5 Ways to Make your Daughter Financially Secure

19 January, 2023

India’s first female Prime Minister, Indira Gandhi, was rightly called India’s Iron Lady. It is thus fitting that we celebrate her birth anniversary, 24th January, as National Girl Child Day. The objective of this day is to raise awareness about the issues plaguing the social and financial status of girls in society. As a parent, you can take several steps to make your daughter financially secure.

Money Saving Tips and Other Ways To Make Your Daughter Financially Secure

Consider implementing the simple and effective financial management and money saving tips on National Girl Child Day 2023.

1. Teach Her To Save
   
   As parents, you are your daughter’s first teachers. Everything you teach her leaves an imprint that guides her future behaviour. Thus, you must come up with creative money saving tips. For instance, you can get her a piggy bank and teach her to save her pocket money. Once the piggy bank reaches capacity, you can teach her to deposit the accumulated funds in her own bank account.
   
   

2. Invest In Her Future
   
   Your daughter may want to be a doctor, pilot, lawyer or anything her heart desires. Whatever her aspirations, help her realise them by investing in her future. The investment can be in many forms – a Savings Account, a Recurring Deposit, etc., wherein you can deposit a fixed amount every month, for longer tenures.
   
   

3. Get Yourself Insured
   
   No matter how much you want to be there for her, your daughter may have to fend for herself someday. In case of untoward incidents, it is essential that you invest in life insurance plans. The right insurance investment can make your daughter financially secure even in your absence.
   
   

4. Explain Important Financial Concepts
   
   As a parent, you must inculcate the lesson of prioritising needs over wants. Explain your daughter concepts like debts and how they can be both beneficial and burdensome. Teaching her the value of money and making her earn her pocket money with trivial chores can also help her develop a healthy relationship with money.
   
   

5. Consider Sukanya Samriddhi Yojana Investments
   
   The Sukanya Samriddhi Yojana is a Government-launched scheme, designed for the girl child. It allows you to save money for her education and marriage. You can open this account from the time she is born and deposit funds in it for 15 years. The account matures when your daughter turns 21. This investment also allows you to enjoy tax deductions benefits under Section 80C.
   
   This National Girl Child Day, help your daughter take her first steps towards financial security by sharing smart money savings tips. Help her open her first Savings Account today.
   
   

To learn more about How To Open Children Savings Account, Click Here.

​​​​​​​* The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Investments are subject to changes in tax laws. Please contact a professional consultant for an exact calculation of your liabilities.