The first step towards sound financial planning is to set your goals. You should clearly define these, with approximate time-lines to have a clear picture of your existing financial situation and analyze them with respect to your goals.
The next step is a process of checking your financial health keeping in alignment with your goal. This includes a detailed analysis of income available from all sources and expenses to be incurred. It’s always advisable to keep a block ready for fixed expenses such as children’s fees, monthly installments, etc.
The third step is to protect against unexpected expenses and loses terms of life insurance, health insurance, home and content insurance and so on.
This would call for reading through the fine print of your existing policies and possibly calling for statements on unit-linked insurance products.
All these steps will give you a clear picture of your financial health. Based on this, you can decide the future course of action.
You need to be prepared to allocate time and efforts to complete what you have started.
This would call for reading through the fine print of your existing policies and possibly calling for statements on unit-linked insurance products.
All these steps will give you a clear picture of your financial health. Based on this, you can decide the future course of action.
You need to be prepared to allocate time and efforts to complete what you have started.
Most times, people feel we are doing well with finances, so why bother? However, you can look at the financial planning exercise akin to having an annual health check-up.
As the health check helps you recognize any problem areas at the outset, the same goes with a financial plan.
As the health check helps you recognize any problem areas at the outset, the same goes with a financial plan.
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