A really long time ago ( thats because of my age) just after i was born, my dad got me started down the road to financial freedom. He started investing in my name in the public provident fund.
A few months ago, while he was looking at my passbook for the ppf account.. he made a comment which really hit me at a subconscious level.
He said.. wow.. "who would have thought .. all those small Rs would have added upto such large numbers".
He of course saved in my name , but never really for a specific goal like education or marriage. It was a saving that could be utilized when required.
In those years my parents contributed to our grandparents, to getting siblings married and of course for our own family. But every year as a force of habit.. he put in some money in the ppf..
What did that do for me... it has given me a head start.. made my life that much less stressful financially, more secure.. secure enough a buy a small house in a tier 2 city of required.
It is a huge gift.. a gift that i will be always thankful for because that one gift allowed our future generations a head start of many many steps vs others who did not have parents who did this.
Why am i saying and writing all of this.. its because you should create a goal for your children called as head start
There are some simple ways to fund something like this...
Small savings that one may get every month.. invest in your childs name
Any gifts from parents and grand parents on their birthdays and festivals
Any gifts from uncle and aunts
Any savings from their pocket money
The important part of this entire story is put it in their name, in their folios and not combine it with your other folios.
Giving your children a financial head start will help them tremendously in their future years... and every Rs you save will give them great cushioning for their future.
New goal .. child head start.
Its simplefinancialsense
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