Tips to Manage Financial Stages of Life
4. When You Have Children
Children are obviously important for every parent and therefore you should make sure that you are able to fulfill all the important necessities of your children. Most of you may already have planned finances for your children's education, but apart from education too there are expenses that most parents ignore. These expenses add on to your regular expenses and might misbalance your financial budget.
Bimal Gandhi, chairman, Ameriprise India says, "While most couples plan for children's graduation and post-graduation, they do not account for an increase in regular expenses after the baby arrives, including the cost of hiring a nanny, healthcare and schooling", quoted Business Today.
5. When You Are Retired
Weather you plan to retire early or later you have to take care of the funding in the post retirement years, when you will not be having any source of income. Therefore financial advisors suggest that people planning their retirement solutions from early twenties usually have more secured and financially stable post retirement life. Basically your retirement plan will decide how will you be spending your retirement life later down the track.
