When speaking to parents about financial planning, I often come across the following obstacles;
•    I don’t know where to start
•    I don’t know whom to trust
•    I don’t have enough time
•    I don’t have enough money
•    I don’t want to face up to this issue now
•    I’m hoping my child will become self-sufficient
Parents at some stage in the future may not be able to provide full-time care for their child with special needs. If you leave it too late to plan things out, it will probably be too late to put in place the financial steps to give your child a decent standard of living. Small changes to your personal finances now can make a big difference later.
If you don’t have a financial plan that interlinks with your will and trust, then unfortunately the most influential people in your child’s future will be the government. I can assure you that their vision for your child is most likely not the one you have imagined for your son or daughter.
As a parent of a child with special needs, you have a lot on your plate. It is far more expensive to raise a child with special needs. When your child becomes an adult, your financial commitment doesn’t end there. You also have the financial pressure in providing for them throughout their adult life.
The only way to alleviate this worry and create a brighter financial future is to plan it out. It is never too late to make a plan no matter what financial circumstances exist today. Naturally you will find your plan will change as different life event occur.
The obstacles I mention earlier are real and hard to get over. As like many challenges you’ve already faced this is another item you have to tick off. With a financial plan your goals and dreams can come true for your child.
This article was prepared by Allan Cuthbert, a Special Needs Financial Planner. If you have a financial question, feel free to email allan@financialwellbeing.ie or call 021 482 3635.

For more information about special needs financial planning, check out www.financialwellbeing.ie