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What if you win an irregular income? If you keep an emergency fund with the cost of three months or do you need much more? If your child has special needs, you can afford to plan his life until he reached his twenties? How do you ensure the future of your child if you have no spouse to depend? What if your spouse ends its work and shrinking income from your family? None of these answers you can give advice over the mill. To overcome the financial difficulties that will arise in such a dilemma, you should review your financial strategy, just a little tweak or pinch will not be enough.

However, the first two canons of financial planning is applied in all circumstances, including situations above: the budget and be prepared. To create the foundation of any plan, you must understand that your cash flow and where the money goes. Once you understand this, you can begin designing a plan that will help fill the gaps and put their hard work. In the following pages, we tell you how to develop a strong and stable plan to help you achieve your goals.

BE AGGRESSIVE IF YOU ARE A SINGLE PARENT:
As you are solely responsible for the future of your child, you can buy coverage for large and invest more in stocks for higher yields.

The past 12 years, the Delhi based Inderpal Kaur is juggling his work at the airport operator and the responsibility of his daughter alone. Single-parent mother who is trying his best to satisfy all the needs of Ananyana 12 years. "I do not want to sacrifice the happiness of my daughter, or his future. So I bought a Ulip his name, I have to pay a monthly fee of Rs 2000," said Kaur. Is this enough?

For most parents have a responsibility to ensure the financial future of their children is very high, especially since they do not have income from one spouse to fall back. Thus, their first priority must be to build an emergency fund. "You have to take six months of expenses in liquid assets to meet any requirement. Once this is achieved, begin to invest in assets, over time and the risk profile, "said Naresh Pachisia, a financial planner based in Kolkata.

Source: [ET]