A parent’s priority is keeping their family safe, healthy and happy. You undertake a lot of efforts to do so, as you only want the best for your family. Security along every step of the way is important as it stops you from worrying too much about risks.
Like every other kind of safety, like health, emotional well-being and happiness, knowing that your finances are secure is also an important safety cover for you and your family. Securing your family depends on plans you make for them in the long term.
It is important to set financial goals, as they help you decide on the financial plan of action for your family. Thinking of financial goals or needs for every stage can help you plan and therefore prepare for the expenses you need to meet at every stage.
These can be along the lines of anticipating hospital costs for delivery as one stage, and babycare costs as the next, followed by schooling, and then higher education. It is also important to plan for additional and emergency expenses like health care.
It is never too early or too late to start saving. Whether big or small, savings can go a long way. Spending wisely is an important part of saving. What really helps with savings is maintaining a log of expenditure, as it helps you review your spending patterns and change them to suit your goals. When savings are invested in good assets, you also earn returns, that help you expand the resources you have to support your family.
Finally, you need to consider the later future. This includes planning a comfortable retirement for you and your partner, and funding your children’s higher education, which they use as a path to their dreams. Planning and saving go a long way, but we sometimes fail to consider what would happen to our family’s dreams in the unforeseen event of our demise.
It is important to review and update your existing insurance plans, or start choosing an insurance plan that satisfies your goals. Insurance acts as a financial blanket for your family, in your sudden and unforeseen absence. HDFC Life Click 2 Protect 3 D Plus is a term insurance plan, which secures your family at every stage for a minimal premium payment. Giving them maximum cover for a minimal premium, it helps them continue to be financially independent and follow their dreams.