Neha Nagar Instagram – 5 best things you can do for your child.
Read Caption.
1. Open a separate bank account as soon as they are born, keep all their shagun money in the account & then plan to invest in somewhere. Add 10-15 % of your income in this account to invest for their future.
2. Start investing & diversifying: You can invest in Index funds ( risky ) for long term goals ( higher education, marriage), you can invest in govt schemes ( risk free ) like sukanya samridhi yojana / PPF / Post office term deposit etc ( will talk about these next few reels – so hit that like/save button )
3. As they grow , start giving them some allowance- let them make mistakes, teach them value of money.. Let them budget for themselves & save. Let them decide where to spend their limited money. Take them to grocery shopping as well. Let them plan it. Talk about how you go to work to earn some money for family.
4. When they turn 13 or so, include them in your financial discussions. They will be able to learn how to make money decisions. Give them options: buy an expensive car & cut down on vacations or we should buy a small car & enjoy more vacations ?
5. Insure : You must take health insurance for everyone in the family including your new born, and take life insurance for the earning member in the family. Also don’t forget to add nominees in all your belongings.
Will add more details here soon. Hit that follow button & wait for my next reel 😊❤️
#nehanagar #personalfinance #masteryourmoney | Posted on 06/Sep/2023 21:44:06
