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“I have a child and want to retire early too. Is it possible?”

Retiring early to do things you are passionate about is every person’s dream. But many of us have responsibilities that make it seem impossible. Prioritizing all the needs, beginning to invest for your child’s college beforehand, refusing to meet some of your child’s demands, and opting for experiences above expensive gifts are some ways to do it.

Is your dream of retiring early coming to a standstill because of your current responsibilities? It shouldn’t. You could plan for it right now and make it come true. Here are a few ways you can start:

Prioritize all your needs

Spend on what you and your family need at the moment and not on the wants. Wants could be looked at after your needs are taken care of. You should do this when you plan your monthly budgets.

Cover the major expenses

The two major expenses that will come your way after your early retirement are health and your child’s college fees. Plan and invest beforehand so that your retirement corpus doesn’t get exhausted by these.

Saying “no” to your child is okay

Every parent aspires for the very best for their children and wants to give them everything they desire. But it is OK to refuse at times. You can decide this by evaluating the necessity of the ask. Being transparent about this with your child will teach your child the value of money and how he/she can make better financial decisions when they grow up.

Opt for experiences

Find ways to engage your child with fun activities at home or check newspapers and social media platforms to get insights on what’s happening around the city that your family can enjoy. Your child will cherish the experiences from the time you spend with them and not the expensive toys you get them.

All of this will help you fulfil your responsibilities, and efficiently plan for your retirement at the same time.

We can assist you by helping you plan your investments as per your timelines and goals. With Scripbox you can invest in a curated set of funds, invest hassle-free and track your portfolio’s performance to ensure you reach your goal.

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