Father’s Day 2024: 5 financial tips every father should master

financialexpress.com:

Father’s Day 2024: Fatherhood is one of the fulfilling experiences for a man as it helps him evolve as a person and develop a sense of responsibility. This is the time when a father start prioritizing the needs of another being over his own. Fatherhood is also a time when a man starts becoming a lot more financially responsible.

As you start a family, you face challenges like budgeting regular expenses and investing for future needs like kids’ education and family healthcare. By setting up a robust savings plan, a father or dad-to-be can navigate the financial challenges and secure a stable future for his kids and the entire family.

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A father serves as a pillar of emotional support and guidance for his kids. Financial planning is the cornerstone of a secure and prosperous future. For Indian parents, it involves a comprehensive approach that encompasses savings, investments, insurance and retirement planning. In present times, it’s important for fathers to know the significance of financial planning, particularly when it comes to their children’s educational planning. This Father’s Day, take charge of your family’s financial journey with some invaluable tips, as shared by Tushar Bopche, Co-founder and Head of Strategy, Invest4edu.

Set clear goals. Establish short-term and long-term financial goals. Short-term goals could include saving for a family vacation or an emergency fund, while long-term goals might involve buying a home or saving for your children’s education. Commit to regular savings. Adopt a disciplined approach to saving. Allocate a specific portion of your income towards savings every month.

Invest in a mix of equities, mutual funds, fixed