As a mother, you have the ability to help shape a bright future for your child, but it takes more than love and support. You also need to consider planning in areas like finances, education, and legal matters. By taking a proactive approach now, you can ensure your child is set to thrive in the years ahead. Here are some of the most important things you can do for your child’s wellbeing.

1. Estate planning

You might already know the importance of having a will, but a will alone is not enough. You need a full estate plan, and because there are so many legal intricacies involved, it’s not something you can create on your own. The best approach is to contact an attorney to determine what components you need and what you can skip. For instance, an estate planning lawyer can create your will, document custody arrangements, establish trusts for your minor children, help you with special needs planning if applicable, and more.

Creating an estate plan also involves beneficiary designations, power of attorney, and healthcare directives to ensure your preferences are honored. The sooner you handle this, the faster you’ll have peace of mind knowing your child will be taken care of if anything happens to you.

2. Get a 529 college savings plan

Instead of just tossing money into a regular savings account for your child’s college education, consider a 529 plan. The earnings grow tax-deferred, and withdrawals for qualified expenses aren’t taxed. The funds can be used to cover a variety of educational expenses, including college tuition, student loan repayments, apprenticeships, and K-12 schooling.

The best part about setting up a 529 plan is that it’s considered your asset when assessing your child’s financial aid eligibility. It’s worth considering, especially when your child is young and you have plenty of time to grow the account.

3. Teach your child financial literacy

Kids develop pretty solid habits by age seven, so it’s important to teach them good financial habits as early as possible. Start teaching them how to save money and budget, even if it’s just for snacks and toys. If you don’t know how to approach this, there are plenty of educational games and apps available to make learning about finances engaging.

4. Teach your child the value of volunteering

When you teach your child the value of giving back to the community, it fosters a sense of empathy, compassion, and social responsibility. Find some community service projects the whole family can participate in together. Additionally, discuss how making charitable donations can make a difference, and encourage your child to make small donations to causes they care about, like wildlife organizations, homeless shelters, or animal rescues.

5. Build an emergency fund for your child

Everyone needs an emergency fund, and that includes your children. As they get older and start working, they’re not going to have the money to cover urgent situations, like unexpected breakdowns, car repairs, or medical bills. You can expect them to call you for help. However, don’t tell them their emergency fund account exists until they’re financially independent and responsible. When you do tell them about their account, make sure they understand the importance of making regular contributions and not spending the money on frivolous things.

6. Support their career aspirations

Supporting your child’s professional goals will help them develop ambition and self-confidence. If they don’t know what they want to do, introduce them to various options, including internships, apprenticeships, and mentorship programs. When they decide on a career path, help them set realistic objectives and celebrate all the milestones as they work their way toward achieving their goals.

7. Get a life insurance plan

Having life insurance will provide financial security for your child in the event of your untimely passing. If you don’t take this important step, it’s going to be really hard on your child, both emotionally and financially. A good life insurance policy can cover more than just funeral expenses – some policies cover living expenses, educational expenses, and other needs. Policies are pretty affordable, but it’s wise to get one as soon as possible since rates go up with age.

Lay the foundation for a bright future

Take a proactive approach to supporting your child’s future by empowering them to navigate life with the tools and knowledge they need to be successful. Your dedication to their long-term wellbeing will support their success throughout the rest of their life.