Don’t just save, invest
Planning for capital accumulation for your child should not just be about saving money. Make sure that you invest in various plans and schemes that promise higher returns. For instance, you can invest in child future plans and funds offered by various financial institutions.
A good child insurance plan offers higher score than other alternatives like mutual funds and fixed deposits. Insurers like Future Generali also offer plans that are tailored as per your needs.
Review the plan regularly
Most people think that just buying a child plan is enough. However, this is one of the biggest mistakes they make. Regular monitoring is crucial to ensure that your plan is on the right track. You must also see the changes that occur in the market. For instance, college fees may increase more than you had expected. In such a case, you will need to review your plan and manage the investments accordingly.
Pulling a security blanket over your child’s future is not an easy task. You will need to do proper and early planning, choose the right investment options and pay attention to these steps at regular intervals.
However, during this process, do not leave your child’s interest behind. Spend quality time with your kid and also help him/her learn about the value of money. This will ensure that when your child grows up, he/she also gains an eagerness for securing the future plans. After all, it is not just the right amount of capital, but also the right advice that can secure your child’s future.