How to start personal financial planning for beginners! Top 6 Tips

It is time to focus on New Financial planning guide to think about the lessons of the old year's experience as the foundation for future financial success. Where are we so far, this is the moment to decide how to be in the coming days. 

Let's find out personal financial planning guide what we can do to make further in coming days and take together when making new financial planning decisions. 

Every person faced and suffered with Kovid 2019 and grabbed bad experiences in their bag carrying financial ups and downs in the pandemic years. The corona pandemic had devastated the financial situation of many. 

Can't stop there, it is right time to move forward instead of holding head what to to and what next, without making mistakes start from today, this minute after reading this article. 

Should try to be financially viable. Only then can we reach the intended goals and climb the economic highs. 

How to start personal financial planning for beginners

Make sure investment checklist

Let's check personal financial planning example, what is the performance of the investment ! What is the surplus, How is the investment performance! Whether the surplus amount has increased anyway. What is the increase in costs! What is the credit report. 

Find out about your money for at least a couple of months. This will make it possible to know exactly where the economic journey is heading. Check bank account and credit card bills every month.

Bold funds investments

Bold investments in the past years, the stock market plummeted. Investors who invested regularly without worrying then had good results after that. In the past years the indices will hit lifetime highs.

Some systematic investment plan (sip) stopped when the fall occurred. Investments were also withdrawn. They all lost good returns Many IPOs and NFOs have greeted thereon. New investment approaches such as cryptocurrency are also attracting interest. 

It is not right for us to go down the same path that someone else is investing in something. Don't go for the unknown and the meaningless investments. It is always a good idea to continue with a hierarchical investment approach for a long time investment plans. 

Every investment must have a purpose. The market is likely to grow further from its current levels. Or may decrease. Ignore these and continue to invest boldly. 

Review the life and health insurance policies

Pandemic years doubled the need for insurance and the Jobs in Insurance Sector has gradually increased various category Insurance Sector Jobs attracted many and got high paying salary per month. 

Review the life and health insurance policies you have so far. Experts suggest that the value of a life insurance policy should be at least 10-12 times the annual income. If less, try to increase. 

Review the life and health insurance policies

It is now imperative to have at least Rs 10 lakh worth of health insurance policies applicable to the entire family. 

There should also be supplementary policies such as personal accident insurance, Critical Illness and Disability. Ignore of auto and home insurance is also not uncommon. 

Write down your expenses for Financial planning

Starting in the first month, let assume this current month, we need to have an accurate understanding of what the expenses will be each month. 

There should be a plan for how much you will need each month for everything like baby fees, insurance policy premiums, vacations, any purchases. 

Once you look at the expenditure in total year, you will get a better understanding. 50 per cent of the revenue should be earmarked for essentials, 20 per cent for essential purchases and 20 per cent for savings-investments. 

It should be budgeted. It should not be forgotten that an emergency fund is mandatory. If you take a housing moratorium in past year, try to settle that balance with the rest. 

Inflation for financial planning 

Beyond inflation in pandemic years, returns on safe investments were lower. Investments in equities have yielded good returns. 

Due to high inflation rate external or internal, the net return of fixed deposits from other securities schemes is nominal. 

Investors who cannot bear the risk are unable to overcome inflation. It is in this context that investments need to be diversified. 

The ability to withstand risk and the choice of schemes should be in line with the financial objectives. 

Investments should not be allocated based on past performance. Assess how successful they will be in the future. 

How to save money from salary every month

Question!! How to save money each month from salary !!! is always a lesson to be learned. The desire to live life without financial hardship must be strong. 

Review the life and health insurance policies

In addition to these two, financial discipline in life must be followed. So far no one was able to set their financial planning immediately when suddenly saving money in the perfect manner, which is not strange. 

It will take some time to set it all using financial planning tools for individuals, thus in this situation patience is more important than immediate results. 

Enjoy financial benefits and success after that.

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