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We all have life goals such as bootstrapping a startup, buying our dream home and car, getting married to the love of our life, child planning and many more. However, money troubles often come in the way of accomplishing these goals. Following a systematic approach for financial planning is an excellent method to keep a track of our spending and saving.

But, there are instances, when even the most organized people will not always take the time to create a financial plan and sketch out their financial goals for the coming year. Even if your financial plan is helping you manage your finances thus far, the best way to utilize your financial plan is to use it to make better financial decisions in the future. And that is exactly what we will be addressing in this article.

Grab your notepad and pen, and let’s begin.

What Is Financial Planning?

A financial plan is a type of systematic planning that takes account of a person's present financial condition, long-term monetary goals, and strategy for achieving those goals. A financial plan is prepared individually or with the assistance of a professional financial planner and begins with a detailed review of the person's present financial situation and future aspirations.

In Simple terms,

1. A financial plan outlines a person's long-standing financial goals and a method for reaching them.

2. Financial plan must be very detailed and customized, considering the person's family background, risk appetite, and his/her aspirations for the future.

3. The approach begins with a calculation of the individual's income, current net worth and cash flow, priorities, etc.

Why Do You Need Financial Planning?

Financial Security

Every person on the planet wishes to be financially secure. Business owners and self-employed people do not enjoy the financial freedom of a person who is working in a corporation and is getting a fixed monthly wage. Instead, their income is solely dependent on the amount of money they make throughout the month from their business or service. Hence, it's tough to offer financial stability to the family if you are going through this.

A financial plan can assist you in securing your family's money and being self-sufficient. You can save enough money to pay your monthly costs if you have a sound financial strategy. When your firm has excess sales, the financial plan may assist you manage your money. This secure, invested sum can subsequently be utilized to cover your family's costs during months when your business is profitable.

Money For Emergencies

Life is unpredictable. Serious illness, accidents and huge business losses are unforeseeable. In such situations, your health takes precedence over money. But, if you don’t have a stable financial situation, obtaining that immediate cash can become difficult, if not impossible. These dire circumstances often push people to endure shame by borrowing from friends, neighbors or relatives or taking loans from unorganized sectors (like loan sharks).

But, don’t worry! With proper financial planning, you can have a set amount saved for emergencies.

Accomplishing Financial Goals

Every individual has goals. Some aspire to be self-sufficient, while others strive to collect enough money to fund their dream to travel the world. Your current plan may involve saving money but without a financial plan, it may seem inaccurate or take longer to achieve your goals.

A financial plan establishes how much money you will need to attain a goal. You may organize your money more effectively if you design a plan to incorporate your goals and the age at which the goal should be accomplished. This guarantees that you do not spend the money before you have achieved your goal. It can assist you in making wise financial decisions and reducing your spending.

Opt For An Early Retirement

Most of us would love to go for an early retirement after working 30 years or more. Unfortunately, without a financial plan or awareness of how much money is needed to plan an early retirement, we tend to work until they reach their retirement age. However, with financial planning you can save money to finance your lifestyle, beyond retirement. A financial plan can assist you in accumulating wealth so that you can maintain the same quality of life after retirement.

Improve Your Understanding Of Your Finances

Opportunities can knock at your door at any time. Whether you've discovered an investment opportunity or found a chance to start your own business, these scenarios need you to come up with money quickly. A good financial plan entails knowing where your money is invested.

A financial plan will keep you informed of your present financial situation, where your money is invested or saved, and how much of it is accessible to you. This enables you to be entirely open-minded whether confronted with an opportunity or an emergency. Furthermore, if you receive any bonuses or increases, you will have a clear knowledge of where the money may be spent without the need to speak with many individuals.

How To Do Financial Planning?

Be it a finance pro or a finance nube, financial planning can be somewhat inaccurate if you have an objective view towards your finances. That’s where FinPlan (financial planner) can help you out.

FinPlan is a 360-degree financial planning and wealth building platform that takes an objective and scientific approach in analyzing all the financial areas and suggesting financial investments that are most suited for you in meeting your life goals. It also helps you take care of your taxes with saving at the right time & in the right products.

Various Financial Plans To Choose From:

Tax Planner:

Most people push tax planning to the end of the year and invest in standard financial vehicles that don’t get them the best savings. You can expect unbiased, expert tax planning advice all year round, so you can plan your financial year better.

Expert tax advisory backed by Artificial Intelligence, Tax Planner helps you maximize tax-savings and helps save tax right down to the last rupee. Stay on top of your tax liabilities throughout the year.

Wealth Builder:

The financial decisions that you take today are what will help you achieve a wealth corpus when you retire. This AI-driven, customized tool will take the guesswork out of your financial planning.

You can expect to receive Full Financial Planning, Retirement Planning, Personalized Portfolio Analysis, Avenues to grow your Wealth Fiduciary advice with Transparency.

Portfolio Doctor:

Get your mutual fund portfolio analyzed by Portfolio Doctor. With Portfolio Doctor, you can pinpoint the poor funds in your investment basket and act intime. Portfolio Doctor will help you invest it better and maximize your investment potential!

In Conclusion

Financial plans aren't only for those with a lot of money. They may be used by anybody to establish their goals and design a plan to achieve them.

Life will give you a lot of lemons that will have an impact on your financial status. Instead of accepting your fate, fight hard. And guess what you have the most powerful weapon to fight them: a financial plan!

To know more about us, check out here