Benjamin Franklin has rightly said, “If you fail to plan, you are planning to fail.” You may have several different financial goals you wish to achieve but to reach them at the right point in life; you need to have a financial plan in place at a very young age.

What is financial planning?
Financial planning is a step-by-step approach to meet one’s life goals. A financial plan acts as a guide as you go through life’s journey. Essentially, it helps you be in control of your income, expenses and investments such that you can manage your money and achieve your goals.

For example, if you want to build up a corpus of Rs. 10 lakh for your daughter’s college education through investments, you need to grow this amount by the time she turns 18. Not a year later. This is where financial planning becomes essential.

What are Benefits of financial planning?
There are numerous practical benefits to financial planning.
It helps you to:

-Increase your savings
-Enjoy a better standard of living
-Be prepared for emergencies
-Attain peace of mind
-To manage your money in the best possible manner

How to create a successful financial plan?
-Understand your current financial situation
-Write down your financial goals
-Look at the different investment options
-Implement the right plan
-Monitor your financial plan regularly