In India, according to the NSS, 2014, 44.81 million students- 16.6 percent males and 9.5 percent females- are too poor to pursue higher education. So you have to be very careful about your child’s future with some financial policy and guidance.
Children dream of a perfect career, dream wedding, capital for business, a love of music, sports, and numerous other interests. Parents wish to fulfill these and other dreams for their children by some child policy. In order to support you in this journey, you should give your children financial education.
Some pro tips for your child to educate financial education:
Teach them the value of money
as your best policy for your children. When he/she knows the actual value of money, it can be very easy to grow your money by some child policy.
Piggy Bank
Learn to save on your own through the piggy bank to achieve your small gadgets or expenses. Your child will develop the habit of saving from an early age.
Give them some pocket money on a regular basis
Through this process, your child would learn money management and how to save this money and all. Also, give them the freedom to manage their pocket money wisely.
Budgeting and assigning a task
Give your child an assignment on money management and also involve them in the financial discussion by taking some advice. That will help to gain experience on how to save money and learn from it.
Reading book
Make their interest in reading books and encourage them. Discuss with them the book summery with your child, it will create a foundation for learning motivation.
What you should do right now as a parent of your child?
- Savings
To save a sufficient amount of money for your child by best child policy. For both the emergency funds and for their expenses.
- Insurance
Must do insurance for your child by a best chield insurance policy. Considering Inflation, Education, marriage, and emergencies for your child’s future.
Term insurance is the best and cheap insurance policy for your child. It is covered with life insurance with some savings for your future, In the future, if you are in any issue this child policy help your child in your absence.
- Health Insurance
In these few decades, medical expenses are too high. It is therefore very important for you to take care of your child by using the best childcare policy.
- Save and Investments
“Don’t put all your eggs in one basket.” It means do not invest your money in one place at all. It’s very risky and it will put you under pressure on a regular basis so, strongly recommend you to choose your best child policy from a financial advisor.
- Long term investments
For your child’s better future and your better life, long-term investments require some assistance so that you will take some risks.
Your child can choose the best policy for his or her needs by following these tips.
