“There has been a paradigm shift in the thought process of people and generally they don’t make any difference between son and daughter.” Still there are some societal concerns which many people don’t want to overlook. For e.g. spending heavily on a daughter’s marriage. You may compromise on the son’s marriage but for the daughter’s marriage no parent wants to cut corners. So this becomes one of the major goals in life. Concerns about helping the son settle down, gifting the daughters- in-law on some regular occasions and festivals and taking care of the children (even after marriage) are concerns for most of the parents these days. So, this increases the importance of financial planning. Now-a-days, people are not only concerned about savings but also the distribution aspect. Savings are important but your planning should be tax efficient also.

Looking at mounting inflation if you keep on delaying the savings part then you could be in a major mess later. Looking at some societal obligations which in turn affect the personal goals achievement we here by suggest some tips which can be helpful in achieving the goals comfortably in your own way.

Start saving with a proper asset allocation: You should be clear on the money value of your goals before starting any saving. Goal value should be inflation-adjusted.

Try to use only those instruments which provide tax-free returns like Equity Mutual Funds.

If the returns are taxable then the return amount will be added back to the parent’s income and taxed as per the slab in which parent is in.

Planning is bringing the future into the present so that you can do something about it now. Someone rightly said “A good plan today is better than a perfect plan tomorrow”.