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Setting Financial Goals for Your Future

December 17, 2018 1540
Life becomes more meaningful with the achievement of personal milestones. But these milestones are often accompanied by added responsibilities and expenses. Financial planning for key life stages such as marriage, parenthood, retirement, etc. becomes crucial to help the investor prepare for these expenses.

Doing a review of personal financial goals is very important. An investor gets to know what could have been done better and what measures are now needed to improve the shortfalls. At the planning stage, it helps the investors for setting the financial goals with a logical reason to make correct decisions.

Let’s establish up front that goals are somewhat more considerable than thoughts or desires.

Short Term Fiscal Goals: Setting short targets can help in achieving long-term financial targets. By achieving these small targets, investors will also get confidence to make large dreams come true. Creating a budget is very important. A budget helps to keep a check on the finances at almost every front. It can also serve a base to plan for and create an emergency fund that can be a support pillar in the times to come.

Below are three key things to do which can help in smoothly achieving the short-term targets:

  • Create an accurate budget
  • Form a Reserve Fund
  • Stay out of obligations (as much as possible)

Mid-Term Financial Goals:  Once the investor is successful in achieving short-term financial goals, it is time to take a step forward. Working on the mid-term financial goals is very important. These goals are a bridge or a connecting link between the short-term goals and the long-term financial goals.

Have Enough Insurance to Cover Exigencies.

Get Life Insurance: It is very important to provide financial security to the family members like parents, spouse or children. Taking pure term insurance can give financial security to the investor in case of any unfortunate event like disability or death. Term insurance is generally the cheapest (out of all types of insurance plans), and it provides good coverage.

Working on dreams: It can be a good time to start working towards his/her dreams which can be a new house or a car or planning a higher education for the children in another country.

Once all these goals are penned, an estimated figure should also be calculated to fulfill all the mid-term objectives. Investors can use calculators available on various sites to get an approximate figure.

Long-Term Financial Goals:  This is the last stage in which the objectives are set for a long period! One of the common long-term financial goals is retirement planning. Amount needed to spend a comfortable life after the regular flow of income stops. Investors need to think of what s/he wants post-retirement and what will be the approximate cost for it. While planning, it should be kept in mind that the value of money will depreciate, due to inflation and other such factors.

Always ensure that you are smart and early with your invesments! Check out HDFC Life Click 2 Wealth, a ULIP that offers oppurtunities for investment, along with an insurance cover.

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HDFC Life Insurance Company Limited. CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101.

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