Always put your money in child specific investments, if you are looking to withdraw your invested money quickly as it depends on a lock in period, based on the scheme chosen. To get out of them, you can avail a exit loan of 4-5%. Barring Axis’s Children gift fund, SBI, UTI, HDFC and LIC have strict exit loans lasting for 5-6 years and take money from you. So, if you are not disciplined in managing your finances, allocate funds accordingly in your portfolio.
In financial planning budgeting is very important. Every day we spend about Rs 200 on miscellanious items. Though the amount looks small on a daily basis, at the end of month they becoming quite big. These are called as leakages.
Watch Kshitij Mahajan, Prableen Bajpai and Vishal Dhawan give expert advise on financial management and its benefits with Money9’s Priyanka Sambhav.
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