7 Ways to Secure your Grandchildren’s Financial Future
Help them start their first savings account
It’s never too early to start learning about saving. If you’ve met all your liabilities and have a strong retirement corpus to manage your expenses, you can put some money into a savings bank account for your grandchildren. A savings account may be a good place to start, as it will keep growing the money over the years.
Help them save for college
The cost of education, especially college overseas, can be exorbitant. A great way to give your grandchildren a leg up is to create a fund for their college education. This way, they will not have to begin their working lives with a loan. If your grandchild is still young, you can keep adding money to the funds which can accumulate over the years. Investing in equity mutual funds could help you realize these long-term financial planning smart goals.
Help them pay their college fees
If your grandchildren are already going to college, you can directly set up an investment fund that they can draw on for their college fees.
Help them save to buy a home
If you want your grandchildren to be truly independent, you can create a fund with your savings to help them buy a home. With rising housing costs, your fund might be able to help them make the down-payment.
Help them meet their EMI goals
You can also help your grandchildren pay the principal on their home loan. A running fund could help them meet their ongoing EMI costs.
Create an investment account
If you want to encourage them to start investing, you can create an investment account for them and introduce them to stocks and mutual funds.
Initiate them into financial planning
Financial independence relies on a strong knowledge of financial and investment planning. Teaching your grandchildren about personal finance, or funding their planning courses with a certified financial planner, can be a great way to make them financially sound and independent.
Your grandchildren are a treasured part of your family and one of your best legacies would be to leave a secure future for them. Start with a sound personal finance plan and you can help them stand on their own feet.
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