Life Phases and Financial Planning

Your financial condition plays a vital role in every phase of your life, be it in the earning or the retirement stage. But even then the basic concept of financial planning remains constant throughout. Money says "Save me now and I'll save you in future".

All of us start planning for our finances only when the actual need arises and in most cases it’s always later in life than it should have been.

Investing right now is like saving for your future self well in advance. So here is a walkthrough of the important stages in your life and how to go about saving and investing for you future during those phases.


The questions to ask

  • Are you financially prepared to support one more person in your life?
  • Do you have a wedding budget in mind? If so how do you plan to save for it?
  • Did you discuss your personal goals with your partner?

The answers

  • Talk about your finances to your partner; make sure each person has a good understanding of where they stand financially as a couple and the expectations the other holds.
  • Wedding costs can be significant, so talk to your partner about the kind of wedding you want and how you’re going to save and pay for it. Keep this equation in mind
  • Income – Savings = Expenses.
  • Discuss each other’s long term and short term goals

Long term goals - buying a house, retirement, child's education and marriage.

Short term goals - buying a car, emergency fund, vacations, baby budget, etc.

Draw an estimate of how much fund you’ll require to achieve your goals and start investing to achieve those goals within the time period.


Preparing for parenthood is not just about tiny clothes and hearth warming ultra sound photos; it requires a lot of financial planning.

The questions to ask

  • Do you have a baby budget?
  • Will you be able to cover your expenses from one person's income in case your wife decides to quit working post the baby, even if it is for a year?
  • Have you planned for your baby's future?

The answers

  • Baby budget includes the medical cost pre and post pregnancy, child care, helpers, health cover for the mom and the child, etc. Estimating and saving for this budget is to be done well in advance of the baby's arrival
  • Start practicing living on a single person’s income and cut down on unnecessary expenses. Rewrite the family budget to include the additional expenses.
  • If you start saving on your child's behalf from its young age, it'll reduce the funding pressure in the future and your child's goals can be achieved without hindrances. 2 major goals for your child can be its education and marriage.
  • Make sure that your personal goals are not hindered in the process of achieving these small targets.

Goal based planning helps you invest in a systematic and disciplined manner to achieve your goals. It helps you remain focused and unaffected by the short term volatility of the equity markets.

We believe mutual funds are a one-stop shop for nearly all investment needs. Whether you want to save to buy a car this year or put away money for your child's higher education 10 years from now, whether you want to save tax or get regular income in retirement, mutual funds are by far the best investment vehicles to reach these goals. They offer everything that an investor seeks: low charges, ease and flexibility of investment and withdrawals, diversification, lower taxes, transparency of investment and obviously higher returns.

Meet your Financial Advisor. He/she will guide you in planning and achieving the long and short term goals you’ve set together.

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