Skip to main content

9 ways to plan for your family's health and finances


While hygiene remains the prerequisite towards leading a healthy life, it is not enough in itself. To be able to withstand the uncertainties 0f life, you need to build stronger immunity. It stands true for your physical and financial well-being. 

When it comes to building immunity for health, you can consider the following steps: 

Get vaccinated:

Vaccines help build immunity by mimicking the disease in some ways. You should ensure that your child gets all the vaccines prescribed by your doctor. Additionally, you should get vaccinated for specific diseases before travelling to an area that is more susceptible to a given disease.

Exercise regularly 

Experts advise that you should exercise for at least 30 minutes each day. If, for any reason, you are not able to take out 30 minutes at a stretch – try to exercise for 10 minutes in three separate chunks through the day. 


Follow a proper sleep schedule:

Practice getting good sleep every night. Most people need about seven to nine hours of sleep per day. Just like you schedule your work and meals, make a schedule for sleep as well.

Have a balanced diet:

A healthy diet not only reduces the risk of chronic illnesses like cardiovascular disease, diabetes, and obesity, but also helps reduce anxiety.


Keep your stress levels under control.

Stress can weaken your immune system. Add calming activities to your schedule. It could be any hobby that you enjoy – cooking, sketching, baking, solving puzzles, or anything else.

Building financial immunity may seem to be a little tricky for some. But worry not. Here are a few simple tips that can help you do just that:

Invest for the long-term:

Saving is a good start, as it builds up into a habit. That does not mean, you let your money sit in one bank account though! You should make it work for you by investing for the long-term. Invest in equity to beat inflation, but understand the risk-reward relationship. As a rule of thumb: if your age is x, invest (100-x)% of your portfolio in equity and the rest in safer debt instruments.

Get adequate insurance cover:

Think of insurance as a vaccine for your financial health. Your family depends on your support to fulfil their dreams and maintain a lifestyle. Life insurance ensures that they continue to be financially independent, even when you are not around. Similarly, a health insurance cover for your family lets you deal with any medical emergency without burning a hole in your savings.


Diversify geographically

The impact of macroeconomic crises is usually geographically limited. Even though the crisis occurs on a larger scale, the impact may vary from one place to another. Therefore, you should diversify your assets geographically as well. It will protect you against domestic volatility.

Invest in Yourself:

This is by far the most important investment you can make. To make yourself financially immune and to ensure that your earnings are robust – you must strive to acquire new skills to match the needs of the future. Further education helps not only ensure that your earning keep expanding, but also that your career stays recession-proof.

It takes time and effort to build financial immunity. But the benefits speak for themselves. Have a plan to improve continually, and you will find that it soon becomes a habit.



Prathamesh Mahadik.

8286969980


Labels:

Comments

Post a Comment

Popular posts from this blog

NPS -Retirement Corpus planning

E very organization offers its employees a pension scheme. The  National Pension System  was launched on January 1, 2004 with the aim of providing people with an  income after retirement . The scheme that was earlier meant only for the government employees was opened to all private employees in 2009. Under NPS, a taxpayer can invest money in pension account, will have the option to take part of the corpus as lump-sum and the remaining in the form of a fixed monthly income. At 60, NPS subscribers are allowed to withdraw 60 per cent of the corpus of which, presently 40 per cent is tax exempt. However, the government has recently proposed to make the entire 60 per cent tax free. The proposed amendment will be effective from the tax year 2019-20. The remaining 40 per cent of the money will have to be invested in monthly pension annuity plan. The NPS offers two choices to its subscribers: 1) Active Choice: where the investor can decide how to invest the money in di...
Post a Comment
Read more

10 ways to ensure your spouse and you developed health and financial immunity.

How can you achieve a near-perfect immune system? You want your life to be immune to health and financial misfortunes, especially when you have just got married and are starting a new life with dreams of togetherness. You already know that your lifestyle choices define your future. But the fact is that unexpected events make you realize the importance of being healthy and financially wise. Uncertainties in life could be related to jobs, health of family members, or the economy in general. But instead of going through this turbulence with eyes shut, try to see what good you can extract from such difficult situations.  Incorporate the following financial changes to fight challenging times:                Financial goal setting. Goal-based investing involves planning for the future and re-evaluating dreams. There after, you assign time frames and amounts to each goal.             ...
Post a Comment
Read more

Important life milestones that need you to start saving for

L ife has many important stages, many of which require adequate finances in place. Building up a corpus for the various stages of life is absolutely essential for successful financial planning. Luckily you can prepare for the life experiences from today itself. The earlier you start saving, the bigger of a corpus you can create by the time you reach a life milestone. Financial planning starts best early on. Hence, here are some of the life milestones you should consider building a savings corpus for. 1. Living Alone In your twenties, you may move out of your house with fresh job prospects in different locations. You may seek out a roommate to live with or rent out a flat for yourself. Either way, living alone comes with its fair share of heavy expenditure. Expenditure expresses itself as rent, grocery bills, electricity costs, subscriptions to OTT platforms, commute costs, and more. Living alone costs a lot more than your rent may reveal to you upfront. So it's importan...
Post a Comment
Read more