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Ramalingam Kalirajan |10881 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Apr 01, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more

Asked by Anonymous - Feb 20, 2024Hindi

We are a couple earning Rs 60000 per month. My husband doesn't have any parental property. We need to save for our children and also buy house in future. We don't have child now. Please advise

Ans: Dear couple,

It's commendable that you are proactively planning for your future despite the current absence of children. Here are some steps you can take to work towards your financial goals:

Establish a Budget: Begin by creating a budget that outlines your monthly income and expenses. Identify areas where you can cut back on unnecessary spending and allocate a portion of your income towards savings and investments.

Emergency Fund: Start building an emergency fund to cover unexpected expenses such as medical emergencies or job loss. Aim to save at least three to six months' worth of living expenses in a readily accessible account.

Save for Children's Future: Even though you don't have children yet, it's never too early to start saving for their future education and other needs. Consider opening a dedicated savings account or investment account specifically earmarked for your future children's expenses.

Plan for Homeownership: While homeownership may seem like a distant goal, it's essential to start saving for a down payment early on. Set a savings target for your future home and explore options such as investing in mutual funds or other suitable investment vehicles to help you reach that goal.

Explore Insurance Options: Consider investing in life insurance and health insurance policies to protect your family's financial well-being in the event of unforeseen circumstances. Compare various insurance plans to find the ones that best suit your needs and budget.

Invest for Growth: Begin investing in mutual funds or other investment instruments that offer the potential for long-term growth. Consult with a financial advisor to assess your risk tolerance and investment objectives and develop a diversified investment portfolio accordingly.

Regularly Review and Adjust: Periodically review your financial plan and make adjustments as needed based on changes in your income, expenses, and financial goals. Stay disciplined in your savings and investment approach to ensure steady progress towards your objectives.

Seek Professional Guidance: If you feel overwhelmed or unsure about your financial decisions, don't hesitate to seek advice from a qualified financial advisor. A professional can provide personalized guidance tailored to your unique circumstances and help you make informed decisions.

By taking these proactive steps towards financial planning, you can lay a solid foundation for your future family's financial security and well-being. Remember that consistency, discipline, and patience are key to achieving your long-term financial goals.

Best wishes on your journey towards financial stability and prosperity.

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