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How much will my child cost?

Financial planning essential when having a new baby

Horizon Financial exhibits at the Big Into Baby Show in the RDS later this month

Horizon Financial will be at the Big Into Baby Show

With the cost of educating a child up to third level education estimated at almost €70,000, financial planning is essential for couples when having a new baby.

“Even if you don’t have to pay huge school or college fees, there are still many significant costs involved in putting a child through education,” explains Hughie Doyle, from independent financial advisors Horizon Financial. “Expenses such as books, accommodation, travel and registration fees, all these can hurt your pocket and become a real burden.”

According to Doyle, parents-to-be should take on a financial review from a professional to asses the best way of managing their finances, in preparation for the new baby. This will help them manage their resources more effectively, maximising what they have and assessing what they need.

Before the baby arrives-

Savings

“We highly recommend parents-to-be that they open a savings account, as much in advance as possible before the baby arrives. Everyone needs savings, be it for a holiday or just a rainy day, but putting aside some money every month to pay for the expense of having a child, will make a big difference,” adds Doyle.

“There are a whole range of savings options, suitable for every situation. This is the most painless way of financing your kids’ education.”

When the baby arrives-

Doyle also explains there are a few scenarios parents should think about when having a child, in order to protect their kids’ well being in the years ahead.

Life Cover

Life Cover is a must-have for parents to secure their kids’ future in the unfortunate case of one or both parents passing away. This cover will secure an income for the children.

Serious Illness Cover

Statistics show that one in four aged 20-40 will suffer a serious illness before the age of 65. Serious Illness cover will provide your family with an income, in the case of one of the parents being diagnosed with a serious illness and, therefore, not being able to work. All of Doyle’s Serious Illness Cover come with free child Serious Illness Cover of €25,000 per child.

Income Protection

Income protection is a policy that will provide a regular income, in the case that one of the parents not being able to work due to illness or injury. This type of insurance is also designed to alleviate a family’s financial worries when the monthly income is reduced or non existent.

“The same way we insure our homes and our cars, we should insure our family’s future the best we can and this type of policies allows us to do just that,” adds Doyle.

Doyle feels that each parent should undertake a financial review of there entire financial situation and ensure that there family is properly provided for in all eventualities. Parents don’t realise how in-expensive most of these policies are, but more importantly can you put a price on peace of mind that “your family is protected”

Horizon Financial will be exhibiting at the Big Into Baby Show which takes place on the 17th & 18th October at the RDS, Dublin, where they will be on hand to offer help and advice to young families as they plan ahead for the future.

Tickets can be purchased via the RDS Box Office or at the door at a cost of just €7 per adult, kids go free.  

For further information on Horizon Financial please contact Hughie Doyle on 053 94 84868 or visit www.horizonfinancial.ie

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