Late parent? Know these financial tips
Posted on: 17/Jun/2015 11:34:00 AM
It requires serious planning and streamlining of procedures when you kick-start your family life. However, those who got children during their 30s or 40s have got their unique implications, mainly with their financial terms. It’s after all your peak time of earning and your retirement will be left in very few years from then. You will have to rejig your financial plans as old parents. How to make your financial moves secure without putting your child under a jeopardizing phase in future?
Well, first option you should be avid about is to save aggressively. That doesn’t mean to be frugal, but to cut down on unwanted expenditures. One of the parent based in Gurgaon withdrew from being a member of gold club when her daughter attained her age of 10. Cut down on the cost even if it is on a major lifestyle modification. One other couple based in Hyderabad saved from avoiding their foreign vacations after their daughter turned 3. You also need to remember that cutting down much on your lifestyle will create a negative impact. Being smarty is necessary in this regard. Converting your large annual insurance premiums into solid, manageable monthly or quarterly payments will do. Though the expense will be the same, paying it at minimal premiums will reduce your burden.
You need to be cautious about your investments and save in means that get you high returns. When you choose to deal with stock market business, you may have to opt for mutual funds to reduce risk. Rather than choosing small cap funds, large ones are recommended. Multi-cap funds are preferable too.
