Financial planning for daughters: Here's how you can go ahead

Days are gone when people used to aspire to have a baby boy. With changing times, daughters are also touching the sky, giving a tough competition to everyone in different fields. Since they are so special, we should plan for their future too! On the occasion of International Day of the Girl Child, which was celebrated across the world on October 11, the Zee Bussiness informed its viewers as to how they could do perfect planning for their daughters to make their future bright, in discussion with Certified Financial Planner Shweta Jain.

She elaborated in detail why should we do a plan for daughters. The key points are:

1. Money will be needed for your daughters' higher education
2. Start saving money for their marriage from the beginning
3. Planning is also required for sudden needs
4. It will help you in dealing with inflation
5. Investments already made will help in difficult times

For making financial planning for daughters, you should first set goals, and your investment plan should be made according to the time. You should include school fees and college fees too in the planning and make a separate budget for their marriage. You should also consider travel expenses.

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According to Financial Planner Shweta Jain, Investment options for daughters include mutual funds, Sukanya Samriddhi Yojana, Investment in gold, Investment in debt funds, Fixed deposit, Investment in the property as well as Insurance.