7 financial planning tips for couples with kids
Financial planning is one of the most important aspects of life for every individual. This assumes greater importance when you are married with kids. Then, you dont only have to plan for yourselves but, also think and plan accordingly for your childs future
Ideally, parents should start planning the kids finances right from the time of their birth. Its very important not to procrastinate on financial planning for children and push it to a later date.
1. Analyse your condition: While many couples may have a decent income, sadly their expenses are also usually shooting of the roof. Its important to keep a check on your spending and thoroughly analyse your financial standing.
2. Insure your family: The moment you start a family, you should secure it for any unfortunate event which may result in a financial havoc. This will take away a huge burden from your head. Buy a good term insurance plan to secure your family.
3. Save for your childs education: Planning for your childs education is one of the main concerns for every parent. With escalating costs, it is advisable to start saving at the earliest and also factoring in the future cost of education, say for 15-18 years from now.
Plan your investments in a way that you can get the money at various stages of your childs life – for example, 18, 19, 20 and 21 years.
4. Invest and diversify: A lot of individuals who invest regularly often forget or ignore the importance of diversification. Diversification ensures that investors can gain varied benefits and do not suffer huge losses, which is quite common if the investments are done in a single source only.
So, its always important to distribute the investing amount among different investment options like mutual funds, equity, provident fund, public provident fund, to ensure that your returns are protected.
5. Create different bank accounts: You can save money in different funds based on the priority of the purpose of investing. You can open separate bank accounts for putting away money which will lock the amount for your childs future.
This money put away, will provide you with sufficient funds for your kids education, marriage or your retirement.
6. Create an emergency fund: An emergency fund is one of the most important parts of personal finance and is usually neglected. You should create an emergency fund in the form of savings account funds or even fixed deposits so that you can access them easily during an emergency. This emergency fund should be stowed away safely where its not at any risk. Try not to access it for leisure or entertainment purposes.
7. Teach your kids about money: Its important to teach your kids the importance of saving money and equipping them with skills to invest early on. Money management is a skill they can develop at a very early stage if you guide them to the right path. This will help teach them the value of money from the beginning.
A Welcome Quality Audit of Educational Institutions
It is the duty of the State to ensure quality in education. This is easier said than done in the Ind. Read More
Nord Anglia Education Inc Receives Average Recommendation of Buy from
Nord Anglia Education Inc has earned an average rating of Buy from the eight research firms that are. Read More
AIIMS MBBS Entrance Test 2008 - Date Sheet PMT
MBBS Entrance Examination will be held on 01.06.2008 (Sunday). LAST DATE FOR RECEIPT OF COMPLETED . Read More
5 Tips To Make The Most Of Student Life As An Immigrant
Student life can be stressful in your early days with tons of assignments and exams, even more so, i. Read More
Violence in The Libyan City of Benghazi
Recent violence in the Libyan city of Benghazi continued with a grenade attack on a private primary . Read More
\n\n\n\nB.ED FROM MAHARISHI DAYANAND UNIVERSITY, ROHTAK Admissions open for session 2015-17 Eligibility Criteria: • Any Graduate or Post Graduate with 50% marks can apply. • Colleges in Gurgaon an
Weiber pass box static is designed to minimize traffic and contamination entry into the clean room. Our Pass box comes under the international standard and is used for transferring the material
Shantigram Township is one of the popular Residential Developments in S.G. Road neighborhood of Ahmedabad. It is among the well known Projects of its class. The landscape is beautiful with spacio
ANIMAX HEALTHCARE PVT. LTD. - Supplier and manufacturer of veterinary pharmaceuticals products, veterinary pharmaceuticals product, veterinary products, animal healthcar
Emerald Floors Premier, low-rise premium homes featuring the highest design standards and quality amenities at attractive price points. Walk into your home and experience a feeling of luxury, quali