expensive. But the good news is, you can budget for much of these initial cost
if you plan properly. Here are five milestones in your kids’ life that you need
to be prepared for.
several jokes about this, but we cannot insist on the impact your child’s
schooling will cost you, right from kindergarten to high school.
It’s not just
the school fee that’s gonna take a toll on your wealth – it’s all the supplies
like books, stationery and bags.
And so if you
ever hear that you should start saving and querying for KG admissions while
your wife is only pregnant, know that it’s not just a joke, but a deep
POCKET MONEY PHASE
The biggest myth
is that your child asks for pocket money only when they’re teens.
It’s found that
your child might expect you to give them some kind of allowance or the other
right from the age of 10. But don’t cringe, and don’t be stingy.
Giving your child pocket money can teach him
about handling money, but you need to be consistent with it and also monitor
what they do with all the cash.
parent likes to believe that their kid is a genius who will get into IITs and
IIMs, it is hard truth that college will cost money. Tuition fee, hostel
fee and what not!
save for your child’s college when they’re still in diapers might sound silly,
but given the cost of education, it really is never too early.
Yes, it might
have seemed like only yesterday that your little princess was wandering around
the neighbourhood in her little bicycle with trainer wheels, but all of a
sudden she’s now 17, and wants her own car or scooty!
Apart from the
vehicle itself, getting the first wheels for your kid is a financial milestone
cuz it’s going to be quite expensive, but there are the ongoing costs including
gas, insurance, maintenance and the seemingly inevitable accident.
When your child
gets their first job, it’s more than just a source of income for them. Remember
that it’s also a good way to learn how to work responsibly, how to get along
with a variety of people and how to manage newfound wealth.
If you help your
children with a budget and savings plan, it might be a way to earn money that
can get into a healthy financial plan for their future.
READ ALSO: FINANCIAL
MANAGEMENT FOR TEENS
READ ALSO: MAKING
YOUR CHILDREN FINANCIALLY INTELLIGENT
Written By: BALAKARTHIGA.M