{"id":11814,"date":"2022-05-26T18:44:54","date_gmt":"2022-05-26T13:14:54","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=11814"},"modified":"2022-07-14T16:34:27","modified_gmt":"2022-07-14T11:04:27","slug":"what-is-goal-based-financial-planning","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/what-is-goal-based-financial-planning\/","title":{"rendered":"What is Goal-Based Financial Planning?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69d91f6d39327\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69d91f6d39327\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/what-is-goal-based-financial-planning\/#Plan_Your_Finances_Systematically\" title=\"Plan Your Finances Systematically\">Plan Your Finances Systematically<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/what-is-goal-based-financial-planning\/#What_is_Goal-Based_Financial_Planning\" title=\"What is Goal-Based Financial Planning?\">What is Goal-Based Financial Planning?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/what-is-goal-based-financial-planning\/#Importance_of_Goal-Based_Planning\" title=\"Importance of Goal-Based Planning?\">Importance of Goal-Based Planning?<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/what-is-goal-based-financial-planning\/#Save_More\" title=\"Save More:\">Save More:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/what-is-goal-based-financial-planning\/#Disciplined_Investing\" title=\"Disciplined Investing:\">Disciplined Investing:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/kuvera.in\/blog\/what-is-goal-based-financial-planning\/#Tax_Planning\" title=\"Tax Planning:\">Tax Planning:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/kuvera.in\/blog\/what-is-goal-based-financial-planning\/#Peace_of_Mind\" title=\"Peace of Mind:\">Peace of Mind:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/kuvera.in\/blog\/what-is-goal-based-financial-planning\/#What_Are_The_Steps_Involved\" title=\"What Are The Steps Involved?\">What Are The Steps Involved?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/kuvera.in\/blog\/what-is-goal-based-financial-planning\/#Sample_for_Basic_Goal-Based_Investment_Plan\" title=\"Sample for Basic Goal-Based Investment Plan\">Sample for Basic Goal-Based Investment Plan<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/kuvera.in\/blog\/what-is-goal-based-financial-planning\/#Wrap_up\" title=\"Wrap up\">Wrap up<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/kuvera.in\/blog\/what-is-goal-based-financial-planning\/#Interested_in_how_we_think_about_the_markets\" title=\"Interested in how we think about the markets?\">Interested in how we think about the markets?<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Plan_Your_Finances_Systematically\"><\/span>Plan Your Finances Systematically<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Financial literacy and the ability to ace <\/span>financial planning are skills everyone needs to have. It\u2019s all about managing your money and finances. The lack of proper financial planning in India is one of the reasons people aren\u2019t able to achieve their financial goals or fall into debt traps. However, when we talk about financial planning, it\u2019s not just about earning and investing. We are referring to goal-based financial planning. What is it? Let\u2019s see!!<\/p>\n<p>&nbsp;<\/p>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/yiUrk5fxEmQ\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_Goal-Based_Financial_Planning\"><\/span>What is Goal-Based Financial Planning?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">When it comes to <\/span>financial planning, setting goals is the first step before walking down the path. Your goals will influence every financial decision from the asset class to invest, tenure of investment, etc. Financial goal setting involves a series of actions, from deciding your investing goals to actively taking and executing financial decisions to achieve your goals.<\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Importance_of_Goal-Based_Planning\"><\/span>Importance of Goal-Based Planning?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Goal-based financial planning is essential for making correct financial decisions. If you are unclear about your financial goals, then you will make incorrect decisions in the long run. A structured goal-based financial planning will help you<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Save_More\"><\/span>Save More:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\"> With well-defined financial goals, you can plan your income and expenses accordingly. A popular financial goal for saving is 50-30-20, i.e., you will spend 50% of your income on your needs, 30% on wants, and the rest 20% will be your savings.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Disciplined_Investing\"><\/span>Disciplined Investing:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">You will inculcate the habit of minimizing risks and costs with a prudent asset allocation strategy.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Tax_Planning\"><\/span>Tax Planning:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Financial planning is not just limited to investment but also involves tax savings. However, it requires you to invest in those eligible assets for tax deductions. This includes ELSS and tax-saving <a href=\"https:\/\/app.kuvera.in\/explore\/mf\/c\/all\">mutual funds<\/a>, insurance schemes, fixed deposits, etc.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Peace_of_Mind\"><\/span>Peace of Mind:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">With proper planning, you are sure to achieve your financial goals in the long run. Goal-based planning helps you stay motivated and prevents procrastination. This brings in a sense of relief and peace to know that your financial future is secure.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/kuvera.in\/explore\/fixed-deposit\/c\/all\"><img loading=\"lazy\" class=\"size-large wp-image-13417 aligncenter\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-1024x334.jpg\" sizes=\"(max-width: 640px) 100vw, 640px\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-1024x334.jpg 1024w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-300x98.jpg 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-768x250.jpg 768w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022.jpg 1080w\" alt=\"Online Fixed Deposits on Kuvera\" width=\"640\" height=\"209\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_The_Steps_Involved\"><\/span>What Are The Steps Involved?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">If you are keen to do goal-based financial planning, you just need to follow the below steps:<\/span><\/p>\n<p>&nbsp;<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Decide your investment goals: <\/b><span style=\"font-weight: 400;\">You can have various financial goals like buying a dream house, retirement planning, or exotic vacation. To get an idea of the financial goals you can pursue, log on to<\/span><span style=\"font-weight: 400;\"> Kuvera<\/span><span style=\"font-weight: 400;\"> now.\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Make a budget: <\/b><span style=\"font-weight: 400;\">Your budget will be directly related to your investment goals and the time horizon. You need to put down the value of your goals in today\u2019s terms. The foremost task while budgeting is to decide the amount required to achieve your goal. Then break down the amount into smaller goals. This will facilitate the preparation of the budget for investment.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\"><b>Time Frame for Investment: <\/b><span style=\"font-weight: 400;\">Once you get to know the value you will need to achieve your goals, you need to decide the time frame for your investments. You can do investments either for the short term, mid-term or long-term returns.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Assess your risk appetite:<\/b><span style=\"font-weight: 400;\"> Your risk appetite will play an essential role in deciding the asset class for investing. The thumb rule is that \u2013 the higher the risk, the higher the return. If you are planning for a long-term investment, you can invest in risky avenues like equities or mutual funds. However, if you want to invest for the short term, you shall invest in secure avenues like debt or fixed income instruments because the safety of capital invested is essential in the short run.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Prepare an investment plan<\/b><span style=\"font-weight: 400;\">: Start preparing your financial plan once you decide on the above factors. Select your asset class, determine the amount to be invested each month, and the steps necessary to execute your investment plan.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Sample_for_Basic_Goal-Based_Investment_Plan\"><\/span>Sample for Basic Goal-Based Investment Plan<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Following is an example of a goal-based <\/span>comprehensive financial plan assuming you are 25 years of age:<\/p>\n<p>&nbsp;<\/p>\n<table style=\"width: 100%;\" border=\"1.5\">\n<tbody>\n<tr>\n<td>\n<p style=\"text-align: left;\"><b>Goals<\/b><\/p>\n<\/td>\n<td style=\"text-align: center;\"><b>Remarks<\/b><\/td>\n<td style=\"text-align: center;\"><b>Term for investment<\/b><\/td>\n<td style=\"text-align: center;\"><b>Suitable Asset Class<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Creating an Emergency Fund<\/span><\/td>\n<td><span style=\"font-weight: 400;\">The emergency fund should be equal to 6 months of your monthly expenditure<\/span><\/td>\n<td>\n<p style=\"text-align: center;\">NIL<\/p>\n<\/td>\n<td>Liquid funds, ultra short term or short term funds, Fixed Deposits<\/td>\n<\/tr>\n<tr>\n<td>Buying Your Dream House<\/td>\n<td>Assuming you will buy your dream house at the age of 30, you will be required to accumulate approximately 20% of the value as a downpayment.<\/td>\n<td>\n<p style=\"text-align: center;\">5 years<\/p>\n<\/td>\n<td>SIP investment plan in mutual funds, blue-chip equity stocks<\/td>\n<\/tr>\n<tr>\n<td>Retirement Planning<\/td>\n<td>Considering you would be retiring at the age of 60 years.<\/td>\n<td>\n<p style=\"text-align: center;\">35 years<\/p>\n<\/td>\n<td>SIP mutual fund investment, <a href=\"https:\/\/app.kuvera.in\/explore\/stocks\/c\/all\">stock<\/a> market investment, and insurance plans. Try to diversify your investment as much as possible.<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">\n<p style=\"text-align: left;\">Buying your dream car<\/p>\n<\/td>\n<td style=\"text-align: left;\">Suppose you will be buying your car at the age of 28 years.<\/td>\n<td style=\"text-align: center;\">3 years<\/td>\n<td>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\"><a href=\"https:\/\/app.kuvera.in\/explore\/fixed-deposit\/c\/all\">Fixed deposits<\/a>, recurring funds, debt funds.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Wrap_up\"><\/span><b>Wrap up<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">As you can understand from the above, <\/span>goal-based investing can do wonders for your financial health and, if properly followed, can help you achieve all your financial goals. However, procrastination can delay achieving your financial goals. Always analyze the assets before you start investing in them because of goal-based wealth management.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Interested_in_how_we_think_about_the_markets\"><\/span>Interested in how we think about the markets?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Read more: <a href=\"https:\/\/kuvera.in\/blog\/category\/zen-and-the-art-of-investing\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Zen And The Art Of Investing<\/strong><\/a><\/p>\n<p>Check out all our &#8220;Investor Education Originals&#8221; videos on Youtube and get smart about investing.<\/p>\n<p>&nbsp;<\/p>\n<p><iframe loading=\"lazy\" title=\"SIP for the right start to your dreams | Best of Investor Education\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/8uwn1YpSsFU?list=PLDSzQdT9nLmBOsyCmLDKSz_PQcWdePZgI\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit <a href=\"http:\/\/app.kuvera.in\"><strong>Kuvera.in<\/strong><\/a> to discover <a href=\"https:\/\/kuvera.in\/blog\/direct-plans-better\/\"><strong>Direct Plans<\/strong><\/a> and <strong><a href=\"https:\/\/app.kuvera.in\/explore\/fixed-deposit\/c\/all\">Fixed Deposits<\/a><\/strong> and <a href=\"https:\/\/kuvera.in\/user\/login\"><strong>start investing today.<\/strong><\/a><br \/>\n#MutualFundSahiHai #KuveraSabseSahiHai #PersonalFinance #InvestorEducation<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plan Your Finances Systematically &nbsp; Financial literacy and the ability to ace financial planning are skills everyone needs to have. It\u2019s all about managing your money and finances. The lack of proper financial planning in India is one of the reasons people aren\u2019t able to achieve their financial goals or fall into debt traps. However, [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/what-is-goal-based-financial-planning\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":11,"featured_media":11826,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[99,593],"tags":[157,52,176,636],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is Goal-Based Financial Planning? - Kuvera<\/title>\n<meta name=\"description\" content=\"Financial planning is a series of actions, from deciding your investing goals to actively taking and executing financial decisions to achieve your goals.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kuvera.in\/blog\/what-is-goal-based-financial-planning\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is Goal-Based Financial Planning? 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