Financial planning: How to plan for your child’s future?

How can you too start planning for your child’s major future expenses which come for graduation, post-graduation and finally, marriage? Let’s understand how to go about it using a simple example

Mutual Fund Investing: Be aware of these things before you invest in an NFO

There are hundreds of funds out there. So, when an NFO is launched, we need to figure out what is so unique about this new NFO that was not already available earlier via the existing schemes. Here are a few points to keep in mind before deciding

'Too old' to start investing? This is how you can still make the most of it

While starting early has tremendous benefits when it comes to investing, all is still not lost if you are a bit late to the party. You can still achieve your financial goals. 

Taken too many loans? This is how you can manage multiple loans simultaneously

Just because you have the ability (a sufficiently high income) to take many loans and service EMIs doesn’t mean you should take them. After all, you have to repay the loan and it’s not free.

How to build your mutual fund portfolio to achieve your financial goals in time? Here are key steps

For your long-term goals, more equity is advisable as it helps generate inflation-beating returns. For the short-term goals, equity is not suited and hence, it’s handled via pure debt funds. As for the medium-term goals, a sort of balanced approach of equity and debt is chosen. Let’s try to address your situation and simultaneously, show you how to build your MF portfolio

This is why you should refrain from following thumb rules of asset allocation in portfolio

Thumb rules can be conveniently useful for generalisations, we are about to discuss, and more importantly, highlight its limitations, the Age-based asset allocation of 100 Minus Age.

Emergency fund: This is why you may need to keep aside more than 6-months' expenses

When putting aside money for emergencies, you should not go after high returns. Remember that high returns come with high risks. So importance should always be given to liquidity, ease of access and safety when parking your emergency money.

This is why Sukanya Samriddhi Yojana may not be enough for your child’s future

The structure of an SSY account is such that there are few restrictions and rules that make it less investor friendly. Read further to know more on this

Before renewal, do review your health insurance requirements every year

<ul><li>Renewal is your chance to review your health coverage and whether it’s still sufficient for your requirements. Ideally, this review should be done yearly. If not, then make sure to do so every 2-3 years or when some important life event occurs.</li></ul>

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