๐ Five Situations When You Should Review Your Financial Plan
Having adequate money at the right time is like a dream come true. But as your needs and environment change, so should your financial plan. Here are five situations when it’s crucial to review your financial strategy:
1. Change in Income: Salary hikes are common, but they don’t always mean increased expenses. Channeling extra income into investments is key. Conversely, job losses or career shifts require a reassessment to stay on track.
2. Higher Aspirations: As your income grows, so do your aspirations. Wanting a sedan instead of a hatchback? Ensure your investments grow with your ambitions. Increasing your SIP investment regularly can significantly boost your returns.
3. Milestone Events: Marriage, having children, their education, and weddings are major life events that impact your financial planning. These changes require a comprehensive review to cover your new responsibilities, including updating insurance and estate planning.
4. Large Purchases and Loans: Buying a home or taking a substantial loan can drastically affect your cash flow. Regular reviews help manage these changes and ensure your life insurance covers your liabilities.
5. Health Issues: Lifestyle diseases and life-threatening conditions can derail your financial plan. Regular reviews ensure you have adequate insurance to cover unforeseen medical expenses.
Regular financial reviews help you stay ahead of life’s changes. Let’s plan for a secure future together! ๐
