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Every new parents’ motto sounds like this: “Stop spending for yourself to save more for the baby.” You don’t go out as much anymore, you breastfeed, you collect hand-me-down clothes and toys. Awesome! But you’re actually missing a valuable ingredient in preparing for your family’s financial future.
Financial literacy advocate Tyrone Solee confirms this: “Most new parents are NOT investing at all. Instead, they are just saving money in the bank.” Why are we keeping out financial investments in the priority checklist? Tyrone says that this lack of drive to invest is associated with the fear brought about by some pre-need companies going bankrupt some time ago, where a lot of kids—now parents—have not been able to claim their educational plans.
He recommends that new parents should invest in equity funds of a Unit Investment Trust Fund (UITF). Fund manager experts of a bank gathers a large pool of money from individual and corporate investors and puts it through a broad range of investment products according to specific set of rules. Since Equity Funds are mostly invested in the stock market, this gives a higher yield for long-term investors, and will serve you well even with the rising cost of education.
They can open an Equity Fund UITF for an initial capital (as low as PhP10,000), and every month/payday, allocate a portion of their income (as low as PhP1,000) to the equity fund. This can be done automatically through the bank… [They can set a specific date for every month when a specific amount will be] debited from their savings account and credited to the equity fund of their choice. In this way, they don't need to monitor their investment and they don't need a thorough study about stock market since it is being handled by an expert fund manager,” Solee says.
Aside from securing the educational needs of their child, Tyrone reminds new parents to not forget about their future needs as well. That is, retirement. A Variable Unit Link Insurance or VUL Insurance has both insurance and investment components that it protects their child’s future if anything happens to them. If nothing does, then they have a good solid retirement fund.
Tyrone Solee is the Personal Finance and Investments Blogger behind Millionaire Acts. Get to know more about him here.