What is Child’s Marriage Planning Calculator?
Marriage of children is one of the most awaited life events and something that every parent looks forward to. However, with marriages turning lavish day by day and the increasing rate of inflation, you can land into a tight spot if you don’t pre-plan your expenses.
How Does the Calculator Work and Benefits
The working of the calculator are pretty simple. All you have to do is enter the details of your child’s age, his/her approximate age of marriage, inflation rate, amount you would require for marriage and the interest rate. The calculator will quickly generate results based on the values entered and you will get an idea of how much you need to save monthly to reach the goal.
1. Calculation can be done online for free in minutes
2. The calculator considers all factors that can affect your finances and gives a realistic estimate
3. Based on the results generated you can select the most appropriate investment
Note/ Disclaimer: The calculations are generated assuming an inflation rate of 6% and the values are illustrative. The actual cost incurred would depend on the future performance of your investment and is subject to market conditions
Why Should You Plan Your child’s Marriage?
1.Advance planning helps handle hidden costs associated with marriage
2.Timely investments help counter the impact of rising inflation rates
3.Early investing will keep your financial life disciplined
4.You will not have to disturb your retirement fund incase extra money is needed
5.Building a steady corpus by keeping a set amount each month will help relieve financial stress
Other long term investments you should do now to help your child’s marriage plans in future
Based on the current age of your child and the approximate age of marriage different investment options can be considered. In case 15-18 years are left for your child’s marriage, investing in equity fund can be a good choice since over a long period of time the volatility in returns balances out. An equity focussed investment also counters the inflation rate. Another wise investment decision would be to have a systematic investment plan (SIP) to build a steady corpus or do a lump sum in case you have a substantial amount to invest. For a short-term focus investing in safer options like PPF, tax saving fixed deposits and tax-free bonds would be the better choice