What are the options I have to secure my child’s financial future?

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financial future

Being a parent, the first thing that comes to your mind is the children’s future physically and financially. Today, in this article we would be talking about certain points which are worth reading as we would be informing you about the ways to secure child’s financial future.

Take Care of your Child’s financial future

Sukanya Samriddhi Scheme

It is one of the Government of India initiative to encourage saving for a girl child. As the name suggests, it’s one of the finest ways to secure one’s baby girl’s future. It can be opened from the time of birth till your daughter attains 10 years of age. You can decide the amount which can be deposited within Rs 1000 up to a maximum of Rs 1.5 lakh every year.

Invest in gold

Gold ensures minimum or no risks in the financial markets. Best investment in gold should be either through ETF, gold mutual funds or E Gold. Investing in gold can always be profitable and can be of great use when it comes to uncertain incidents.

Risk cover to protect future goals

It’s utmost important to take proper term insurance cover for yourself to secure your child against any unfortunate incidents. A saying goes, “A fool thinks about present while a wise thinks about future”. Though there’s no guarantee for those incidents to occur but it’s advisable to have a risk cover in order to avoid the financial impact on the lives of your children.

Also Read: Top Online Forex Trading Platforms to invest your money.

Equity Mutual Funds

It is very beneficial as it has longer time frame say 10-15 years and the easy mode of payment available (SIP). You can expect a return around 12% per annum and it’s very helpful in any uncertain situations. It’s undoubtedly beneficial in the long run.

financial future

PPF

PPF is said to be one of the best investments so far with no risks at all. It can be easily used for your child’s education or marriage. It is very flexible in nature and is considered to be very beneficial by the experts.

Saving Bonds

To invest for having a secure future for your child, investing in bonds is one of the wisest decision you may ever take. Though it doesn’t give you the same kinds of returns compared to investing in stocks or mutual funds but if you look at the long term, the brighter side is that it’s the best option to supplement your savings.

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