Tracy Muir give tips on how financially secure your child's future

Talking Kids and Money

Financially Secure Your Child’s Future

When she’s not designing and overseeing the execution of children’s programmes for the City of Cape Town, Tracy Muir is spending quality time with her loved ones.

At the core of Tracy’s life is her devotion to family. It’s this love that motivated her to contact DirectAxis for a loan; when her eldest son matriculated and was ready to study Sports Management, she didn’t hesitate to make the call that would help make his dream a reality.

Not only did Tracy do the best that she could for her son, but she also gained valuable financial insights along the way.

Here Tracy shares her tips on how you can secure your child’s future, just as she has:

Start Saving for Your Children’s Education Before You Have Them

“Think about the importance of saving and providing for the needs of your children,” says Tracy. “When you get married you don’t always plan ahead, and then when you get to the stage where you want to have children, you don’t automatically think about policies and the extent to which you need to prepare.”

Having learned this lesson, Tracy has taken out an education policy for her youngest son and has committed herself to teach her kids how to manage their money so they can grow up to be financially smart

Set Up a Retirement Fund for Your Young Ones  

“When it comes to parenting, ‘winging it’ isn’t the best way to go about things,” says Tracy. “It’s important to think ahead. Parents should make provision for their kids, so they don’t struggle in the future.”

When you start a savings account or set up a retirement fund for your kids, the money will continue to grow as they do. And by being open with your children about finances, you’re teaching them the importance of investing for the future.

Parents: Get Your Affairs in Order

Covid has made Tracy realise how important it is to prepare for unforeseen eventualities. “What would happen should we pass away? You need to put things in place as a backup,”  says Tracy

Think about what you can do to ensure your family has an easier transition in the event of an accident or your death. For instance, it may be worth considering to put a funeral plan in place and build from there.

Explore Your Options When You Need Financial Assistance

“If you must seek financial help, don’t settle for the first credit provider or bank you talk to. Explore your options,” says Tracy. “Shop around if you’re planning to apply for a loan. Choose the credit provider with the best repayment terms, and assess your options – it’s not just about who’ll give you the most money, but who’ll work alongside you to find the best available option to suit your unique needs.”

With the right plans in place, you can give your kids the head start in life they deserve.

Whether you want to learn how to raise financially smart kids, improve your credit status or take out a personal loan to realise your own or your children’s dreams, DirectAxis is here to help.

Get in touch with us today to find out how we can help you build your better tomorrow, together.

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