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4 important milestones in your child's life you should be prepared for

Key Takeaways

  • Plan early for key milestones like school, college, and your child’s first car or home.
  • Use savings and smart investments to stay financially ready.
  • Start a savings account to build a solid foundation for your child’s future.
23 Jun 2025 by Team FinFIRST
Important milestones
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Your child goes through many important milestones in life, both exciting and memorable. However, to ensure they receive the very best of everything and achieve what they deserve, you need to be financially prepared. A good idea is to start saving smartly. Read on to know more.

Essential milestones in a child's life
 

Here are some of the most important milestones that your child will cross.

1. School Admission: 

 

Getting into a school is a crucial milestone. School will shape your child’s personality, experiences and skillsets. The learnings here will help them develop into the person they are meant to be. As a result, you need to choose a school that ensures they can learn core skills and grow up to become independent and well-rounded individuals. Starting an IDFC FIRST Bank Minor Savings Account early enough can help you put away money regularly to meet every educational aspiration your child has in the future.

You can open a Minor Savings Accounts (Under Guardian) for minors below 18 years of age or the FIRST Prodigy (Minor Self-Operated Savings Account) for those above 10 and below 18 years of age. Simply click here.

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2. College Admission: 
 

While school years lay the foundation, your child's college years will help develop them into a mature, responsible and independent adult. This is why picking the right college, and the entire admission process is an important period you need to be prepared for. From sharpening skillsets to building lasting bonds, a college education is critical. And when you have a stable financial corpus, you can give your child the wings to fly! 

3. First Car:
 

Whether a pre-used car or a new car, your child's first vehicle is a major milestone. It signals their independence and acts as the event where they begin their journey away from your protective shadow. One way of doing this is taking a car loan, where you pay for the principal, and they pay the loan instalments. It shows your faith in them. You can consider an IDFC FIRST Bank Car Loan, which has minimal and transparent fees & charges and an interest rate starting 9.99% to make this milestone possible.

4. Buying a House:
 

For most Indians, owning a home is the ultimate goal. And as your child grows older, investing in real estate will be of primary importance. But buying a house or property does not come cheap. Setting aside a significant sum to make the initial payment is advisable to help reduce the eventual loan burden. IDFC FIRST Bank Home Loans can help turn the dreams of owning a home into a reality with interest rates starting from 8.85%.  

It is essential for you to budget your expenses so that you save enough every month and contribute towards your child’s life-milestones without depleting your savings. While investing a part of the money in various investments such as fixed deposits and mutual funds is wise, do not underestimate the power of more straightforward products, like a savings account. The best way to be prepared for all these milestones is to categorise them into medium and long term goals and use financial instruments that help you save correctly for each of them. With a bit of planning, you can ensure your child has the life you always wanted to give them.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.

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