Goal prioritization must with limited inflows

Goal prioritization must with limited inflowsThe fear of future haunts most of us, if not all of us. This fear is more seen in working individuals with a limited or meager income and with no financial assistance coming from other sources.

However, basic financial planning can help to a considerable extent in not only saving a good amount for the present and future, but it will also secure of life – yours and dependants.

From Economictimes.indiatimes.com:

BASIC FINANCIAL PLANNING

Emergency Fund: In the event of a temporary loss of income (due to illness or loss of job etc), the family needs to be well-insulated for four to six months of living expenses and other non-discretionary spending. An emergency fund of approximately 3 lakh needs to be created of liquid funds towards this need. The bank savings of 72,000 needs to be enhanced as early as possible since the current balance would suffice only over a month in case of such an eventuality.

Insurance Needs: Keeping in mind the educational aspirations for the child as well as future liabilities towards purchase of real estate, the couple needs to have a cover of approximately 60- 85 lakh jointly. Any shortfall in the existing cover should be suitably made good.

In short, things may appear difficult to handle in the first place but they can surely be managed with a high sense of care and diligence.

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