This week in personal finance: Money lessons you should teach your children; how to choose a mutual fund category

This week marked Children’s Day, providing a reason for parents to dedicate some extra time to their little ones. Days such as these can also be used to inculcate some good habits among children that would give them good dividends in the long term. One among them is to teach them the basics of money management and financial planning.

Financial literacy at a young age would include learning basics of things like income, expenses and savings, insurance and its purpose and now money works for you. Learn here why it is important to teach good money management practices to your children and how to do it.

Also, if you are a would-be parent, there would be added costs once the bundle of joy arrives. There would hospital bills to pay and other expenses related to the child as days go on. Planning in advance or having an insurance policy with maternity benefit can be of great use during these times. In this story, we look at some budgeting and investing ideas which could help ride out the costs for parents-to-be.

A number of mutual fund companies have exclusive schemes to invest for your child’s future goals such as foreign education, marriage among other things.