Become Financially Strong
If You also feel that inflation is rising and money is falling and it is difficult to raise money for the future, then you are not alone. But you can also be a source of inspiration to other people if you want to deal with this problem better. Saving money and making good use of it an art just like making money. If you have learned this art, then you have done the greatest mirade in the world. However, it is not as difficult as you think. All you need to know is how to improve your present and your future.
Extra Bank Account : Be sure to open an extra bank account and keep investing in it from time to time. Try not to withdraw money from it. In addition, you can run an RD at a post office or bank. You have to deposit a small in it every month and after five years you see that this small amount has become a good amount. Start a new RD after five years and transfer the amount of the old Rd to FD.
PPF for the Future : Once you PPF account is open another PPF account in the child's name this year. You can also avail tax exemption under 80 - C on the amount deposited every year. In PPF you can deposit a maximum of Rs. 70,000 per annum. If you deposit this amount in the child's PPF account every year, then after 20 years when he needs a large amount for his career a you will get Rs. 25 to 30 lakh, which is not taxable.
Protect Parents : There is nothing better than a Mediclaim policy to make parents financially strong. It is certain that there will be physical ailments with age. Sometimes as soon as they retire, parents find out that the policy under which they were covered by their employer has now come to an abrupt end. It is best to get a Mediclaim policy for patients three to four years before their retirement. After all, it is difficult to get such a policy after the age of 60. In that case, your policy will protect them. If it is the parent's turn to be hospitalized for 24 hours or more, the cost will be covered by the medical policy.
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