Planning ahead for the financing of future significant events in family life takes much of the worry and stress out of daily living.
The biggest events are the children’s education, their marriages and your eventual retirement.
Most parents want the best for their children and will do everything they can to prepare for their future and high priorities are usually ensuring that they get the highest level qualifications they can in order to get a secure and well-paid job in the future.
This will mean planning for college tuition fees and living expenses while they are studying, especially if they hope to go to university in another country.
Weddings are also expensive occasions and even though dowry is no longer legal the tradition of giving gifts to the family of bride and groom still persists. Even without this the actual expenses of the wedding venue, decoration, invitations, travel, food and hospitality can be considerable.
Retirement is a time when you do not want to be worrying about money, especially medical bills, and you do want to be able to enjoy a well-earned rest with time to catch up with all those interests that perhaps were no possible while working and raising a family.
All these major events in a family’s lifetime come with costs that are better prepared for over a longer period so that a little money can be put aside at regular intervals in a way that allows for management of the household budget as well.
This can be done by investing in a mutualfund advisors in Delhi and it is advisable to talk to a mutual fund adviser who has access to a wide range of such funds and can select the one that is most appropriate for your purpose.
Calculating how much will be needed for college education, marriages and for retirement depends on how much an individual can afford to put aside from their salary.