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Mutual fund: An investment that takes care of the entire family
Published On , 13 May 2019 By TT Connect
MUTUAL FUND: An investment that takes care of the entire family
HOW TO CREATE A FINANCIALLY PRUDENT FAMILY
BY TALKING MONEY Do what: Make your dinner table conversations more meaningful by discussing your finances.
How: Spend some time daily to understand the needs, problems of each one. Even discussing petty expenses or income can make a lot of difference to your family’s financial status. You can also play fun games and activities that would make the family financially disciplined.
BY BUDGETING Do what: Create and maintain a budget and ensure that the entire family stays committed to it.
How: Identify all the possible sources of income in addition to salary and/or profits. Think of every expense associated with each member of the family. Prioritise the expenditure and carefully allocate your resources.
BY LEVERAGING TECHNOLOGY Do what: Automate bill payments and savings.
How: Ask your bank to help you with its autopayment options. For automating savings, you can start saving your money in Mutual Fund Systematic Investment Plans (SIPs). In this case, a fixed sum of money automatically gets deducted from your amount and is invested to earn returns.
BY ENSURING TOGETHERNESS EVEN IN INVESTMENTS Do what: Strengthen your family bonds by creating joint investment plans.
How: For example, you can invest in Mutual Funds jointly with your wife. Alongside, you can start a Systematic Investment Plan (SIP) for your child’s secure future. You can help your parents in managing their investments.
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