Mother’s Day advice on financial planning for mothers
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Dear Mothers, The best gift that you can give your children is the gift of financial planning. Make sure that you save a portion of your salary for the children and their well-being. This portion should be used for their milestone needs- like birthday presents, trips or some course which they are keen on doing. Consider investing in a mutual fund or a saving insurance plan which you can redeem on the occasion. You can also save a portion of your salary in Public provident Fund (PPF) which can be used for yourself or your children later. This is especially important as it is the one of the few investments that offers tax exemption at the time of investment and redemption and the interest is also exempt from income tax. Health is a very important aspect of life, so it is crucial that your entire family is insured against any major illness. Make sure that your child, spouse, and parents are covered. In most cases, your employer may provide b...