It’s the process of investing towards your goals in an organized manner while reviewing them regularly.
Start by understanding your income, expenses, and liabilities.
Understand how much you can allocate for spending and saving.
Learn key ratios like reserve surplus, debt-to-income, and savings-to-surplus.
Understand your financial health.
Set long-term goals like retirement and your child's education.
Set clear target amounts and timelines.
Don't forget to consider inflation.
Don't make ad hoc investments.
Choose products according to your goals, risk tolerance, and timeline.
Tailor your plan according to your unique profile.
Life evolves, and so should your financial plan.
Review your strategy when facing major life changes or shifts in goals, and make adjustments to stay on track.