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Apply NowA financial plan acts like an anchor throughout your life. It consists of all your financial goals and how you want to categorise your finances so that all your goals reach their desired destination within the stipulated timeframe.
Most people stick to the same financial plan throughout their lives, ignoring to account for the significant changes or situations that will have a direct or indirect bearing on their finances. This gives a preliminary financial plan that fails to depict their financial position accurately and is of no use in the long term.
Here is a list of situations that can arise in anybody's life, requiring tweaking your financial plan to account for the changes.
Changes in one's income keep taking place at various time intervals. For example,
All these events will change your income levels drastically, making it imperative to review your financial plan. For example, many people lost their jobs or handled pay cuts during Covid times and consequently had to reassess their investment strategy to scale it down to keep themselves afloat. Such unplanned situations also require a good look at your financial plan and analysis.
Getting married, having a baby, kids' education, their marriage, etc., are all key milestone events in most people's lives that largely affect their financial overview. Such events definitely require drawing out the financial plan and making necessary amendments. For example, commuting in a car makes much more sense than a two-wheeler after having a baby, so your goal of buying a car has to be added to the plan. Similarly, checking the clauses of your life insurance coverage is important in case of an increase in the number of dependents or increased responsibility at home. You need to also account for your kid's education or marriage from early on to have enough cash flows later on that they can utilise. These milestone events have a direct bearing on our financial plan and will entail a change in financial goals. As much as they are an important part of our life, our financial plan is also an equally indispensable area that should never be kept on the back burner.
Many people opt for loans during their lifetime to meet various financial needs. Loans are also your freeway to fulfilling your financial goals quicker than anticipated. For example, you can buy your dream home by drawing out a home loan and start living in it right away. However, loans attract a cost. It creates a liability in your books, which needs to be taken into account. You need to plan in advance for every EMI that will leave you with lesser money. Also, the rate of interest at which you will pay off the loan should be considered. Suppose you prepay the loan due to the sudden inflow of funds; you will be required to pay foreclosure charges to the bank. What if the interest rate is changed during the tenure of the loan, and your EMIs shoot up? All of these will entail looking at your financial plan to ensure that your loans and other liabilities are on the right track and will not interfere with the rest of your financial goals. IDFC FIRST Bank offers a plethora of loan options for all your needs, with competitive interest rates and flexible EMI schemes that suit your budget.
Getting diagnosed with life-threatening diseases such as cancer, heart disease, kidney problems, etc., can completely realign one's priorities in life. Since the treatment of such diseases can also leave a huge dent in your wallet, it is prudent to save some money towards these and take a quick review of the financial position overall.
A person who has contracted such a disease is more than likely to cut down on his working hours also. For example, a person with cancer may not be able to contribute as much towards their work due to the physical and mental strain one goes through because of the disease. As a result, their income also goes down considerably.
In such times, as your priorities and financial goals change towards paying for your treatment, so does your financial plan.
Having enough money with you whenever you need to make any purchase - big or small, can feel great. However, it is possible to achieve such a state only with a disciplined approach towards creating a financial plan. Having said that, there is no fixed time to review your financial plan. You can do it once a year, twice a year or whenever you feel it requires a revisit!
With IDFC FIRST Bank's investment products at your disposal, you can chart out a suitable financial plan that meets all your financial requirements. Reach out today for help.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.