Personal Financial Planning is the process of managing personal finances so that the current and long term financial needs are met in the best possible way. It involves estimating your future needs for funds based on current income, expenses, current liabilities, future aspirations (financial goals), projected incremental income, expenses.

A   systematic plan involves the preparation of a household budget, assessment of the present financial position, defining and setting financial goals, estimating the future value of the goal, planning to fund the future goal, assessing one’ sown risk profile, asset allocation and so on.

For details refer to our blog section on Financial planning and Wealth management.