Kaam Ki Baat: If a small guest is coming to the house, then do such financial planning, happiness will also come
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Kaam Ki Baat: A small guest is about to come to your house, that is, if you are going to become a parent, then you will have to do some financial planning apart from domestic preparations. While a small member brings a lot of happiness with him, he also increases many responsibilities. So if you are going to be a parent soon or have become a parent, then this article will give you information about the same financial planning.
Preparation for the early life of the child
Review the household budget and review how much more needs to be added to it.
Children according to their income Plan to add corpus for at least 10 years’ needs.
It is not necessary that you should save lump sum money for the child, you can also accumulate funds gradually through investments and savings .
Get health insurance for every member of the household including children, so that your child and you have cover for diseases going on in today’s environment.
Know about health insurance products and according to the age of the child Plan accordingly. For example, adopting a family floater plan can be a good option in which parents and children up to the age of 25 years can get cover at a low cost.
After these initial requirements, know about some long term goals
You have to think about the education of the child and for this you will also have to raise a good amount and from time to time Will have to increase For this, you can also take an income plan and invest in government securities (G-Sec) or post office schemes. You can also plan for, eg – invest in insurance, mutual funds, gold bonds or equities.
After all this you can prepare the child till his/her career time then you will get complete satisfaction that you have raised him/her like a good parent and have taken full care of the financial needs which are very much in today’s challenging environment. Required.
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