other such important milestones. It is important to save for these goals so that they don’t interfere with the savings you have planned for your children.
Solution – You can achieve this with the help of a savings plan that gives you a guaranteed regular income to pay for recurring expenses such as your home loan EMI, and also a guaranteed lump sum amount that can be used to settle bigger liabilities such as an outstanding home loan.
Ensure the financial security of your family in your absence
As a parent, you want the best for your children. You might have even chalked out a plan for it. But will your plan be able to safeguard the financial goals you have set for your child’s secure future, even in your absence?
Solution – Well, a term plan like Edelweiss Tokio Zindagi Plus aid you in this context. It acts as a financial safety net that ensures there’s enough to cover for your family’s expenses, right from groceries to medical bills to outstanding home loan, and most importantly the cost of your child’s education.
Take the first step to securing your child’s future!
Unless you set a goal for yourself, you will never get there. So without further ado, take the first step towards securing your child’s future. Set the financial goals that you have for their future. Once you have the goals set, it would be easier for you to come up with a full proof plan.