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The planner takes into account all of your Emergency and investment needs and plots them as milestones on your life line. How much should you invest Yearly or Monthly to Make Money? Calculate the Investment Amount using our Goal Planning Calculator.
Goal planning refers to setting financial goals and making plans to achieve them. Your financial goals can be short-term goals, medium-term goals, or long-term goals. If you want to achieve your goals. You need to understand your current financial status, and accordingly plan for your future goals. Goal planning helps you become financially secure and channelize your current financial investments in such a way that it generates returns over a time period which fulfills your goals.
Goals are the priorities and targets you set for how you want to save money for the future. The goal planning calculator shows you the value of a future financial goal. It works on the future value concept. The calculator uses a formula, where you enter the current value of the goal, and when you require the amount and also considers the expected rate of inflation. Based on these parameters the financial goal calculator displays the future value of your goal.
An emergency fund is a financial reserve set aside to cover unforeseen expenses, such as medical emergencies, job loss, or urgent home repairs. It helps you stay financially stable without disrupting your long-term investments.
Ideally, an emergency fund should cover 6-12 months of living expenses. This amount ensures that you have enough to handle unexpected events without needing to dip into other savings or investments.
Your emergency fund should be easily accessible. Options like a savings account, liquid mutual funds, or short-term fixed deposits are suitable since they offer liquidity and low risk.
You should prioritize building an emergency fund as soon as possible. It's a fundamental part of financial planning that ensures you are prepared for unforeseen events and avoids financial strain during tough times.
No, an emergency fund should only be used for genuine emergencies. It's important to keep this fund separate from other savings or investment goals to ensure it is available when truly needed.