Planning for the future when you have children

When you have a child, it’s one of the most exciting things in the world. There is nothing more special than when you first welcome your baby to the world and you get to hold them close. When you get home, everything is perfect, but there is some planning you will probably be thinking of about the future – making sure your baby is sorted for life and that they are happy. 

Planning for the future when you have children means thinking long-term, preparing for the unexpected, and making sure your family is protected and cared for, no matter what lies ahead. You will want to think about setting up a savings account for them, for when they get older. You also may want to speak to an estate planning attorney for a tailored will, as well as making sure you live a healthy lifestyle yourself. 

Below, we look more into a few things to consider when planning for the future when you have children. 

Setting up a savings account 

Something a lot of people do when they know they have a little one due, or they have been born, is set up a savings account for them. Each month, they will put a little away, which over time will add up. They can then give this to their child when they are much older to support them, whether this be to help with buying their first home or driving lessons or to pay for higher education. When looking into savings accounts, ensure you find one with the best interest rate; this way, you will gain more each month. 

Look into legal planning

Legal planning isn’t the most exciting thing to have to do, especially when you have a newborn, but it has to be done. Things like planning a will, putting together a trust and assigning a power of attorney, all should be something you start thinking about and putting together. We hope something bad never happens to you, but if it does, you want to know your children are being looked after. 

Your own health and wellbeing 

The future isn’t just about your children, it’s about your own life as well. If you live a healthy and active lifestyle, you are more likely to live longer and live a better life. Depending on how you are doing with your health at the moment, it may be worth reflecting on your behaviour and seeing if you can make any changes to help yourself. Are you eating your five pieces of fruit and vegetables a day? Are you drinking 1 litre of water each day? And are you getting enough sleep? These things will all make a difference to your overall health and set a precedent for your baby moving forward. 

Have you started planning for the future when you have a child? What plans have you currently put in place and why? Is there something we have missed that you think we should be adding to our guide? Let us know in the comment box below. We look forward to hearing from you.