Savings Plan for Child: Everyone fights for their children. Makes many plans for good child care, education, marriage and future and invests in different options to fulfill those plans. From the very birth of children, we start financial planning by taking them.
Every parent wants to give a better tomorrow to their children. For this we save and invest. The goal can be achieved only by investing in the right place at the right time.
start investing early
Start investing as early as possible for a secure future for your children. This makes it easier to meet the financial needs of the coming times. One should invest in different schemes for different goals.
There are many schemes in the market including Sukanya Samriddhi Yojana for children, Monthly Income Scheme of Post Office, Jeevan Tarun Plan of LIC, Child Insurance Plan, by investing in which you can secure your child’s future.
Also read- Why there is a need to deposit money every year in PPF, Sukanya Samriddhi Yojana and NPS
Nowadays the cost of education has also become very high. Lakhs of rupees are required for admission in nursery class itself. Apart from this, at least 7-8 lakh rupees are required for any professional course. Therefore, investing should be done keeping all these things in mind.
We should be very careful while investing for the education and good upbringing of our children. It is important to have diversification in the portfolio so that even if there is less return from one investment or savings scheme, the higher returns of another scheme can be compensated.
Along with the children, one must also take insurance cover for themselves. Because, no one knows when what will happen with whom in life. In order not to affect the future of your child due to any untoward incident, it is necessary to have an insurance cover for yourself.
Tags:, Investment tips, Personal finance, Small Savings Schemes
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