SAFETY NET FOR THE FUTURE:
Financial planning helps give a direction to your financial decisions. It helps you decide
various investments that can bail you out of your financial problems.
For example, investing in various funds may help you repay the loan or save enough for
your retirement. Once your financial goals are set, it helps make your life more secure
and flexible for any financial emergency situation that may arise. Financial planning thus
acts as a safety net for the future.
Financial planning takes stock of your present as well as your future. It thus facilitates
decision-making. Take the previous example, if you had a proper financial plan in place,
you would never be short of funds for your daughter’s marriage or for buying your car.
ALWAYS BE PREPARED:
Suppose you save 5% of your salary or Rs 10,000 every month. Suppose your after-tax
savings consist of Rs 1 lakh. You are saving this to buy your own car three years later.
What if a sudden medical emergency crops you, and wipes out your savings? Not only
does it affect your wealth, but it could also fall short in an extreme case.
OPTIMUM USE OF RESOURCES:
A financial plan also helps you form a strategy. This helps you allocate your resources to
Thus, you use your money more wisely, leading to optimization of resources.
BETTER STANDARD OF LIVING:
With a realistic financial plan in place, you will never be short of funds. Liquidity will
rarely be tight. All those month-end woes? Forget about them.
Thus, you can achieve your goals without compromising your standard of living.
It is very common to spend more than what you earn. Many facilities like credit cards,
‘buy now, pay later’ schemes, installment services and so on, compel you to overlook
finances or spend more than necessary. At the end of the month, when the bills keep
pouring in your mail boxes, you find yourselves in a sticky situation. Financial planning
thus helps infuse discipline in your life.
Financial planning if often undertaken with the help of an expert. It is wise to seek expert
advice from professionals. If not, you could end up with poor financial information and
decisions that can prove disastrous.
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This is an editorial content, our research should not be considered as an advertisement or advice, professional
or otherwise. The investor is requested to take into consideration all the risk factors including their financial
condition, suitability to risk return profile, and the like and take professional advice before investing.