#10YearChallenge. This has been the craze in the media starting in January this year. It was the challenge people took to show a change in their physical appearance from a decade ago. But Upwardly challenges you to take the #10YearChallenge to achieve your financial goals. You can plan the life you want to live after the next 10 years now. For creating a plan you would need to assess your current financial situation and make the required changes you need in your lifestyle.
Having goals is important as you will know where you want to go and how far are you from achieving it. You can change your life in 10 years. It all depends on what you do today. Start acting on your goals today. Making a few changes to your lifestyle can help you be where you want to be. Stop dreaming and start working towards it.
The goals you want to achieve might be different depending on your age and situation. Here’s a list of basic goals that should be on your agenda to take the #10YearChallenge. These aren’t specific to one age but cover all ages. Pick your goals based on your requirements. You can add other goals if you want.
Having an emergency fund should be the first basic goal while doing financial planning. This fund will cover for all your emergencies. Losing a job or medical emergency both require immediate attention. Having a fund to cover for both these emergencies is a must. We suggest you have at least 3-6 months of your living expenses plus the cost of your last emergency in your emergency account. Keep a part of this fund as liquid cash at home and a part of it at a bank and invest the rest in a liquid fund. How much should you have in your savings account? Click here to find out.
Life and Health Insurance
Life insurance is an investment to secure the financial stability of your family, in the event of your untimely death. Taking a life insurance policy has triple advantages – savings in tax, investment, and life cover. Insurance is an important aspect of financial planning. It offers financial assistance to the family of the insured in case of any unforeseen emergencies. Health insurance is important as the healthcare expenses are skyrocketing and without insurance, the savings will be exhausted. What Type Of Insurance Do You Really Need? Assess Before You Buy. Click here to find out.
Investing for Retirement
Would you want to compromise on the life you are living right now just because you have turned 60? In fact, life starts after 60. People like to travel during their retirement or build a house in the countryside and enjoy with a drink in hand under an umbrella. All these involve costs. One should start planning for retirement right from the time they first start working. Read on to know more about retirement planning here.
Having a house you call home is important. At any point in time, one would always dream of a home of their own. If you want to live in the house of your dreams then it’s time to stop dreaming and wake up and start acting towards it. Having a home of your own is not cheap. It is one of the biggest investment for a person in his/her lifetime. Start investing today to build your home. Dreaming of a dream home? Know how much to invest!
Buy a car or bike
Having a car or bike has become a basic necessity. If you are an automobile lover then you cannot compromise on the bike or car you drive. It’s not about the destination, it’s about the ride is what the car or bike lovers feel. You cannot make your own car or bike but you can build a pool of money to buy one. Whether necessity or a luxury you can invest in having your car or bike. Is your soul on wheels? How can you invest in your dream bike or car?
Pay off Debt
Being debt free should be your goal. Keep diverting every bonus or gift you get towards the debt and pay it off earlier than planned. Start paying off the debt which has the highest interest rate and then pay off the smaller interest rate debts. Once you pay off the debt, divert this to savings/investment. If you are no longer paying an EMI then you have enough to save/invest.
Education is a major expense as school and college fees are skyrocketing. Gone are the days when you could manage your child’s school and college fees with your monthly income. You need to be well prepared in advance to be able to pay for them. There are a number of child education plans that you can choose from, which not only helps you build up a corpus but is also insured. How to plan finances for your kid’s education? Click here to find out.
Having those big fat Indian weddings or a destination wedding doesn’t happen at low cost. Even with a lot of cost-cutting at weddings, they are still costly. Saving up for your children’s marriage should be on your agenda. Build a goal for your children’s wedding at Upwardly and work towards it right from today.
Taking time off from your regular life and spending time with family and friends should be one of the major priorities on your list. Taking a vacation every once in a while helps you relax from the hustle and bustle of life. Vacations do cost a bomb and it’s easy to invest for these vacations rather than exhausting your savings or using emergency fund. Click here to know how much European vacation for two weeks costs.
One can have a goal for anything and everything possible. Want to attend a Cricket World Cup Finals or want to go on a vacation or want to buy a Burberry Bag. All these are goals and these aren’t silly. At Upwardly we help you attach a number to these goals in terms of the number of months or years to achieve it. We also recommend you different ways to achieve the goal. Also, you can build your own goal or choose from our existing goals. Check out our goals based plans here. By investing with Upwardly you can always check your progress towards your goals.
We challenge you to take the #10YearChallenge with Upwardly.