Managing family life and finances could feel overwhelming but with some budgeting strategies, you could find a balance. In this video, we’ll explore tips for budgeting with a growing family.
You’ll learn how you could start by tracking your income and expenses using tools like Excel or budgeting apps. You could set aside funds for daily necessities such as groceries, school fees, medical costs, etc. Regular savings through SIPs or long-term investments in PPF and NPS could help secure your family’s future.
We’ll also dive into savings and investment options, including FDs, mutual funds, and Sovereign Gold Bonds. We’ll explore Education Savings Plans or ULIPs that could help you combine insurance and investment. We’ll discuss how comprehensive health insurance with add-ons like maternity benefits could offer valuable coverage.
We’ll look into retirement planning and debt management that are equally crucial. You could balance your NPS contributions with EPF and manage existing loans by seeking better interest rates. Additionally, we’ll uncover how estate planning through wills and trusts might ensure your family’s security.
Finally, we’ll highlight the importance of educating your children about financial aspects from an early age. This could set them up for future success. With these steps, you could chart your course through the financial journey of parenting.
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