Financial planning refers to the process of streamlining the income, expenses, assets and liabilities of the household to take care of both current and future need for funds. It is a holistic approach and works primarily through the identification of key goals and putting in place an action plan to realign the finances to meet those goals. Good financial planning should include details about your cash flow, savings, debt, investments, insurance and any other elements of your financial life and is not just a a one-off activity.

A financial plan can act as a guide for your future and will help you be in control of your earnings, expenditure and savings. While many people understand the importance of financial planning, it is still one of the steps that are postponed or skipped. In India, little to no financial security is provided to retired employees. This makes financial planning a requirement for all households. Financial advisors enable a household to manage its personal finances efficiently in line with their short and long-term objectives.

The financial planning process by Prime Finvest Services includes the following methods: