Children are costing us

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As parents of small children ourselves we are fully aware
of the money it takes to raise them. It is always a shock
though when a figure of around $1,000,000 is shown to be
what it will take to raise our children up until adulthood.
With this massive figure in mind, consider establishing a
savings plan for your children. Setting aside or investing
money on a regular basis is a smart way to save and help
ensure you are financially ready.
Four steps to set up a savings plan for your child:
1. Set a savings goal – decide what is being saved for (e.g
education – type of education and at what level, private
schooling and/or tertiary education?)
2. Set a budget – how much needs to be saved to reach the
required goal.
3. Choose an investment option – decide which product or
where the money should be invested.
Who should own the investment – whose name should it be
invested in

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