You know what they say – if you fail to plan, you plan to fail. This applies to every aspect of life and parenting is no exception. In fact, it applies particularly to the parenthood journey. Even if you have a completely laissez faire approach to life, when it comes to raising children, you need some concrete plans in place. These will come in especially handy when life throws its infamous curveballs at you. But there’s just so much to think about and so many plans to make that you may feel overwhelmed. You may not even know where to begin. Well, fret not, for Great Eastern, with more than 100 years of experience in insurance, is here to help you with financial planning. In addition, it has launched Lifepedia with a host of interesting reads, guides, tools and even webinars to help you get the parenting journey all sorted out. Read on to find out.
Why is Financial Planning Important When Raising Children?
Having a child brings immense joy. But guess what else it brings? Great responsibility and planning! There’s really a lot to think about. We can’t really stop what is to come, but we can prepare ourselves both mentally and financially. For example, an illness or accident can choke up astronomical medical bills that can rapidly wipe out your family’s savings. That’s why you need a safety net to fall back on. Good financial planning in the form of medical insurance for child and parents can help to tide through finances while you focus on recovery. In such circumstances, the emotional toll is bad enough, the last thing you want is to stress over finances!
On a brighter note, financial planning also goes a long way for your child’s future. Surely as parents, we want to have the means to give our child the best future that they deserve. Somewhere down the road, your child might make it to an ivy-league university, or wish to go overseas to further their studies. This could place a huge financial strain on you, or worse, your child might not even get the opportunity to do so if you can’t afford it. So start investing in a child education plan today, for your child to have a better tomorrow!
Mums and Dads, in looking out for your children, don’t forget about yourselves! It’s important for you to at the very least have basic insurance such as health and life insurance in place. This ensures that if something happens to you, your loved ones will be provided for. Also, retirement may seem like a lifetime away but it will come sooner than you expect. And retirement is when you truly reap the fruits of your labour! Travel the world, spend your days gardening, whatever you fancy! In order for these dreams to come to fruition, you need financial planning and retirement savings. Also, we can’t assume that we will be hale and hearty to continue working in our autumn years. So while your priority at this point in time may be to work hard for your child, don’t forget about your own safety net!
What Insurance Should I Buy?
Then comes the big question that parents often ask – what insurance should I buy for my child? Or in general, where is the best place to seek financial planning advice? Given the plethora of insurance options available, we completely understand that you might not quite know where to begin. We’re here to tell you about Great Eastern, which has been at the forefront of the insurance industry for over a 100 years! Great Eastern has helped many young and new parents like you! Likewise, they will support you in your parenthood journey and empower you to take on life’s challenges with confidence!
‘Lifepedia’ – To Help You In Your Parenting Journey
Great Eastern recognises that in order to make good financial planning decisions, and to decide on the best insurance for child, parents need sufficient information. As such, it has launched Lifepedia, a comprehensive library of life knowledge relevant to you! In addition to helping you with financial planning, Lifepedia also has a plethora of interesting reads, guides, tools, and webinars to help you enjoy your parenting journey. Investing, insurance, medical information, travelling, you name it, there’s definitely something that will pique your interest! Lifepedia is really a treasure trove of information for young parents!
We hope that we’ve given you some useful insights into the importance of planning and what to look out for. Being a responsible parent means having all the difficult questions answered – ‘what happens in the event of unforeseen circumstances, how will I fund my child’s education’, and so on. With the right information and planning, you will be ready to take on the curveballs life throws at you!
Remember, you are not alone in this journey. Great Eastern will support you every step of the way. For starters, visit the Lifepedia page and start arming yourself with all the knowledge that you need to make great financial planning decisions! When your planning is in place, it’s time to put your best foot forward and begin your parenting journey with confidence!