Five situations when you should review your financial plan, explained
Updated : April 24, 2019 01:18 PM IST
Increase in salary need not necessarily lead to increasing in expenses. Though in initial years, it may be the case as lifestyle inflation catches up. As you continue to rise, more incremental money earned is saved. This need to be channelised into investments.
Financial plan comprises financial goals that define one’s aspirations and the planned strategy to achieve those. Call it peer pressure or just plain higher aspirations, individuals end up spending more and more.
A home purchase is typically a large purchase for most Indians. Given the high property prices, many prefer to go for loans. The home loans create a large cash flow issue in one’s financial plan for a long period of time.
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