There is much to think about when your child is born, especially if you are becoming a parent for the first time. There are the concerns about becoming a parent and looking after your child to the best of your ability. There is also the financial side; having children can be expensive with you now having to provide for another person. As well as thinking about money in the present though, it is also wise to plan for the financial stability of your child's future. There are three things that you can do to potentially help your child.
Set Up a Savings Account
It may not be possible for everyone to set up a children's savings account, as with all the financial responsibilities of having a child it is not always possible to put more aside for their future. But for those who can, it is possible to give your child a real helping hand for the future. Setting up a savings account is the best way of doing this. It will mean that you can gradually build up savings that your child could then receive at the age of 18 or 21. This could eventually help them pay for their way through university or buy a home. There are many different types of savings account, with the best one for you depending on your personal circumstances.
Write a Will
Writing a will is, of course, something that could be done prior to having children. But if you haven't, then writing one when your first child is born is important. Even if you already have a will you may want to amend it. It may not be a pleasant thought, but you should think about what might happen should you die. You will want the best possible future for your child, and would want to limit their suffering and secure their future. You may think that your spouse will be able to take care of your child, but there is the possibility of you both dying together, for example in a car accident. Writing a will when you have a young child is not just about money though, it is also about how they should be taken care of thereafter. You want to ensure that they are in the hands of someone you can trust. In theory your child will be entitled to your estate if you die regardless of whether or not you have a will but without one it is more complicated; it will take longer and cost more. And young children can't exactly sort these issues out themselves.
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum
