Having a child is a huge investment. An investment of time, of money and of love.
When a couple first finds out their family will soon be growing, both mom and dad go through a roller coaster of emotions and worries. Will it be a boy or girl? Is our home big enough or do we need to upgrade? Will our parents help out? And one of the biggest worries; how will we afford everything we need to support this baby?
Becoming parents means making sacrifices to give your child every possible advantage. They can no longer think of just themselves, and planning for the future is a must! The first thing expecting parents need to start with is looking at their finances and making a budget with a focus on saving for the future.
Preparing your kid for the future is a lot of work! You want to make sure they have diverse experiences, so you sign them up for activities and encourage them to explore their interests. At the same time, you have to balance a career, a family and other responsibilities. You willingly make sacrifices in order to afford these opportunities, knowing that a successful adult stems from a well-rounded child.
When your child reaches their teen years, preparing them for the future feels like an impossible task. Suddenly, they will take their first steps towards independence: learning to drive, their first romantic relationships, and embarking on life-changing decisions. At the same time, you need to work hard to steer them towards focusing on their school work knowing that earning top marks as they leave secondary school can help them gain admittance to the best universities and be well on their path to a brighter future.
Of course, part of helping your child prepare for the future is through supporting their emotional development. At a young age, your child will look to you for emotional guidance and support and also learn how to express their emotions based on what they see you doing. Even when you’re stressed out and the kids are annoying you, it’s important to make sure they feel that they have your emotional support.
At this stage, preparing for your child’s future becomes even more crucial. With the rising cost of education, parents need to make sure they are planning and saving from early on.
By planning in advance, you can celebrate your child’s academic successes without worrying about high tuition costs.
Some methods of saving are simple such as comparing prices on large purchases or eating at home instead of always eating out. But some financial matters are more complicated, and require additional tools to make sure you’re on the right track. A Sun Life financial advisor can help you to get where you need to be.
No matter what age your child is now, learn how you can start preparing for their bright future. Watch the #Sunshorts video below and talk to a Sun Life Financial Advisor to find out how.
Watch other Sun Shorts video which are inspired by stories of Sun Life clients here.