Financial Tips: Teach your daughter the trick of saving from the beginning, so that she becomes self-reliant in life.

Financial Tips: There have been many such studies in the world, which show that leave alone illiterate or less educated women, despite being degree-holding professionals and entrepreneurs themselves, women are lagging behind in the matter of keeping money with themselves. Are going. Often, they have to worry about their financial needs. It is also seen that money frauds are more common among them as compared to men. It would be better that you give every kind of financial training to your daughter from the beginning, so that she does not have to face such problems in future.

savings lesson

Get your daughter’s bank account opened as soon as she starts going to school. Motivate him to keep the money in his bank account instead of spending it here and there as pocket money or money received from his parents, siblings, grandparents on special occasions like birthday or various other occasions. Deposit in the account. If your daughter starts an internship or job or starts a startup, deposit a part of her earnings or salary in the bank account from the very first month. This amount should be at least 50 percent. Gradually, when his bank balance increases, he will start enjoying it.

investment lessons

Once your daughter starts getting fixed income, ensure that she has fixed savings every month and gets good interest or returns on it. For this, open a recurring deposit account in the post office or any bank. Start SIP in a reputed mutual fund. Once you have accumulated a decent amount, ask him to deposit the money in a fixed deposit with a higher interest rate. When you tell your daughter about different ways of investing, teach her about good returns and teach her how to invest along with saving money, then she will gradually start understanding these things and she will also start doing research on her own.

accounting of income and expenditure

The daughter should keep track of her income and expenditure, how much money is going to which bank, post office, mutual fund, insurance company, how much money is being spent and how much is coming in every month, all these details should be written in a notebook. Say.

importance of insurance

Tell your daughter that taking health insurance and accident insurance policy is not an extravagance, but a necessity. In today’s era, they have great importance when diseases are increasing, huge expenses are being incurred on treatment and uncertainty of life is increasing. From the selection of companies to purchasing the right amount of insurance, the criteria should be explained to him through an experienced financial expert or a trusted and experienced insurance agent.

Also read: Information about savings scheme given to children

financial world news

Tell your daughter how important it is for her to be financially independent, intelligent and stay updated with the news in the financial world. In today’s economic era, tell him regularly through various examples that ‘without money everything is lost’. Nowadays children easily get debit cards and credit cards from banks. As far as possible, discourage them from taking credit cards. But, if it is useful for him, then instruct him to use the credit card very carefully.

refuse wasteful expenditure

Be it newspaper or electronic media, nowadays there are a lot of advertisements for online gambling. In these, children are tempted to earn easy money. Protect your children from these fraudsters. Do not let them play such games under any circumstances. Teach your daughter from the beginning that saving money is very important. It is not wrong to spend money for luxuries, to buy equipment, vehicles, etc. to make work and living easier, but it is wrong to spend money to show oneself rich, to look better than friends, etc. It is foolish to spend more than necessary. Especially buying luxury items by taking loan is completely unwise.

Input : Based on conversation with Shikhar Chand Jain, CA Jitendra Mittal.