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A great financial plan in just 3 steps!

  6/11/18 4:06 AM

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  6/11/18 4:06 AM   |

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Short Term

Everyone strives to have a perfect balance between expenditure and savings but you know what happens, don’t you? Somehow your expenditure magically exceeds EVERY TIME! Various plans have been made to handle your finances better but a sale in a mall or a new gadget or a travel plan can disrupt your savings. In such a scenario, your long term goals are impacted to a great extent.

Then what should you do? Don’t worry, you don’t have to make 100 changes in your life. All you need are these 3 steps. Follow them, and everything will face in place:

Focus on a financial plan

Keeping your finances on track is only possible when you know what your long term and short term goals are. Your goals will tell you how much you need to save in order to achieve them. Your short term goals could be buying a new car and your long term goals could be a relaxed retirement. Based on what your goals are and on where you want to be in the future, you need to create a financial plan.

Stick to a budget!

The simplest and most important way of keeping your finances in check is by having a budget. While some may feel that maintaining a budget is a strenuous task, it is a fool proof way of helping you streamline your expenses, thereby helping you keep your finances on track. For one month, keep note of all the things that you spend money on; make sure that you note down everything. Separate the items in the list into two categories items you need and items you want. The expenses for the latter can be avoided or reduced. Once you have an estimate of what your monthly budget should be, make it a point to stick to it. A habit takes two weeks to form and this financial habit will create wonders!

Start investing early

Before spending an exorbitant amount of money in luxuries understand your finances. EMIs and loans can leave you in debt, crawling out of which is a difficult task. In order to avoid such a situation, start investing at an early age. ULIPs are an ideal investment plan, giving a secure future and attractive tax-free returns. ULIP gives you dual tax benefit i.e. Tax benefit for the premiums paid under section 80C and tax benefit on returns under section 10(10D). This makes it a perfect investment option for your long term goals. ULIP has a lock-in period of 5 years, so if you are naïve when it comes to saving and investment this systematic regular approach towards investing will help you reap long term benefits as the market evolves. Investing at an early age will help you attain best returns so that you reach your long term financial goals.

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