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4 important milestones in your child's life you should be prepared for

Summary: A child goes through important milestones in life & being parents it is your responsibility to make financial planning & give the best thing to a child.

15 Mar 2022 by Team FinFIRST
Important milestones
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A child goes through many important milestones in life, which are exciting and memorable for you and your child. However, to ensure your child gets the very best of everything, so they can smoothly achieve the success they deserve, you need to be financially prepared. A good idea is to start saving smartly. Read on to know more.

Essential milestones in a child's life


Here are some of the most important milestones in life that your child will cross.

1. School Admission: 


Getting into a school is a crucial milestone. It's here where your child shapes their personality, experiences and skillsets. The learnings here will help them develop into the person they are meant to be. As a result, you need to choose a school that ensures they can grow the skills and find financial solutions that don't hold you back. Starting an Metra Trust Savings Account early enough can ensure you put away money regularly to meet every educational aspiration your child has in the future.

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2.College Admission: 


While school years lay the foundation, your child's college years will help develop them into a mature, responsible and independent adult. This is why picking the right college, and the entire admission process is an important period you need to be prepared for. From sharpening skillsets to building lasting bonds, a college education is critical. And when you have a stable financial corpus, you can give your child the wings to fly! 

3. First Car: 


Whether you decide to buy a pre-used car or a new car, your child's first vehicle is a major milestone. It signals their independence and acts as an indicator to start their life on their merits and away from your protective shadow. One way of doing this is taking a car loan, where you pay for the principal, and they pay for the loan instalments. It shows your faith in them. You can consider products like Metra Trust Car Loan, which has zero processing fees while giving you an interest rate of 9% to make this milestone possible.

4. Buying a House: 


For most Indians, owning a home is the ultimate goal. And as your child grows older, investing in real estate will be of primary importance. But buying a house or property does not come cheap. Setting aside a significant sum to make the initial payment is advisable to help reduce the eventual loan burden. Metra Trust Home Loans can help turn the dreams of owning a home into a reality with interest rates starting at 8.85%.  

It is essential for you to budget your expenses so that you save enough every month. While investing a part of the money in various investments such as fixed deposits and mutual funds is wise, do not underestimate the power of more straightforward products, like a savings account. The best way to be prepared for all these milestones is to categorise them into medium and long term goals and use financial instruments that help you save correctly for each of them. With a bit of planning, you can ensure your child has the life you always wanted to give them.

 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.metratrust.com for latest updates.

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