Question

What important financial elements need to be considered in the process of planning for starting a family and managing finances thereafter

Answer 1

Answer:

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Answer 2

Important financial elements that need to be considered in the process of planning for starting a family and managing finances thereafter are:

• At first, the financial goals of the parents should be looked at.
• Depending on the net worth the planning should be made.
• A Debt management plan should be made.
• Retirement plans should be made so that after the retirement the family does not face any financial crisis.
• A Proper Life Insurance Policy should also be made.
• Medical Insurence Policy should also be made for medical emergencies.
• Emergency funds should also be kept for emergency purposes.
• Last but not least proper savings in banks should be the foremost target of the family for better living.