We had a chat with our family friends before few days. They mentioned their one on one discussion with some bloggers who claim themselves to be expert in financial space. These people do charge money for their consultation. When I asked them what did they really learn out of it, I was surprised to see the kind of things that they got as financial advice from these bloggers for which they paid hefty consultation fees.
As a beloved reader of our website, we wanted our visitors to have some interesting information on what is financial planning and how well in advance can they start adopting this?
Financial Planning A Quick Start:
Financial planning can be very simple like planning your grocery purchase, monthly budget in excel,to complex financial decisions like home purchase, stock purchase, investment in products like life insurance, PPF, ELSS mutual funds
How can a financial planning start at home?
1) Make list of groceries to purchase - This will avoid unnecessary purchase of grocery, vegetables which in turn helps you save money. This is a simple financial planning in your daily life
2) Save money for tax savings - Some simple sections like 80C does allow you to save upto Rs.1,50,000 every year. This can be through purchase of ELSS, LIC , tax free FD to name a few. Have money ready from first month of every year
3) Home loan EMI - On an average you spend most of your income on EMI. In case of both working spouse, EMI may not be something to be of concern. However, properly tracking your EMI, transferring loan to cheaper rate if possible saves good money. Also, declare the interest spent on EMI as part of tax filing
4) REtirement Planning - This can include medical insurance, LIC, investment in stocks, bonds, mutual funds, real estate purchases, gold purchase and what not to secure your future?
5) Kids Education Planning - Saving for kids future can be via safest fixed deposits upto riskiest mutual fund investments
6) Kids marriage - Save in appropriate vehicle for marriage corpus
7) Auto repair corpus - If you own vehicle save a portion of your salary every month on this. Incase if you have this as saving end of the year, buy some precious metals like gold . What a charm :)
As a beloved reader of our website, we wanted our visitors to have some interesting information on what is financial planning and how well in advance can they start adopting this?
Financial Planning A Quick Start:
Financial planning can be very simple like planning your grocery purchase, monthly budget in excel,to complex financial decisions like home purchase, stock purchase, investment in products like life insurance, PPF, ELSS mutual funds
How can a financial planning start at home?
1) Make list of groceries to purchase - This will avoid unnecessary purchase of grocery, vegetables which in turn helps you save money. This is a simple financial planning in your daily life
2) Save money for tax savings - Some simple sections like 80C does allow you to save upto Rs.1,50,000 every year. This can be through purchase of ELSS, LIC , tax free FD to name a few. Have money ready from first month of every year
3) Home loan EMI - On an average you spend most of your income on EMI. In case of both working spouse, EMI may not be something to be of concern. However, properly tracking your EMI, transferring loan to cheaper rate if possible saves good money. Also, declare the interest spent on EMI as part of tax filing
4) REtirement Planning - This can include medical insurance, LIC, investment in stocks, bonds, mutual funds, real estate purchases, gold purchase and what not to secure your future?
5) Kids Education Planning - Saving for kids future can be via safest fixed deposits upto riskiest mutual fund investments
6) Kids marriage - Save in appropriate vehicle for marriage corpus
7) Auto repair corpus - If you own vehicle save a portion of your salary every month on this. Incase if you have this as saving end of the year, buy some precious metals like gold . What a charm :)
