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It is imperative for young parents to think about their child’s future today. Be it higher education or marriage, parents want only the best for their children. Starting early gives ample time for your investments to grow and turn into a large sum, when it can be put to its best use. It is important to factor the effect of inflation in your plan. Inflation decreases the value of money over time, so if you’re planning to save money, you have to plan accordingly.
List the goals that need to be achieved and then make a suitable investment plan to attain those goals. A professional financial planner can tailor a solid investment plan that suits your need.
The host of investment tools can be deployed strategically for different goals. Higher education and marriage are events that burn in a hole in your finances; plan accordingly.
Planning for marriage
According to a 2011 survey, half of parents invest in public provident fund (PPF) and low yielding fixed deposits. PPF offers the magical effect of compounding, which Albert Einstein dubbed as the, “greatest mathematical discovery of all time.” The interest on the balance in a PPF account is compounded annually and credited to the customer’s account, at the end of the year, giving great returns in the long-term and therefore is a perfect tool for long-term investment. This is ideal for planning your child’s marriage since it’s a long-term investment tool which is best utilised in a 15-20 year horizon. The investment in a PPF account and the interest earned on it is exempted from tax (upto a limit of ` 1,50,000) under the section 80D of the IT tax, and therefore offers double benefit to the investor.
Making a scholar out of your young one
Education is the biggest worry for young parents. Given present scenario, education cost is slated to rise higher than inflation and decrease in the value of money as a result of inflation will exacerbate things further. It’s a well-established fact that equity markets give good returns in the long-term. One could look at mutual fund which involves SIPs (systematic investment plan), which is a great tool for salaried professionals. Make sure to avail exemption on interest rate paid on such a loan, which reduces your tax outgo.
Safety first
If fate were to take you away from your children, it’s only prudent to be prepared. Child insurance plans offer the dual benefit of insurance and investments. And medical insurance and premium paid is tax deductible up to 25000 and works both ways when it comes to wealth preservation. Unit-linked investment plans give high flexibility to choose from various funds depending on comfort level and risk appetite. Such a plan not only provides an insurance cover to the beneficiary (child) in case of parent’s death but also provides life benefits on maturity of the plan
