It’s important that you start teaching children about money and managing their finances as soon as they are able to grasp the concept, if you want them to be financially secure in the future. But, it’s also not a bad idea do what you can to plan for their future, and help them to start things out on the right footing, too.
Here are some very simple things you can do now to help your children prosper in the future:
Set Up a Bank Account
Your children are never too young to have their own bank or building society account. In fact, opening one as soon as they’re born and putting a few pennies away every week will leave them with a nice little nest egg that they can put towards higher education, driving lessons or a deposit on a house when they’re older. It will also teach them to be more responsible with money, especially if you encourage them to deposit a portion of their pocket money and cash gifts in there.
Save for Higher Education
No matter how well educated your kids are about money; they probably aren’t going to have thousands in the bank to fully support themselves through university aged 18, which is why you might want to consider starting a university fund to help them out on the path to higher education when the time comes.
Invest in Great Healthcare
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Investing in excellent health care for your whole family is a fantastic investment in all your futures. It will ensure that any illnesses you have can be dealt with quickly so that you can continue to provide for them and show them how to be responsible with money while they are still kids, which is why you should start collecting quotes from the best Irish health insurance brokers right now. No matter how well-laid your plans are, an illness could leave you all struggling out of the blue.
Invest in Regular Health Check-Ups
Regular health check-ups are an essential part of taking care of your children’s health and well-being. By making sure that your kids get regular check-ups, you can not only stay on top of any potential issues or concerns, but you can also help them establish good habits and routines around staying healthy. Investing in your child’s future means investing in their health. For example, if your child has problems with their hearing or vision, then this could impact negatively on their development and learning. The best vision insurance will ensure that they receive the finest possible care so that any problems can be detected and treated early, and the same goes for hearing tests. Therefore, you need to ensure that you have insurance that covers these essential health needs.
Invest in Life Insurance
As a parent, it’s sensible to take out a life insurance policy, so that, should the worst happen to you or your partner, your kids are well provided for and will not have to worry about money.
Open a Junior Self-Invested Personal Pension
You might think it’s ludicrous to even be thinking about your child’s pension when they’re still a young kid, but the world of pensions is changing rapidly, and there is much less certainty in the industry. Not only that, but the longer they save for, the better off they’ll be in the future. So, why not consider investing in a Junior personal pension, which offers 20 percent tax relief on any deposits. It’s a great way to get the pension conversation started with your kids, too.
Set Up a Trust
Setting up a trust is another good way to invest in your children’s future. It will ensure that certain assets will be managed on behalf of your children until they are old enough to deal with the responsibility themselves.
If you have cash to spare, what better way could there be to invest it than in your children’s futures? As you can see, there are so many good ways to put that money to use that it’s worth at least considering.
