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Financial Plan at each life stage

Every individual will fall into any of these categories. As per the financial planning, these categories are well examined and requried needs has been addressed based on the cateogry you fall.

So, choose your cateogry.

Alpha - Single
Bravo - Married, without a Child
Charlie - Married, with Child(<3 years)
Delta - Children (>14 years)
Echo - Children completed Education
Foxtrot - Retirement Age

Source : IIFB

Little Savings - FInancial Plan

Alpha - 

  • Prepare your Balance sheet 
  • Try to save money by opening Fixed Deposit with your Salary Account.
  • Set aside an amount for your future expenses.
  • Start SIP for the Mutual Funds
  • Open a PPF account.
  • Get to know about the Credit cards. Recommended not to opt for it till you are getting ready for marriage.

Bravo - 

  • Plan for buying a home.
  • Continue your SIP's
  • Opt for a Credit Card that suits your needs
  • Get to know about the Tax Saving Instruments & planning for it.
  • Get to know about the Insurance Policies

Charlie -

  • It's time to take both Health & Life Insurance policies
  • Since at this stage, there are more expenses than income, better not to take higher investments.
  • Better not to go for the High Risk Mutual Funds.

Delta - 

  • Ability to save money is high in this stage.
  • It is must to plan for an Emergency Funds for atleast 3-6 months.
  • This is the last opportunity for Retirement Plan. PPF accounts opened at initial stages will be handy now.
  • Since, you are in a High Tax Bracket, plan wisely your investments.
  • Better not to go for the High Risk Mutual Funds.

Echo -

  • Clear all your debts
  • Expenses will be low and since you are high tax bracket, plan your investments.
  • Retirement plan should be in place and conitnue. Existing plans will be handy this time or else you need to invest more on retirement.
  • By this time, confirm where you want to settle down.

Foxtrot - 

  • Move to your home nest
  • Your investments will grow and handy in this stage.
  • No income from pay checks, your investments will be matured and become a saviour.