With the Rising Cost of Living, Are You Saving for Your Child’s Future?

Saving for your future, that of your child, family, or for a specific purpose is rarely disputed. It is one of the most basic financial advice out there, but despite its conspicuous and obvious benefits, many of us are not following through on that tip.

Reasons are varied – for others, they have too many expenses that consume their entire income, others feel they don’t have enough cash to save, while some have no idea why or what they should save for.

Well, think of it this way, saving has nothing to do with money but it has everything to do with giving yourself flexibility and choice in your life. When you have a reserve of money somewhere, you can do what you want without a hassle.

If you are still wondering why you should save, imagine giving yourself the freedom to choose what you want to do, rather than feeling stuck in a particular situation or position because you rely on the paycheck.

Sadly, expenses won’t stop coming, and if you are a parent like me, you should know. This is exactly why you should save because, amidst everything else in life, you want the best for your children – good education, health, and financial security.

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Sure, times are hard, and the cost of living and education is rising faster than anticipated. What this means is that you need a bigger nest egg than you think. My point is, create a financial plan that includes savings for kids as soon as possible.

The sooner you begin, your long-term goals won’t give you much stress – financially and emotionally. The fact that you have no idea what will happen to you tomorrow and whether your kids will be taken good care of (God forbid) is all the motivation you need.

One option, therefore, is to invest in a child’s savings plan, and the Soma Savings Plan by Liberty is a brilliant example. That said, what is Soma Savings Plan?

Soma Savings Plan is a flexible life assurance product specifically designed as an insurance cover against financial loss due to death and permanent disability. It allows you to save for a future need including your child’s education.

This plan, provides you, the policyholder, with the assurance that in the event of your untimely demise – don’t get me wrong, I wish you a long and healthy life – your children or nominated beneficiaries will have access to enough funds to help finance future needs such as education and sustenance.

On maturity of the policy, Liberty insurance company will pay out the funds as per the benefit that was selected at the onset of the policy, or the latest revised sum assured applicable within the policy terms to meet the educational needs of the children.

Best of all, Soma Savings Plan is a flexible product, which means you can opt to increase your premiums in line with inflation. You may downgrade on the anniversary of your policy in case of unforeseen financial difficulty.

With this flexibility, you can invest in your child’s future by putting aside just a small amount of money regularly and in time, it can really add up. Ready to start saving? Learn why I ensure my financial security with Soma Savings Plan here.