As a parent, you have many dreams when it comes to your child. You envision certain tangible and intangible things being provided for your child. Those things eventually translate to certain goals that you end up working towards, and they influence the way you make your financial decisions as well. While nothing is ever certain in life and after doing everything in your power, sometimes the only thing you can do is wait and watch how the future unfolds, there are a few sure shot ways that you can give your child the future he/she deserves.
1. Give your child your time
Often, children express a host of dreams that change almost every day. From being an astronaut one day to an archaeologist in Egypt the next, your child will express a variety of desires that are influenced by what he/she sees in the world. Of course, as a parent, it’s one thing to encourage these and it’s another to help your child turn these desires into a future. By spending time with your child, you will begin to identify a pattern of interests that will have some common features. If your child is inclined towards the mysteries of the universe, encyclopedias, TV shows about aliens, and displays a health amount of curiosity, then it is important to facilitate the inclination towards the sciences by allowing the child to join science camps or workshops during the holidays or after school. This way, you can ensure that your child has a future that takes into account his/her interests, both professionally or creatively.
2. Invest in smart insurance products
There are many short term insurance products, such as ULIPs, that can allow you to save money and set it aside for something in the future. If your child will benefit by studying abroad (because of the profession course that’s chosen) or needs certain things to hone his/her talents (like a professional camera that can capture great images), then you don’t have to deny them the same because of the finances. This can give your child the opportunity to meet his/her potential when the time comes.
3. Provide great education
The world has become a much smaller place and one of the results of that is the fact that foreign boards are now available in India. With educational boards that focus more on honing your child’s analytical abilities (rather than the ability to rote learn), you can ensure that your child’s true potential in terms of absorbing and applying knowledge can be met. This is something that will play a huge role in adding to the future of the child in terms of the skill sets he/she can build.
4. Encourage hobbies
Like every other child, your child needs interesting outlets and hobbies. Whether your child has a penchant for sports or an inclination towards the arts, encouraging your child to pursue them can greatly benefit his/her future. This is because pursuing hobbies and striving to be great at them inculcates a certain amount of discipline and sense of perseverance in the child. Ultimately, these are qualities that help in the professional world as well, as your child is more likely to face challenges head on rather than feel defeated in the face of feedback.
5. Teach your child the value of money
Now, this may seem a little odd. How can teaching your child the value of money get them the future that they deserve? To be honest, adults who do not truly understand the value of their own finances are more likely to either squander them or not pay much heed to saving them. Giving your child an allowance in return of performing chores can help instil the idea that funds are earned through hard work, and how they spend them can decide the way the rest of the month turns out.