Save money with Budgeting

Sometimes we wonder that what is the relationship between Budgeting and Financial Planning. Is there any difference between these two? Let us understand now.

Budgeting vs Financial Planning:

The goal of Financial Planning is to create financial roadmap for your entire life. While Budgeting is a process to track income and expenses on a regular basis such as weekly or monthly. We can say that Budgeting is one of the initial and most important steps in financial planning.

Importance of Budgeting in Financial Planning:

Budget planning helps you to allocate financial resources to cover different expenses, such as housing, food, clothing, transportation, entertainment, savings, healthcare, insurance and investments. This also involves identifying areas for cost-cutting, and adjusting the budget as needed.

Even though the concept of budgeting is simple, many of us fail to execute it efficiently and struggle to save money for future.

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Getting started with Financial Planning & Investment

The Financial Planning and Investment Series (FPIS) is a beginner’s guide to help you manage your money effectively and reach your financial goals.

In this first part of series, we will introduce you to the basic concept of finance planning and its importance.

What is Finance planning?

Financial planning is process of creating a roadmap to achieve your financial goals. It includes analysing your current financial situation, settings financial goals, planning budget, saving money, tax planning, investing, and managing risks.

We will understand these financial concepts step-by-step using simple language. We will explores different types of investments also, such as Fixed Deposits (FDs), PPF, EPF, NPS, Stocks, and Mutual Funds etc, to help you make informed investment decisions. If you are interested in diving deeper, we will also provide top references videos from other experts at the end.

Why Financial Planning is important?

Here are top 3 reasons why financial planning are important:

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