How Parents Should Plan for Their Future (And Their Children’s)

Fatherhood Health & Wellbeing Money & Finances My Family

Thinking about the future is pretty frightening when you have kids. It’s never an easy thing to do, but it’s even harder to imagine your children all grown up. Most people find it hard to contemplate their children being a year older, let alone adult enough to make their own way in the world. And on top of worrying about your kids, there’s the concern for yourself in your old age. That might be a long way away (or not so long!) but it never hurts to start making decisions and arrangements as soon as you can. If you want to make plans for the future, these are some of the important things parents can be.

How Parents Should Plan for Their Future (And Their Children's)

Kristian Bjornard

Saving for University

Higher education is currently still available to everyone in the UK. Any student can take out a loan to cover their tuition and some of their living costs. However, there are many reasons to have a backup fund for the future. For one thing, we don’t know what university fees might be like in 18 years time. Not too long ago, it was free to attend, and now it can cost £9,000 a year. Who knows how much it could be in the future? And even though students can take out a maintenance loan or grant, it sometimes doesn’t even cover their accommodation. Of course, some can get a job, but others have no time in between heavy workloads. Helping them start to save now could be a good idea.

Making Arrangements for Death

If you don’t want to think about getting old, then you definitely don’t want to consider dying. However, it’s a reality that we all have to face, and there’s no doubt that it will affect your children. Some parents will start to think about making a will once they reach retirement. However, there’s a case for doing it sooner rather than later. If you use Bannister Preston Wills and probate solicitors or a similar firm to draw up your will, it can have many benefits. You can use it to suggest a guardian for your children if you die while they are still minors. It’s also useful for ensuring they’re provided for, both now and in the future.

Planning for Retirement and Old Age

Getting older might be a little easier to think about than death. But instead of thinking about it in a vague way, you can consider the realities of it. Many parents say that they don’t want their children to care for them when they’re elderly. Whereas others wouldn’t trust anyone but family. It’s a good idea to consider both yourself and your children when you’re deciding what you want for the future. It’s a bit early to start discussing it with your kids if they’re still in primary school. However, once they’re older, you can have more open discussions about your wishes.

Making plans for the future involves thinking about both you and your children. If you want everyone to be happy, you need to start planning sooner rather than later.