Stage 3: Married with Kids

List of financial goals will increase, including - planning for children’s education and marriage and your retirement. You might start having other plans like - purchasing a property as an investment to yield rental income.

Your children become your first priority. Providing them with basic and higher education and their weddings will be top of the ‘saving for’ category in your wish list. At this stage, a financial plan, comprising investment and insurance products will help you to fulfill your responsibility.

As you approach your retirement, your children will become financially independent. You can so allocate a greater portion of your investment towards your retirement plans. By this stage, your financial goal should also include adequate health coverage and accident insurance.

Make a Will

Cautiously make your will and keep it ready so that even in case of sudden demise, your wealth gets transferred to your loved ones without any unpleasant trauma.