Saving money for your child’s future is an excellent way to set them up for a good and stress-free life and to ensure that you do not have to deal with future stress. There is a need to also keep a separate savings for your child’s life because financial issues arise, and you do not want that to affect them. This is not to advocate pessimism or to say that you will face future challenges, but it is always safer to keep a saving intact for your child’s future.
Aside from the known RESP and CCB, there are other ways to save money for your child in Canada check here to know other available methods.
Why should you save money for your child?
- College tuition
Education is one of the essential things that every child deserves from their parents. Your children deserve a quality education, and they do not need anything to qualify for that. Giving birth to children means taking responsibility for them, including their educational needs.
However, education is not only important; quality education is also costly. This is where saving can help you greatly because your child will not understand that you failed to prepare for this.
Saving through the Insurance for Children Child Plan™ insurance scheme is a way to prepare yourself for this. This investment plan does not come with any tax, which means you do not share this money with anyone. Also, you can commence the savings immediately after the child’s birth. All you need is 14 days, and you can proceed with the saving plan.
This insurance plan can offer your child an annual dividend to pursue quality education worldwide.
- Business or startups
The current generation has awakened to the fact that they do not need to work for another person to become rich. Perhaps because working for someone isn’t a guaranteed way to build wealth. Irrespective of the case, the fact still remains that your child has more chance of becoming wealthy and living a comfortable life if they have the opportunity to try a startup. This is another instance where saving your child can be a great help. By granting them access to funds that they can use for their startups, they can easily outperform their mates and focus on building a solid business instead of running around for investment.
Here is another reason why opting for the Insurance for Children Child Plan™ insurance scheme is a good thing for you and your child. With it, your child will have access to an annual tax-free dividend that can be spent on putting things together and starting their first business
- Medical needs
The fact that no one prays for health problems does not mean they do not happen, and the only solution when these health issues occur is to take care of them. Many families suffer greatly because they do not prepare for medical needs, which can be very drastic. Saving for your child can also prevent you from running around when situations like this occur in the future. Opting for a saving plan with fast withdrawal will be a good option here because of any emergency.
- Other financial needs
Your child will have many financial needs because adult life is actually about paying bills. There will be a need to go on vacations, attend conferences, learn new skills and acquire more certifications. This is one of the many things that they will need money for as they grow, and having savings will be more than helpful; it will be life-saving for them. The Insurance for Children plan is also helpful as the dividend from this insurance can be spent on other financial needs.
Saving options for your child
- Insurance schemes
The first saving option for your child’s future is opting for an investment scheme. This is because investment is basically for the future. Getting an insurance plan that can comfortably cover your child’s future needs without putting a financial burden on you is an excellent way to start and sustain a saving option for your child.
The Insurance for Children Child Plan™ insurance is an excellent way to go around this. The company provides a stress-free plan that also guarantees that your child’s financial needs can be met sufficiently without too much stress. Interestingly, this scheme is tax-free, and your child gets an annual dividend that can be used for whatever financial purpose they deem fit.
Also, the plan involves an insurance policy that exists throughout your child’s life. This means your children will receive this dividend for as long as they live.
- Real estate
If you can afford it, buying a property in your child’s name is a worthy saving plan that can meet many financial needs and even things like medical emergencies. Real estate is a profitable market if carefully traded. This means that there is a requirement to examine the market before buying. However, the fact that you are getting the property for your child shows a greater chance of reaping more profits, so you have little to worry about.
Real estate investment is only beneficial; it will serve a better purpose even when sold by the child. With this in place, you do not need to worry about your child’s education, startups, and other things they may need to do.
Saving is a good option for everyone. So people advocate using saving to build wealth, which is not entirely baseless. However, while saving may not give your child too much money, saving for them can ensure that they achieve their dreams better, focus on studies and live a comfortable life. This is why it is essential to opt for a profitable saving option that allows you to save and ensures that your savings exist as an investment. This way, the amount of the money increases daily, monthly, or yearly.