The one thing we all want is the best for our children throughout their whole lives. As morbid as it sounds, have you thought about if they would cope financially when you pass away? Especially if something happened to you unexpectedly. Here are some ways that you can set up your child’s future so that you can rest assured that even when you’re no longer around, your children won’t suffer.
Changing your will to give them everything you own is a great first step to take.
Even if you don’t necessarily have any savings as such, leaving your property to them will ensure they have a roof over their heads. Maybe you own some items that are worth a lot of money? If push came to shove these items could be pawned off or even sold to get them back on their feet. Seeing a solititor is often the best way of doing this to make sure you don’t miss anything important.
Putting money away for a college or university education is a brilliant way of supporting your children.
Doing this will increase their chances of landing a highly paid job so that they can support themselves and their family too.
Saving as much as possible in a high interest savings account will ensure that you’re able to pass on some money to them if it’s ever needed. This could be for their wedding, help towards buying their first house, or even if they get into some difficulty, having that money there will be the perfect way to know that no matter what, your family is going to be okay.
Teach them money management as soon as they’re at an age to understand it.
A common thing for parents to teach their children is to save a certain percentage of each wage packet. This gives you something to fall back on if you do miscalculate anything or an unexpected bill arrives. If your children already know how to handle their money and have been taught great techniques, they’re less likely to get themselves into debt.
Even though you want to make sure they’re okay, try not to give the impression that you’re there to fall back on, so therefore it’s okay to overspend. People fall into this trap too quickly and relationships can break down because of it. Be there for your children, but ensure that they’re responsible for their finances too.
Teaching them essential life skills will save them having to try and afford it themselves.
Driving lessons, for example, are becoming more and more expensive by the day. As soon as your children are at an age to drive, buy them driving lessons as it will be a useful skill for all aspects of life. It can help with job applications, driving to and from college and many other things too.
To summarize, keeping your children safe financially can be quite a task. Remember though, ensuring that they’re taking responsibility, yet letting them know that you’re there if needed is key to protecting your children’s future.
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