Raising a child in today’s world is not as easy as it was 30 years ago. There have been so many changes in terms of technological advancements, real estate and fuel prices. A lot of these changes actually make life easier for today’s generation. For example, you no longer have to carry cash or a cheque book everywhere you go. Most payments are now made online - all you need is a smartphone.
At the same time, you have a lot to consider when there is a family depending on you. Planning out your family’s finances is a very important task, and one of the best things you will do for them. When raising a child, you should have an idea of how much you can spend and save.
When in doubt, we always turn to our elders for advice - especially when it comes to finances. They may not know everything about the latest trends, but they are wise in matters like family expenditure. Our elders were the best at prioritising and planning their expenses. Here are some of their best habits that could benefit us too:
1. Needs are always placed above wants.
From a young age, you have been told to finish up your meal before getting dessert. This is so you get your nutritional needs met before your sweet tooth cravings.
2. Always track your expenses
There is a reason parents give a fixed pocket money to their kids. It gives kids an opportunity to learn to be wise about what they spend their money on.
3. Working hard gives you solid savings
Remember how they gave you a little extra pocket money for helping with the chores? That teaches you a little something about managing your own finances.
4. Avoid Depending On Your Credit Cards
We enjoy the convenience of credit cards, but we should also remember to spend within the credit limits we have. Our elders usually pay with cash, and spend only the money they have. It helps avoid borrowing and also helps prioritize before spending - you won’t buy something you do not have the money for.
It would definitely be wise to set a similar example for your kids.
This aside, there is one thing our elders were not able to do for their kids, which we can still do for ours. We’re referring to securing the kids’ future and protecting them from financial loss.
Insurance plans were available but they were not as affordable as they are today. Today, there are so many affordable insurance plans that are tailored to specifically meet your family’s needs, and help your family lead a stable and comfortable life even in case of an unfortunate event.
There is no better time than now to get a solid insurance plan in place to cover your family’s financial needs. HDFC Click 2 Protect 3D Plus is a term insurance plan that you can rely on. It keeps your family secured with a maximum cover offered at a minimal premium. This means that nothing will stop your children from following their dreams and being financially independent.
Insurance plans allow you to live your best life with your loved ones with the knowledge that they will be taken care of even when you are not around. Insurance is like a safety blanket for your family’s future.