A weekend outing with office colleagues means a lot of planning and lot of preparation. They are essential to ensure that the weekend brings in a lot of fun and there are no any untoward surprises. Same holds good when it comes to your financial matters. Here are 10 things that you should keep in mind while doing your financial planning:
It is personal: When it comes to the words ‘personal finance’, the former is more important than later. It is not about money or finances, but it is about ‘YOUR’ money. Do not go by what others want and what they do. Know your needs, wants and devise a plan that you can execute.
Financial goals: Your financial goals matter the most. Start with defining your financial goals. Ensure that they are SMART – simple, measurable, achievable, realistic and time-bound. Buying a car worth Rs 3 lakhs, five years from now, can be a financial goal. Once you know your financial goals clearly you can plan to achieve them.