Christmas can be a great time for you to gather with your family members and spend some quality time talking about past memories and planning the future. Spending time with family during Christmas often leads to late night conversations about life goals of the young adults and post retirement plans of the elders in the house. It is always a good idea to talk to your close ones about how you want to plan your life post retirement.

Three ways to plan financial goals

There are various steps or methods that you may use in order to fulfil your dreams. Here is a list of three ways in which you can plan your financial goals with your family members:

1. Figure out what your life goals are

The first and foremost thing that is important while discussing financial goals is to figure out what your life goals are. There are certain life goals that are quite common among all kinds of people, but there are also goals that are unique to every individual. While some of us may want to spend our lives in a deserted island post retirement, the rest of us may want to run our own business or our own cafe or a restaurant. Therefore, what you would require to fulfil your post retirement plans is a good amount of savings to do whatever you wish to.

Additional Read: The SMART approach to your first financial plan

While planning ahead for your future is vital, it is also necessary for you to plan your financial goals depending upon what you want for yourself and your family in the present times. You may need finances for your own education, or to buy a house and/or a car, or to begin a start-up, or for your children’s education. Therefore, it is important to be specific and careful while setting financial goals for yourself. Once you have set your goals, you can use the Goals feature on the Tata Capital Moneyfy app to plan, track, and successfully achieve your goals, no matter what they are.

Smart Approach to your financial goals

2. Be careful with time frames

It is important to be careful about time frames while setting life goals for yourself. Dealing with financial goals for the long run would require you to set the time frames smartly in order to avoid stressful or taxing situations, keeping in mind your current economic condition. While post retirement plans or a child’s higher education plans tend to have a certain pre-set time frame, setting the time frames for commitments and/or plans such as buying a house or a car depends upon you. The key is to be realistic and save accordingly. One of the most efficient ways to execute this is to invest in mutual funds in SIP format, for which the Tata Capital Moneyfy app can help you in a lot of ways.

3. How to invest right?

Perhaps the most essential part of dealing with financial goals is to know the right way to invest. There are various things to keep in mind while investing for different kinds of life goals.

  • Equity Mutual Funds would be the best option when it comes to goals that are five years away from the present day. Among several funding categories, it is best to choose large caps or multi caps, as they are comparatively less volatile than mid and small cup funds.
  • For things that you wish to achieve in three to five years’ time, Hybrid Funds should be a good option.
  • When it comes to life goals set for one to three years away from the present day, debt mutual funds should be ideal. If you would prefer avoiding risks, you may also go for liquid funds with low-risk as well.

Why being realistic is necessary while planning financial goals

It is important to keep in mind your income and your expenses while setting goals for yourself. Keeping a goal realistic would automatically make it easier for you to achieve it. Investments and savings are part of life. However, it is necessary for you to consider the amount of money that you would need to live comfortably.

Additional Read: The importance of setting realistic financial goals


It happens very often that we tend to lose track of what we want from life. You may find yourself thinking that your dreams are too big or far-fetched, and then wonder if you should give up on them. However, turning your dreams into life goals would help you plan things and achieve them. The right type of investments would make it possible for you to reach your financial goals, thus achieving your dreams at the end of the day.

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