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Goal based financial planning is a must in today's ever changing society; it provides us with some sort of direction on which we can grow and develop according to our needs. Be it buying your dream house, children's education, and children’s weddings or simply going on yearly vacation.

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Saving aggressively helps at retirement Jul 31, 2013
A friend of mine once proudly announced that he was saving 10 percent of his salary. Then he suddenly lo...
Child Education  
Education is the biggest asset a parent can provide for a child. Hence, it is given the highest priority by most of parents, as far as financial goals go.
At Jhaveri we suggest that you consider all these factors while saving for your child's education.
1. Figuring out the college expenses  
College is not just about College, there are several layers of expenditure that need to be planned for. These expenses are both essential and substantial and cannot be neglected at any point.  
Tuition & Fees ( Covers the Tuition and fees of a particular college and varies from college to college)  
Hostel and Housing (Colleges usually offer a variety of dorm-room options and meal plans to students who live on campus.)  
Course Supplies(Books, Practical kits, Stationary )  
Personal Expenses (includes petrol, cell phone bills, eating out, internet )  
Transportation (Whether you commute to campus to see them or they take trip home, you’ll have transportation costs. Of course, these will vary depending on mode of travel and how often.)  
By understanding the list, you realise that every aspect is as important and the amount that would add up wont be negligible. To avoid such a pickle, you need to be prepared with a place for the above mentioned on your financial planner.  
2. Don’t Procastinate  
Parents usually start saving for college education very late. It is basically the result of procrastination, under estimation of the college expenditure and budget mismanagement. It then becomes a reason for a lot of unwanted stress and hardship in the last few years before the college year where parents scramble to meet the needs.

Parents should always make a head start when it comes to saving for their kids education, the right age to start saving should be when the child is 3 to 5 years of age. Technically speaking parents need atleast 12 to 15 years of time for college saving. Because unlike other financial goals like buying a dream house or taking a vacation or retirement, one can't possibly delay the child's education.

A precise timeline needs to be formulated according to the goal. A child requires to start college education as soon as they get down with secondary schooling, and no delay is entertained. A lot of other factors also come into play, which are caused by the inflexibility of the time horizon.
Child’s Marriage  
Marriage is a very important part of life, it is the coming together of two individuals as well as families. Apart from finding the perfect partner for their child, parents also want the to give their child a perfect wedding. Where everything functions like clockwork and every requirement is met to the best of their capabilities so as to keep in trend with personal and social norms.  
1. Adjusting for Generation Changes  
Times are rapidly changing, and what we must do is quickly adjust. The way of living we experience today, 15 years back we couldn't have imagined that.

So keeping up with the pace of changing time and social needs, we need to plan out financial plans that have room to grow and that are flexible and would adjust to the requirement of the goals even 15 years from now.

Weddings used to be a family event with events planned over 2 days max, but today's weddings are more of a social celebration where friends, family, acquaintances come together for 3-4 days. Your child's marriage budget should be planned in such a way that it accommodates all the various changes that might or might not happen.
2. Portfolio Rebalancing  
Your portfolio needs to reviewed each year, as requirements change and you need to do rebalancing based on your asset allocation. You should move your portfolio towards debt and limit your allocation to equities as and when your goal approaches to reduce the market volatility.  
Buying a Dream Home  
A huge bungalow with a lavish garden or a chic apartment overlooking the city's skyline, a dream house is a space where, as cliche as it may sound "dreams come true". Now how can you protect and build that dream along side all your other commitments? You invest strategically and soundly in assets that you can liquidate get a sizeable amount when the time is right.

Jhaveri believes that making informed decisions can help you build the right strategy that will help shape your dream into a reality!
1. Right Asset Allocation  
Smart and precise investment of your hard earned money towards the right asset class based on your time, horizon and risk needs will add toward helping you in the right direction. A balanced asset allocation will assure that you achieve your financial goal. Sometimes investors pick the wrong allocation which may not lead to your goal.

Too Aggressive: Investors pick wrong asset allocation, because they don’t understand the objective and reason behind asset allocation. They may build a portfolio with too much risk and less liquidity and end up having losing money in the goal year and not able to withdraw enough at the time of need.

Too Conservative: On the other hand some investor may build a portfolio too conservative and end up short of their financial needs. Usually these portfolio is filled up with bank fixed deposits, post office deposits, company deposits, govt bonds etc.
2. Need Loan?  
You should always have a back up or Plan B, keeping in mind all the changes and challenges of home-planning. Families might end up short of their target, for many of them Plan- B could be getting a bank loan to make up for the short fall. Banks are always available to give Noam loaner at cheaper rates. Some people prefer to take a loan rather than dipping into their portfolio money. But there is a downside, banks don't provide loans for retirement.

When you review your portfolio to take out money for your dream home, always check up on the progress or status of your retirement funds. Because for a dream home, there is always a Plan-B but for your retirement there is none.
Other Goals  
Always keep space for other goals on your portfolio. They could be anything from a yearly trip abroad to impulse shopping or hobby development. The point is to prioritise important goals and always be on the lookout for different opportunities.  
Jhaveri suggests that you should consider the following:  
1. Prioritize Goals  
Take note of your short-term and long-term savings goals and prioritize them accordingly.  
2. Look for Opportunities  
Examine the exchanges, the timelines, and the monetary costs for all of your financial goals; always look for opportunities to learn about new and innovative types of investments that may play catalyst in achieving your goals.  
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