Why we should have a financial plan?
You must have come across the term personal financial planning. But have you ever wondered why and how financial planning is important for everyone?
Why you should have a financial plan because..
We all have many goals and dreams in our life to achieve, be it professional or personal. Very often there is one factor that connects them: Money.
Long-term increase in savings
We can save money even if we don’t have any specific financial plan in place. But to increase the savings and make it the most efficient by maximizing the returns.
Emergency funds
Emergency fund creation is an important aspect of financial planning. Experts suggest you need to ensure that you have a fund that is equal to at least 6 months of your monthly salary.
Retirement planning
Even if your retirement maybe 25 or 30 years in the future, you need to plan for it. For a happy and comfortable retired life, you need to plan & start building the fund right now.
Saving tax
The Indian Income Tax Act provides various provisions for people to reduce their tax outgo.
a SMART Step-By-Step plan that meets your exact needs and goals in a planned systematic way