Assessment
Analyze income, expenses, savings, and goals.
Goal-based financial planning
Financial Planning in India
Financial planning is essential for securing your family`s future and achieving life`s goals. It helps you assess your current financial situation, set realistic objectives, and create a roadmap to reach them while safeguarding against uncertainties.
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What is a Financial Plan?
A financial plan is a comprehensive assessment of your financial state and goals. It combines your current income, expenses, and family details to estimate future needs such as education, housing, emergencies, or retirement. The plan aligns your financial resources to achieve these objectives efficiently.
Why Personal Financial Planning?
Personal financial planning goes beyond numbers; it`s about putting the individual first. It evaluates your personal circumstances—lifestyle, aspirations, and responsibilities—before assessing financial aspects. This holistic approach ensures that your financial plan aligns with your life, not just your finances.
Key Elements of Financial Planning
Planned: Education, marriage,retirement, or buying a home.
Unplanned Needs: Emergency funds and insurance for unexpected situations.
Urgent Requirements: Immediate and unavoidable needs addressed in the plan.
Financial Planning Process
Our comprehensive approach to building your financial future
Selection
Choose investments, insurance, and savings tools based on your risk profile.
Execution
Start investing regularly and pay premiums or deposits consistently.
Monitoring
Adjust the plan as needed to stay on track.
Example: Ramesh Financial Plan
Ramesh Das, a 32-year-old delivery partner from Kolkata, lives with his wife, a homemaker, and their two young children with a savings of ₹1 Lakh. Here’s a snapshot of his financial plan:
Goal
Required Time
Required Amount
Monthly Investment
Emergency Fund
April-26
1.5 Lakh
950
Priyanka's Education
June-38
3 Lakh
277
Pritam's Education
June-40
3 Lakh
277
Dream House
April-35
1 Lakh
407
Retirement
April-63
1 Lakh
407
Term Insurance
Now
5 Lakh
407
Health Insurance
Now
3 Lakh
721
Emergency Fund
Required Time:April-26
Required Amount:1.5 Lakh
Monthly Investment:950
Priyanka's Education
Required Time:June-38
Required Amount:3 Lakh
Monthly Investment:277
Pritam's Education
Required Time:June-40
Required Amount:3 Lakh
Monthly Investment:277
Dream House
Required Time:April-35
Required Amount:1 Lakh
Monthly Investment:407
Retirement
Required Time:April-63
Required Amount:1 Lakh
Monthly Investment:407
Term Insurance
Required Time:Now
Required Amount:5 Lakh
Monthly Investment:407
Health Insurance
Required Time:Now
Required Amount:3 Lakh
Monthly Investment:721
According to his current situation and the financial plan based on his responsibilities, to achieve these goals, Ramesh needs to maintain a savings ratio of 23% of his income, ensuring his familys financial security and a stable future.
Disclaimer
Here, the example of Ramesh Das is to give you an idea of how a financial plan looks, based on an individuals financial situation, family members, and responsibilities. It also demonstrates how much one needs to invest in proportion to their income.
Your financial situation, responsibilities, and family members may differ, and so will your financial plan.
Financial planning is not one-size-fits-all; it is customized and personalized according to your unique details.
Are You Missing Out on Financial Planning?
Without a financial plan, you risk uncertainty in managing your family’s happiness and future. Taking the time to assess and prepare can make all the difference.
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