We all have dreams, be it owning a car, house, child attending a prestigious college or building a healthy retirement corpus. Fact suggests hardly we pen down these goals and work towards a plan for achieving them. These can be termed as your life goals, but a goal without a Plan is Just a wish...

​

Over the years, when we talked to a wide variety of people about their finances. It seems there are generally two camps when it comes to finances: those who say that they have made all the arrangements for future requirements, but most of the time the family members are unaware of it in his absence and those who believes that everything will get managed when time comes, no need to worry at present... 

Now there is a third one which is emerging in India who plans and tend to have every step mapped out for the next twenty to forty years with specific savings and investing goals. 

The ones who do not have a plan have the vague idea that things will work out for them if they put a little bit towards retirement each month. They may have debt, and no solid plan to purchase a house.

​

Unfortunately, without a financial plan, it can be a lot more difficult to reach your financial goals, because you do not know which goal to work on next.

​

Contrary to popular belief, financial planning is not just investing. Financial Planning is the process of meeting one’s life goal through proper management of personal finances. Financial planning helps you determine your short and long-term financial goals and create a balanced plan to meet those goals. Your financial plan will help you be ready for each of the financial steps in your life.

​

WHAT IS FINANCIAL PLANNING

Financial Planning is an ongoing process to help you make sensible decisions about money that can help you achieve your goals in life; it's not just about buying products like a pension.

​

A Financial Plan Helps You Achieve Your Goals

A financial plan will help you by creating a timeline for you to follow for your goals. It helps you focus the way you manage your money and your time on reaching your financial goals, so that you can do the things you want to in your life. An important part of your financial plan is your budget. Your budget allows you to plan how and when you want to spend your money. It makes it easier to find ways to save money and to find extra money to get out of debt. While your financial plan is the path you follow, your budget is the tool that you use to get there.

​

A Plan Helps You Prepare for Big Life Events

Additionally, a financial plan helps you prepare for the big events in your life. Unless you plan for it, you will not wake up one day and magically be ready to purchase a home. You need to save up for a down payment and clean up your debt so that you can afford the house on time. Similarly, unless you plan and put money aside for your children’s college, you will not have money when they are eighteen. A financial plan helps you to take the steps you need to in order to take care of your family.

By planning your finances to meet your goals you will:
• Have a much greater confidence of where you are going in life
• Reduce your stress levels and start to enjoy life more
• Gain control and peace of mind through knowing whether you’re on track for the future you want for you and your family

​

How to Get Started

As mentioned earlier financial planning is an ongoing process... 

Just creating your plan is your first step. You will need to create a budget and break down your goals into manageable pieces so that you can reach them. It is important that your goals are realistic. You can create an effective financial plan through careful planning, but you also need to commit following it.

The plan can help you as make major financial decisions in each of the stages of your life. It can help you pursue your dreams.

 

We at MJSolanki Financial Management will be instrumental to create your Financial Plan by assisting you to

• Pen down the financial goals 

• Proper budget allocation 

• Deciding on the best suitable investment instrument for each goal

• Periodic follow up on the progress of the financial Plan

​

​

​