#Family with Young Children

5 Ways to Secure Financial Protection of Your Child

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October 03, 2020 at 10:51 PM

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You think being a good parent means always putting the child’s needs first before yours?

If yes, then you tend to neglect the fact that to let another human being fully depend on you, make sure you can fully depend on yourself, too. Raise a child with a bright future by following these habits that can help you achieve financial protection for yourself and your child.
 
01. START WITH A SIMPLE LIFESTYLE.

It’s not always about having a high-paying job to be able to raise a child properly. It is about providing more of what they need versus what they want. Also, don’t indulge in too many luxuries—latest gadgets, fine dining, expensive clothing, and more— instead, let them learn to appreciate the intangible things in life, like time with the family at home and a good education. The key is to live within your means and make the budget work for you and your family.

02. PRIORITIZE EMERGENCY FUND.

This is why you need to be very strict with your budget. While you do your best to avoid unexpected mishaps especially when raising a child, they are still inevitable. Be always ready. Prepare by setting aside any amount every month that goes directly to your emergency fund. Start small and add a few bucks when you can. It’s not just about achieving financial protection, it’s about protecting your life, so you can protect the people you love. 

03. MANAGE YOUR DEBTS.

Before planning the wedding details—theme, church, venue, guest list, song while walking down the aisle, and all the works—set a wedding budget and stick to it. According to Huffington Post, a few of the wedding planning mistakes couples commit are: (1) taking the budget lightly, (2) spending too much with limited resources, and (3) choosing impractical destinations. Stick to your wedding budget, manage your expectations, and always choose to be practical. The most important thing here is to have money for the next chapter of your life after getting married. If you can go through this stage, then you can easily transition to becoming a successful parent.

04. TEACH THEM VALUABLE FINANCIAL HABITS.

A children’s brain is like a sponge, it absorbs everything at a young age. Raise your child with good money habits, such as asking him to do chores, reward him with a small amount of cash and teach them to save a portion -- so they can learn the value of work to earn and save money early. Train them with positive financial attitude so they can grow up to be responsible adults in the future who can handle and secure their own financial protection.

05. INVEST IN YOURSELF.

Get a financial protection that can secure you and your loved ones for future needs. Life Ready Plus allows you to invest in yourself without going beyond your budget. You may customize your plan by combining add-ons, so you can adapt to the ever-changing needs of your family. Raising your child and paying for their tuition fee are serious life commitments. Make sure you are ready for anything and everything no matter what happens.

Originally published by BPI-PHILAM on

https://www.bpi-philam.com/en/key-moments/becoming-a-parent/5-ways-to-secure-financial-protection-of-your-child.html

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