At my baby shower, we received two baby bags, three baby blankets and countless envelopes with congratulatory cards stuffed with money. It was in that moment of taking stock of the haul that I realised two things: the first, is that we have really great friends and relatives who care about us, and the second, the little bun in the oven was about to shake up our finances. And I never understood just how much till our Peanut (what we called her before we met) was born.
A few months after our princess arrived and we settled into somewhat of a routine, we sought the advice of a Financial Advisor to see how we could truly get serious about our finances. Yes we had investment accounts and our savings, though not where we wanted them to be, were not too shabby, we knew it was time to do more and ensure that no matter what the future holds, our princess has some cushion to get her through life.
I’ll admit that though some of the conversation with the Advisor was morbid and uncomfortable (life and health insurance mombo jumbo) it was totally worth it.
So, what is the purpose of this post? It’s to share with you the importance of efficient financial planning for your growing family; to tell you that it is okay to not know exactly what is needed to implement a sound financial plan and to encourage you to start with the little you have now to secure your family’s financial future.
JUST START. It may not be what you want it to be, but remember that ‘every mickle mek a muckle’; your little today will eventually become something big.
Trust me, you can start with whatever you have and be able to make a HUGE difference. When it comes to this, focus on the long term and not the your immediate reality. With proper financial planning and discipline, you can get to your ideal goal, all while enjoying a comfortable life.
Tell us in the comments some of what you’ve done or what you plan to do to secure your child’s financial future.