How to Achieve Your Life Goals with Financial Planning?

Smart financial planning is a headstart to achieving life goals at ease. It can help you make the best use of your income to suffice for your personal financial needs. Well, is there a good process to do it? Here is a detail to help you understand the importance of financial planning and how a savings plan can be a necessary component.

Why Is Financial Planning Required?

Financial stability is an important way to achieve success and peace in life. It can help you get what you want and secure yourself when in extreme financial crises. While it can streamline your income and designate it for every single requirement, it can help you save a portion of it for your future financial life goals. There are different types of savings plans in India. And, it would be best if you chose a savings plan with guaranteed returns to plan for your family and personal financial requirements.

How to Achieve Life Goals With Financial Planning?

Financial planning and analysis can derive the necessary benefits when planned well. Here is a step by step process to help you understand it better.

  1. Analyse your different sources of income and list them accurately.
  2. Note down your routine monthly expenses, including clothing, groceries, fuel, entertainment, medicines, etc.,
  3. Ensure to allocate a certain fund for any short term emergencies and another fund to save money for the long term.
  4. Discuss with your family and detail the long term financial life goals. It can include repayment of debts, paying for your child’s education, going on a world tour as a vacation, etc. You should forecast the requirements considering the current inflation rate and your retirement.
  5. Based on the long term financial requirements and the current expenditure, you can devise a strategy to invest money in a savings plan.
  6. Now that you are clear about your income, current expenditure and future financial requirements for life goals, you can decide the funds required from a savings plan. Based on your affordability, choose the amount you can save regularly and the plan’s duration.
  7. Choose a savings plan with guaranteed returns that will suffice for future requirements. Invest in the savings plan on a monthly or annual basis.

When you choose an online savings plan that offers flexible features, you can keep track of your savings benefit and life cover. It can also help you modify the policy features as and when required.

How to Include A Savings Plan With Guaranteed Returns in Financial Planning?

A savings plan that you include in your financial plan should be affordable and be able to suffice for fulfilling your financial requirements. And, if you are the sole earning member, it becomes an ultimate necessity.

Insurers offer a savings insurance plan that offers life coverage and a savings benefit. You can invest in such a plan by paying a premium monthly or annually. In addition, it will provide a death benefit to your family in case of your unexpected demise and a guaranteed return on maturity that you can utilise for your life goals.

While choosing such savings insurance plans, make sure you opt for flexible plan options. For instance, when you choose the Tata AIA life insurance plan, you can choose between two payout options, the regular income plan and the endowment plan.

If you invest in a savings plan to achieve money goals such as paying for higher education or planning for your child’s marriage, you can choose the endowment option. On the other hand, if you are saving money for your retirement benefits, you can opt for a regular income plan. It will provide a fixed income for a defined income period.


Achieving life goals with a savings plan in India is a productive financial decision. However, it is important to make the financial plan on a smarter platform to derive the maximum benefits. Choosing a savings plan with guaranteed returns can be ideal. And while choosing such options, you have to evaluate your current expenses, future financial commitments and, decide on the funds required and invest in the savings plan regularly for the long term.