Importance of Having a Robust Financial Plan for Your Child’s Marriage
As a parent, you would usually welcome a baby to the mix with great expectations. A part of this sense of responsibility is to provide everything to your bundle of joy. You not only want your child to get into the best university, but you would also want to cherish other important occasions in their life. Needless to say, there are only a few occasions bigger than their marriage.
Parents often look forward to their child getting happily married to someone they love. However, they often forget to factor in the expenses linked with a marriage. Your child getting married might be an exciting time, but it can also cause significant financial stress unless you have a definite financial plan in place right from the get-go. Therefore, taking some time to analyze a few simple decisions today will pay off for your finances and your child’s marriage in the long run.
Need for a Marriage Calculator: Making sure your Child’s big day isn’t a Massive financial drain
As a parent, you always want the absolute best for your children and will do everything you can to ensure they have a lifetime of health and wellness. You want your children to grow up to be happy, successful and find a career they are passionate about and that brings them immense fulfillment and purpose. You also hope that someday, your children will find someone they love and adore to share their life with; someone who brings the best out of them.
It’s never too early to start thinking about saving for your child’s big day. With the cost of weddings increasing with every passing day coupled with the rising rate of inflation, it’s safe to say that this trend is not going to buck anytime soon either. In order to ensure your child, gets the dream wedding you wish to plan for him/her, it is vital that you adopt the right approach towards planning for your financial goals. Setting a plan is easier when you have a goal in mind. With a little bit of planning and forethought, you can help give your child the wedding you’ve always dreamed of without breaking the bank.
Further, by making use of Aviva’s wedding plan calculator, you will have a better understanding of the amount you will need to invest every year so that you have enough to spend on your child`s wedding later on without spoiling the magic of the day.
How to Use our child marriage plan calculator?
Parents saving for a child’s marriage don’t know exactly how much they will need. If you need help in figuring out how much you need to save for your child`s marriage, consider using Aviva’s exclusive and insightful child marriage plan calculator.
Using our marriage plan calculator online is pretty straight-forward and will help you set tangible goals and time frames.
Step 1: Enter your current age and your child’s current age.
Step 2: Enter the approximate amount which you intend on saving up for your child’s marriage.
Step 3: Enter the estimated age at which you think your child will get married.
Step 4: Enter other relevant details using the drop-down menus such as the average rate of inflation along with the rate at which you assume your investment will grow at.
Note: You can play around and tweak the values to see how the investment amounts and timings could affect your goals.
Review your results.
The Target to Reach box projects how much you will need to invest per year over the selected time horizon in order to reach your goal.
Benefits of our Marriage Calculator
• We’re here to help so you can prepare for the cost of your child’s marriage no matter when your child is planning to get married. By having a sound budget in place for your child’s wedding, you can make sure that the costs don’t go spiraling out of control.
• Being financially prepared for your child’s marriage beforehand will ensure that you won’t have to worry about finances later. Every parent can efficiently have a financial plan in place to plan for their child’s marriage and come out successfully.
Making suitable investments today can secure the child`s future tomorrow. Don`t let money issues ruin your grand plans of executing a lavish wedding for your child. Learn how you can start building for your child’s future by making use of Aviva’s wedding plan calculator today.
AN Sep 20/18