{"id":20905,"date":"2023-01-24T14:16:13","date_gmt":"2023-01-24T08:46:13","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=20905"},"modified":"2023-01-27T17:15:32","modified_gmt":"2023-01-27T11:45:32","slug":"why-is-financial-planning-crucial-for-2023","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/why-is-financial-planning-crucial-for-2023\/","title":{"rendered":"Why is financial planning crucial for 2023?"},"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-69e7ea8d8e31f\" 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-69e7ea8d8e31f\"><\/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-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/why-is-financial-planning-crucial-for-2023\/#What_is_financial_planning\" title=\"What is financial planning?\">What is financial planning?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/why-is-financial-planning-crucial-for-2023\/#Why_go_for_a_Financial_Plan\" title=\"Why go for a Financial Plan? \">Why go for a Financial Plan? <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/why-is-financial-planning-crucial-for-2023\/#What_does_a_good_financial_plan_do\" title=\"What does a good financial plan do? \">What does a good financial plan do? <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/why-is-financial-planning-crucial-for-2023\/#How_to_make_a_good_financial_plan\" title=\"How to make a good financial plan? \">How to make a good financial plan? <\/a><\/li><\/ul><\/nav><\/div>\n<p>&nbsp;<\/p>\n<div class=\"embed-container\"><iframe src=\"https:\/\/www.youtube.com\/embed\/kbdsgnRv_M8\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/div>\n<p>&nbsp;<\/p>\n<p>Heard of this old saying \u201cBy failing to plan, you are planning to fail?\u201d Well, it also stands true for financial planning.<\/p>\n<p>&nbsp;<\/p>\n<p>Every <a href=\"https:\/\/kuvera.in\/goals\">goal<\/a> requires planning and execution. Even the most basic life goals such as renovating your house, taking a holiday, and maintaining a solid emergency fund need to be backed by proper financial planning and analysis.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"What_is_financial_planning\"><\/span><strong>What is financial planning?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Personal finance planning is a step-by-step approach to your life goals.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/kuvera.in\/fixed-deposit\/all\"><img loading=\"lazy\" class=\"aligncenter wp-image-20958 size-full\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2023\/01\/FD-Banner-9.05-01-1.jpg\" alt=\"latest fixed deposits\" width=\"600\" height=\"150\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2023\/01\/FD-Banner-9.05-01-1.jpg 600w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2023\/01\/FD-Banner-9.05-01-1-300x75.jpg 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2023\/01\/FD-Banner-9.05-01-1-150x38.jpg 150w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Why_go_for_a_Financial_Plan\"><\/span><strong>Why go for a Financial Plan? <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>We have to factor in inflation while planning our finances. Your goals only get more expensive with time. For example, keeping in mind the increased cost of education, you have to inflation-proof your child\u2019s education fund. Or the cost of your international vacation for the anniversary. We also need to have an emergency fund to deal with a sudden loss of job and therefore, the income.<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"What_does_a_good_financial_plan_do\"><\/span><strong>What does a good financial plan do? <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>Good financial planning, done early and wisely, will save you from the burden of unplanned expenses! A strong financial plan redirects your savings into suitable investment products, builds a corpus and prepares for any financial challenge life may throw at you.<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"How_to_make_a_good_financial_plan\"><\/span><strong>How to make a good financial plan? <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<ul>\n<li>Make a list of your needs and goals.<\/li>\n<li>Define your risk tolerance to determine suitable investment plans.<\/li>\n<li>Start investing as early as you can. The more time you give your investments, the better your chances of achieving your financial goals.<\/li>\n<li>Do the right asset allocation to channelize your savings into suitable investment options.<\/li>\n<li>Ensure appropriate savings to support or fund your financial goals.<\/li>\n<li>Execution and monitoring through timely reviews.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><em>Interested in how we think about the markets?<\/em><\/p>\n<p><strong>Read more: <a href=\"https:\/\/kuvera.in\/blog\/category\/zen-and-the-art-of-investing\/\">Zen And The Art Of Investing<\/a><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Watch here:<\/strong> How to invest during a bear market?<\/p>\n<div class=\"embed-container\">\n<div class=\"embed-container\">\n<div class=\"embed-container\"><iframe src=\"https:\/\/www.youtube.com\/embed\/PTJ_lQXIAQ4\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<\/div>\n<\/div>\n<div><\/div>\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit <a href=\"https:\/\/www.youtube.com\/watch?v=R7g03UwJAT8&amp;utm_source=Blog&amp;utm_medium=Weekly+wrap+22nd+July\" target=\"_blank\" rel=\"noopener\">kuvera.in<\/a> to discover Direct Plans and <a href=\"https:\/\/kuvera.in\/explore\/fixed-deposit\/c\/all\">Fixed Deposits<\/a> and start investing today. #MutualFundSahiHai #KuveraSabseSahiHai<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; &nbsp; Heard of this old saying \u201cBy failing to plan, you are planning to fail?\u201d Well, it also stands true for financial planning. &nbsp; Every goal requires planning and execution. Even the most basic life goals such as renovating your house, taking a holiday, and maintaining a solid emergency fund need to be backed [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/why-is-financial-planning-crucial-for-2023\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":11,"featured_media":20073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[99],"tags":[603,45,52,1971],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why is financial planning crucial for 2023?<\/title>\n<meta name=\"description\" content=\"Understand all about financial planning in simple, easy steps.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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