You want the best for your children: good health, good education and solid financial security.
and if you want the last part to include money for college or a financial lifeline to an accident or illness, the time to start planning now - even if "now "means" while you are still working to become a parent. "
Here are 10 important events to consider when planning financial future of your child.
Growing with special needs
in addition to changes in health care and routines of the day, raising a child with special needs can involve particular financial considerations.
This is especially true if your child's needs require care or continuing treatment.
insurance, government assistance and other programs can often help pay for physical therapy, medical treatment or additional training, but it still helps to start saving early.
If your child will need extra care to adulthood, you may need to arrange your finances so that he or she may still qualify for Medicaid and supplementary social security.
to do this, you will need to keep money in the name of your child. A trust can be a good option.
Go to school
Even if you plan to send your child to public school, you will need to save for school supplies, extracurricular activities such as sports and music lessons, and summer enrichment camps.
and if you are considering private school, the average tuition already tops $ 9,000 per year and is guaranteed to increase.
Get an allocation
experts agree that giving your children some sort of provision is a great way to teach financial responsibility.
debate remains on how to distribute the money, though.
Must be related to work or school performance? Divided into saving, spending and donations? And how old is old enough?
No matter what you decide, you will need to budget for extra pocket money every month.
recovery after an accident
If you were injured in an accident and unable to work, how do you provide for your family?
The best protection is to invest in disability insurance, either through an employer or privately.
Another smart idea is to keep the salary of at least six months in savings
Recovery of the death of a parent
While we're on dark subjects. What if you or your spouse died? It is terrible to think, but even worse not to plan.
In most cases, both parents should have equal life insurance policy to pay for several years (or as much as you can afford to do).
do you have a will?
not having one is often the biggest mistake most people. Over half of all Americans die without one.
If you do not have a will when you die, the state law determines who gets your money and other assets and determine which is your personal representative.
If you have minor children, the court decides who will raise them.
In other words, make it easy for those you love, plan now.
you have adequate life insurance coverage and a last will in place.
Buy a car
not every 16 years, needs a car, but not all parents have the time to personally lead teens to every practice, lessons and appointments .
If you anticipate the need of a car, talk with your teen about ways to share the costs, including fuel and insurance.
Get a job
In many families, children are required to work outside the home to earn money for extras such as clothes, movies and activities friends.
If this is your plan, start your children to think of early jobs.
as a rule, young children can babysit or walk the dogs as early as 13, while older children can work a restaurant or maintenance jobs lawns after school or during the summer.
go
Collegetuition in both public and private colleges has skyrocketed over the past 30 years, and the trend should continue.
instead of pinning your hopes on a full-ride scholarship golf, start investing early in a 529 plan or Coverdell education savings account.
both savings plans allow you to withdraw funds to qualify for tax-free educational expenses.
Being unemployed
Again, unemployment is a great reason to keep at least six months' salary savings easyily accessible account.
If you think you might lose your job in the next year, try your best to live on one salary.
If this is your adult child who is unemployed, basic rules to move home, and if you have to lend money, and join real interest
Getting married
Traditionally, the bride's parents pay for the wedding -. an average of $ 25,000 in 2014.
But it is increasingly common for families as well as the couple themselves, to share costs. . If you plan to help your child pay for a wedding, start saving now
And if your child opts for a low cost, DIY wedding, you can find other good uses for that money - like help with a down payment on a first home.
The bottom line, and the theme woven throughout all of these scenarios is to start saving and planning now.
0 Komentar