Financial planning is the procedure of charging the financial objectives of a customer that happens at different periods in his life, considering account an inventory of the savings and other resources he previously has to assist him attain those objectives and approximation what he will require in the future.
The purpose of financial planning is to make sure that the exact amount of money is accessible to the depositor at the right time to facilitate him to assemble the different goals in his life. These may be: Saving to buy a car costing around Rs 4, 50,000 after 3 years, purchasing a flat after 7 years with accumulated funds worth, Rs 11, 00,000 and the balance with a loan, investing for higher education of children where the money is required after 12 and 14 years.
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