Financial Planning Tips For Individuals In New Year 2022

Most of us end up settling for last year's financial resolution. So now we at KoolGuruJi have compiled Financial Planning Tips for Individuals from Financial Planners for different individual categories – Marriage, Parenting and Women for New Year 2022.

Tips For Individuals In New Year 2022:

(A) Marriage: Marriage is a big decision in life but does not mean that you have to compromise on your life's aspirations. The best resolution for you would be to save your hard-earned money and invest it in an asset like mutual funds which can help you build long-term wealth. But before taking the plunge, make sure you first evaluate your risk appetite and the ability to withstand market volatility.

Many people tend to focus on their happiness during marriage and ignore their finances. When the two of them reach a certain level of financial comfort, it becomes easy for them to ignore their finances, which is not the way to live in this fast-paced world.

While planning makes sure that you do not forget about these basics: 

# One such basic financial responsibility is to plan your budget and ensure it is done within your reach. 

# Make sure that you are not spending more than you earn.

# When it comes to marriage, you need to prepare well, with the necessary expenses planned. 

# Don't forget to account for inflation in your life.

# Therefore, one of the best resolutions a newlywed couple can make is to plan their finances very early in their married life. 

# The ultimate goal for any newlyweds should be to be financially independent. 

# Make sure that your spouse has enough savings and that you are investing your hard-earned money towards long-term goals.

(B) Parenting: Young couples typically tend to live with their parents and this makes it difficult for them to budget their finance. Parenting ends up spending a lot more than what they earn. To be financially independent, parents need to focus on saving and investing. 

# Set up a financial retirement plan, based on your budget, take adequate retirement funds in your hands. 

# Parents need to save money in their savings accounts, to provide a cushion for their child, in case of an emergency.

(C) Women: Women have a lot of responsibility in their hands. They not only take care of their finances but also take care of their spouse's finances. Women can be very careful when it comes to financial planning and should use financial planning as a tool to get the best from their finances. 

# One such tip would be to always write down a goal to save a certain amount of money. 

# In case there is any ambiguity regarding the amount, it is the goal that you should focus on. 

# A year-long goal, of saving Rs 5,000 to Rs 10,000 a month is a great aim that can keep them motivated to achieve.

Also Read:

1. 28 New Year Financial Resolutions Tips To Save Money In 2022

2. Profitable Real Estate Investment Growth In India 2022

3. Indian Economy Growth Development Post Independence

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