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Rising children is one of the toughest job in this planet. If not the hardest--and more than 13 million parents do it solo

Single parents, especially in India, have a tough time managing the society, expectations, and finances. They have got the unenviable process of having to double up on all fronts and but lift on with a smile.

Raising children is one of the toughest jobs on this planet. If not the hardest–and more than 13 million parents do it solo according to a survey.

Start early:

As income is particularly tight for single parents, it’s very important to let time go to work for you. Invest early to give you the best return.If a parent chooses to be more conservative, saving the money in things like guaranteed investment certificates (that have a low return at the moment but one that’s guaranteed, starting early also gives the interest on the investment more time to compound.

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Monitor your current spending:

Chances are the bulk of your money is going toward housing, child care, health insurance, food, clothing and gasoline — but how much is going toward each category, and are there ways to simplify and cut back before all the money vanishes each month? To find out, scrutinize your spending over a period of two to three months.

Be upfront with your children. Have an honest discussion with them about the family’s financial picture — especially if you’re a suddenly single parent. They have the capacity to understand their changed circumstances and help the whole family curb spending once you arm them with the truth.

Insurance is a must :

Although it is important for all mothers and fathers to keep their estate planning in order and to maintain life and disability insurance, this is absolutely crucial when a person is a single-parent, since they are the only provider.

Parents should have a will, a power-of-attorney, and insurance that covers them in the event that they get sick or injured and cannot work.

They should also have life insurance and a policy that covers their outstanding mortgage balance.

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Your retirement:

Single parents also need to plan for their own retirement

Some advisers recommend they utilize a tax-free savings account, which does not offer upfront tax benefits allows the savings to be accessed immediately for emergencies. Money can be placed in a number of investment vehicles, including stocks and bonds, and accumulates tax-free.

Teach Your Children About Money:

“Conversations about money management are important, but they become that much more so in a single income household,” says Leslie Linfield, executive director and founder of the Institute for Financial Literacy.  “Since a child with a single parent will have friends from two income households that can afford more, having open conversations can help ease a child’s negative emotions from not having as much.” Once a child understands a single parent’s financial situation, they generally want to do what they can to contribute towards the family’s financial success.

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New parents would be wise to avoid a financial panic and start planning for a financially fruitful future instead

New Parents would be wise avoid a monetary panic and begin coming up with for a financially fruitful future instead. Here area unit some cash moves new oldsters will build that would build the monetary toll parenting takes tons easier to handle.

Begin employing a monthly budget:

Before you’ve got youngsters, it’s straightforward to justify pin money on fun. If you’re meeting your savings goals and maintaining bills, why not quit with friends, or pay your excess money travelling to examine the world?

While there’s nothing wrong with living a bit, having youngsters offers you a wholly totally different perspective. New and infrequently sudden expenses keep the company from being a replacement parent. the simplest thanks to continuing track financially are by beginning a monthly budget and projected thereto. begin with what quantity you’re presently outlay, and use your best guess for brand new baby expenses like diapers, clothes, and toys. you’ll have to be compelled to go back the budget every few months as those expenses modification. produce a budget that sets limits on outlay with the goal of saving a lot of.

Set out an automatic savings Plan:

Speaking of saving a lot of, parentage contains a manner of ruining your huge concepts. you would possibly assume you’re getting to take the surplus take advantage your bank account and move it to savings, on the other hand, your child desired toys,, your nanny share family drops out, or it’s time to graduate to a fry seat and stroller.

The best thanks to making sure the extra expenses of parenting don’t thwart your savings plans is to create all of your savings automatic. found out automatic contributions or transfers to savings as a part of your monthly budget, then learn to measure on the remainder. 

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Learn to measure on less:

“Learning to measure on the rest” might not sound like fun, however, it’s most likely your best bet if you would like to stretch your financial gain as so much because it will go. A lot of you’ll be able to go while not or cut from your budget, the extra cash you’ll have to be compelled to on the other hand the long run or pay on planned activities which may enrich your children’s lives.

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 Build  an emergency fund:

Having kids typically suggests that ill from one monetary “emergency” when another. youngsters get sick. they have to travel to the doctor. they could break AN arm taking part in on the playground or bloody their bike into your automotive.

Kids conjointly want braces and cash to play on the football team. You’ll want money for once-a-year expenses like provides and faculty field visits. And let’s not chuck all the opposite emergencies you wish to arrange for in life — the unseaworthy roofs and also the cars that require getting replaced.

Pay off debt

Debt is such a tangle, and that’s true whether or not you’ve got youngsters or not. once you’re in debt, you’ve got to arrange your entire life around paying cash to individuals you owe.

Not solely that, the however high-interest debt will build obtaining ahead financially AN particularly robust hill to climb. once you carry a balance each month, you may be paying slews in interest monthly — that’s essentially cash down the drain.

Get (more) insurance

A final cash move for brand new oldsters is shopping for an insurance policy — or perhaps shopping for a lot of insurance coverage to supplement the coverage they have already got.

Before you’ve got youngsters, you’ll solely want enough insurance to hide burial prices and your debts. After kids, on the opposite hand, you’ve got most a lot of to arrange for. you’ve got to shop for enough insurance to exchange your financial gain for your child’s entire life, for instance, and you’ll even need to shop for a lot of coverage to obtain school.

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Involve kids within the finances and show them what you're doing for them.

For many prospective parents, the burden of providing for a child’s education becomes a lot of and a lot of a challenge as prices escalate and also the general level of a public college education seems to deteriorate.

Helpful tips that may go an extended manner towards easing the burden.

Begin swing aside funds from your child’s birth

You merely have six years before the kid commences college. In these six years, you’ll build a considerable fund. Bear in mind that typically, the older the kid gets, the costlier the annual prices become.

Cutting your coat according to your cloth

It simply is also unrealistic to save lots of for primary, secondary education. Bear in mind that while Nursery and first education square measure vital, they supply the foundations for the vital secondary and tertiary levels and there square measure glorious low-value alternatives for public primary and secondary schooling. It’s a story to mention that there are not any smart public faculties – you only have to be compelled to notice them. 

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Family Resources

Encourage grandparents, and different members of the family to feature their contribution to the setup, instead of gifts at Christmas, birthdays and different events. Recommend to grand-parents and different members to provide your kids could be a contribution to their education.

Growth Assets – 

Swing cash within the bank is one factor, however, interest rates don’t realise the kind of growth that such a savings set up demands. A competent monetary planner can advise you that the investment ought to be in assets that square measure progressing to grow and to the current finish, he can probably as not advocate one thing with growth potential while not a really high risk. After all, if you begin early enough, associate degree Equity based mostly investment connected to the JSE can ultimately reward you with associate degree higher than average rate.

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Invest in your own name

While it’s your kid that may ultimately have the benefit of your prudent savings, it’s your cash and you must exercise no matter selections that require being taken to form it work for you.

Involve your kid

Kids got to be tutored the worth of cash and also the necessity to save lots of for eventualities. Involve them in the finances and show them what you’re doing for them.

Take recommendation

History has shown that people who make use of a financial adviser do 25% better than those who do not.

Assess your set up

Circumstances modification because the years pass and what was a decent set up last year is also lean this year. Involve your monetary planner altogether aspects of your instructional savings on a yearly basis.

The only real bequest you’ll offer for your kids so as to assist them through the challenges of life could be a smart education – check that that you just begin early enough to confirm that this becomes a reality for them and for you.

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If you spend so much time thinking about emergencies, but never do anything about it, then you’ll never get anything done

The best way is to start.

I know that sounds silly, but it’s true. If you spend so much time thinking about emergencies but never do anything about it, then you’ll never get anything done. So, here’s some ideas on how to get started.

Get all of your important documents

In a single location. If you can, get notarized copies of these important documents and put them at another location (your parent’s house, a bank deposit box, etc.) That way, in an emergency, you can access these documents quickly.

INSURANCE :

Insurance provides security

Insurance provides safety and security against the loss on a particular event. Life insurance provides security against death and old age sufferings. Fire insurance protects against loss due to fire while Marine insurance provides protection and safety against loss of ship and cargo. For personal accident and sickness insurance financial protection is given when the individual is unable to earn. In other insurance too, this security is provided against the loss at a given contingency.

In Business, commerce and industry, huge properties are employed. Because of slight negligence, the property may be turned in to ashes. A person may not be sure of his life, health and cannot continue the business up to the longer period to support his dependents. By the help of insurance, he can be sure of his earning, because the insurance company will pay a fixed amount at the time of death, damage by fire, theft, accident and other perils.

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Get 3–6 months savings put together :

That’s 3–6 months of your family income. Too many people spend a lot of time preparing for the while neglecting the much more likely event of a personal disaster like loss of a job, etc. Getting together enough money in the bank that you can float for a little while is worth the peace of mind

Learn to use everything in your kit!

I suggest going on a camping trip with what’s in your bag. You’ll get to road test your kit before you ever need it. I’ve seen plenty of people that have never used anything in their bag, only to realize that they don’t know how it operates, and have trouble using it in the field.

These are some basics, there’s a whole internet full of “Prepper” strategy, with advice on how to prepare your finances for an emergency, gardening, long-term food storage, basic first aid, communications by radio, etc. but this is where I would star.

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Boosting your savings is essential to make more cash to speculate.

Your initiative towards sure-fire investment starts with taking stock of your finances. you ought to 1st apprehend your financial gain, expenses, liabilities, savings. Sure, you recognize of these things mistily, however that’s not enough. you ought to be completely clear concerning of these things.

Boosting your savings is essential to make more cash to speculate. that’s why you ought to closely examine your expenses, particularly discretionary expenses, and find out however you’ll block on them.

Similarly, you ought to conjointly closely examine your liabilities to work out the value concerned in mating them. as an example, if you’ve got an enormous  Credit outstanding, you ought to 1st clear that off. this can be as a result of it does not be to pay 40% interest on Credit and earning 12% returns on your investments.

First, obtain a health protect you and family. Two, obtain a term life assurance cowl if you’ve got monetary dependents. Three, produce a contingency fund that may cowl your expenses of a minimum of six months. These steps can make sure that no unforeseen events can derail your investment plans.

Next, try and ascertain answers to those queries:

  • What square measure your monetary goals?
  • what’s your investment horizon?
  • What quite investments must you make?
  • what quantity cash must you invest?

Don’t try and be evasive whereas respondent these queries. If you do not clearly spell out varied goals and the way a lot of cash you’d need, you’re unlikely to realize them. this {can be} as a result of a forgotten goal can have a cascading impact on your alternative investment programme. Similarly, it’s conjointly terribly crucial to urge the investment horizon and instruments right.

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Systematic Investment Plans (SIPs) aren't magic

Systematic Investment Plans (SIPs) aren’t magic. Their superiority to payment investments isn’t a matter of chance or perhaps psychological science however associates absolute law.

What this implies is that, most of the time, beneath most circumstances, over a sufficiently long amount of your time, SIPs can do higher.

To understand this, one simply has got to review what a SIP is and what it will. SIP could be a regular investment during a fund of a hard and fast quantity at a hard and fast frequency, usually monthly. SIPs showing neatness solve the 2 main issues that stop investors from obtaining the most effective attainable returns from mutual funds.

Firstly,

since SIPs mean finance with a hard and fast add often in spite of the NAV or market level, investors mechanically get a lot of units once the markets area unit low. This ends up in a lower average worth, that interprets to higher returns. If you invest an outsized add at one go, you’ll find yourself catching a division of the equity markets. this is able to mean that you just have endowed at a high NAV which would cut back your gains if the market falls. associate SIP could be a great way to speculate at a median worth over a amount.

Secondly,

SIPs also are an excellent psychological facilitate whereas finance. Investors inevitably try and time the market. once the market falls, they sell and stop finance. once it rises, they invest a lot of. this can be the other of what ought to be done. associate SIP puts associate finish to all or any this by automating the method of finance often. It eliminates the mental load of deciding once to speculate and results in higher returns.

It’s clear from the primary purpose on top of that whereas a payment investment may catch a division within the market, it may additionally coincidentally catch an occasional purpose. this is able to build it superior to SIPs.

During a usually ascending market, of the type from 2003 to 2008 or the type we’ve for the past one year, SIPs area unit nearly always higher for periods over a year about. during a drifting equity market, this can be not invariably true.

However, investors ought to additionally see that the second purpose on top of, regarding psychological science, is that the one that offers SIPs abundant of their worth

 

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How are you able to facilitate finance associate emergency move? You guessed it.

Saving up your hard-earned money to stack away associate emergency fund?

Well, it is often a tough sell. Spare money is often arduous to come back by, and, after all, taking a vacation could be a euphemism for plenty a lot of fun.

Or a minimum of plenty people appears to assume, therefore. the thought behind the associate emergency fund is to store a minimum of six months of profit for the sake of “just in case.” simply just in case your job goes “poof.” simply just in case, your automobile conks out. And a pick few alternative things we’ll justify below.

Does that mean an “emergency” outfit for the fete (rumour has it Jude Law can build associate appearance)? That huge trip you’re immature suddenly needs to require this summer as a result of “everyone else is”?

Not precisely.

Here are the explanations why you wish to have an emergency fund:

1.You’ve received a  pink slip:

It usually isn’t as dramatic as Donald Trump proclaiming “You’re fired!” In recent years, it’s looked a lot of like rounds of layoffs spurred by economic turmoil. or even you selected to resign as a result of your job is taking a significant toll on your mental state and you were burning out. regardless of the reason, you wish the simplest way to pay your bills till you identify another supply of income–and your emergency fund ought to be it.

2.The Only Job you’ll Get Is 3 States Away:

According to our survey, an hour of respondents have, for some purpose, had the expertise of being out of work and looking out for employment. And as we tend to all apprehend, once things are becoming financially tight, we want to think about any appropriate position that crosses our path … whether or not it’s wherever you reside.Between finding new housing, arrangement to move your things and therefore the million alternative very little prices that return upon the method, a move is pricey, however, it is often inescapable.

How are you able to facilitate finance associate emergency move? You guessed it.

3.Someone on the point of You Passes Away:

No one likes to set up ahead for mourning, however, if somebody you like will depart this world suddenly, “I can’t afford the plane ticket” is that the last thought you’ll need to possess. If you’ve got to visit (or pay for) an observance, burial service or the other bereavement-related expenses, your emergency fund will keep those charges off your Mastercard.

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There is a saying that” an apple a day, keeps the doctor Away…”

There is a saying that” an apple a day, keeps the doctor Away…” but this does not apply in today‘s world. First of all, not everyone can afford to have an apple a day and even if people who can afford, eat impure apples, get sick and then meet doctors. End of the day, we meet doctors more regularly even more than we meet our near dear ones. Do some calculations on your own and find out, how much money you spend on a monthly basis just to visit the doctor, buying medicine and getting the RECOMMENDED test done. Don’t take into account any hospitalization cost you incurred, else you may well have a high BP.

India Vs USA

Bottom line, the medical expenses are increasing day by day, there is no escape to this. You will be astonished to know that in US, 15% US GDP is all spent on medical cost. 15 % of US GDP means, close to double of India GDP which is over Rs. 5,60,000 Crore. In US 15.3% population is not insured by health cover & another 35% of the population is underinsured but in India, 88% of the population is not covered by health insurance. Medical expense is now on the rise in India as well. In today‘s fast moving and fast earning life, we spent our half working life in 5-star hotels and a half in 5-star hospitals (Read: The rising strength of Indian Middle Class). There lies a huge risk with everyone about medical cost hitting one’s finances in such a bad way, that at times, it is beyond repairable. We meet many people who sell even their house/gold or withdrawing from retirement savings just to cover the medical cost. In such a scenario, one has to cover themselves from such a risk and get a good Medical cover in the form Mediclaim policy.

Benefits & Process of Health Insurance Portability in India

What Mediclaim Policy covers

Mediclaim policy covers against hospitalization cost one incurs, provide one is admitted for more than 24 hours. It covers various cost during hospitalization including that of medication, surgery, room cost, ambulance etc. It also covers the cost you incur on medication, test, doctor’s fees etc. 30 days and 60 days post hospitalization provided the cost is incurred for the same cause for which one is hospitalized.

Who provide Mediclaim Policies?

Mediclaim Policy is typically offered by General Insurance Companies & health insurance cos. both in public domain.  There are many life insurance companies that also offers such similar products but it is better to take policy from a specialist.

Type of Mediclaim Policies

Predominantly there are two types of medical policy available. The most common way of taking such policy is where you buy a specific coverage called sum assured for each of the family members for which you want the cover (Individual Plan). The other way of taking the policy is that you buy a sum assured not specific to any particular person in the family but for the whole family, this is known as Floater Policy (Family Plan).

For example, a family of four, husband, wife and 2 kids. One may take Rs. 1 Lac cover for each of the people and if anyone meets with casualty and is hospitalized, the insurer will pay up to the limit specific to the person. But if you have taken a floater policy, you buy a floating cover, let say of up to Rs. 3 lacs for the entire family. Now if anyone in the family, meets with the casualty, the cover is up to Rs 3 Lacs. But if one has fully used that float, then for that year, the insurance company will not pay anything if either the same person or someone else family incurs hospitalization cost.

Special policies for senior citizens are also available. Consult a Certified Financial Planner near you before taking the policy because it’s important to first judge your requirement & then select a best suitable policy.

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Mutual funds are a very common type of investment - but are they good investments?

Mutual funds are a very common type of investment – but are they good investments? The answer depends on the specific mutual fund you are talking about, and on how much work you did to determine if the fund fits with your goals and objectives.

Here are the six things you need to know to determine what types of mutual funds might be a good investment for you

What are Mutual Funds?

Mutual Funds are investment options wherein the money from several investors is pooled in by an Asset Management Company (AMC) and invested in different instruments such as debt, equity, securities and money market. The resulting profit, after deductions by the AMC, is divided among the investors as per their portfolios. Mutual funds are regulated by the Association of Mutual Funds in India (AMFI).

To choice a mutual fund that will be a good investment for you, you have to define your investing goals and objectives. For example,` if you’re not planning on using the funds for a long time, you can focus on long-term growth. If you don’t like risk or need to use the money in the next few years you’ll want to focus on safety. If you pick a growth fund when you needed safety – or vice versa – then the fund is not likely to end up being a good investment for you.

How Mutual Funds Charge

The lower the investment expenses you pay, the higher your returns. You can study the cost of a mutual fund by looking at the fund’s expense ratio which is always disclosed in the funds’ prospectus – and today can usually be found online.

You’ll want to look for funds that have low fees (ideally less than 1%). Your time is better spent doing this type of research than trying to find funds that had the highest returns last year. Last year’s results are no indication of what might happen this year. You want a fund that consistently invests according to its goals and objectives and has low fees.

 Liquidity.

Because your money is spread across so many stocks and bonds, you can sell your mutual fund holdings at any time to meet your financial needs. The money hits your bank account as soon as the day after you sell the mutual fund. This is so much quicker than selling some other illiquid investment assets, such as real estate.

A mutual fund can offer a simple and efficient way to invest in your life goals – whether retirement, education, buying a home, or just generally making sure your money grows. And a good investment advisor can help you achieve these goals – at a price that is honest and fair.

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