Sunil Chugh Financial Planner

People who want greater financial security, should know how to make a financial plan that works for them. Fortunately, smart financial planning is not hard. Here we have listed 4 expert approved steps to help you make a financial plan to get you back on track. Keep an eye on where your money is going: The first and foremost step for smart financial planning is preparing a budget that records where your money goes and comes from every month.  Making a personal financial plan does not have to be complex. You can think of it like a monthly money management book by: Tracking your earning and expenditures in a notebook Using a budget template spreadsheet and updating it regularly Getting help from a budgeting app that aids you automatically track your earnings and To capture each expense, continue this tracking and budgeting for more than one pay period. As soon as you find out your present expenditures, you will be able to make better future financial plans. Be specific about yo...

Very often when we save for our family, we do it without taking the goal and priorities into consideration. But to cover our needs and meet our priorities, we must have a proper plan in place.  When it comes to saving for our family, it become difficult to figure out how much we need to save. Besides fulfilling the daily needs of your family like clothing, accommodation, and daily meals, you also need to have sufficient funds to meet different other goals such as higher education for your children, family holiday and more.  You may have adequate funds to meet your short-term expenses. But what about down payment for home, retirement and others? You’ll need to set goals to fulfill those priorities.    Set aside money for emergencies: No one know what’ll happen in the future: an accident, an illness, an unforeseen layoff. That is why you must be prepared for the unexpected by setting aside money for emergencies. Experts say that emergency funds for households cover ...

​ I t  has now  been many months since COVID-19 arrived and changed the daily lives of people for the time being. All through these months, people have been finding ways to adjust to the circumstance as best they can. And one area that should not be ignored is our finances.    You may be pondering about the best ways to save money during this pandemic. If your finances are feeling a hit from COVID19, it is important to take action and make a plan now. As you look toward the future, take into account these tips for budgeting and saving money during the COVID pandemic and the new normal.   Take a financial inventory of your past & present situation:   Before you make your plan to save money, you must outline what the new normal seems like for you. It is going to be a little different for everybody.    In the last few months, several places all through  Canada  have moved through different types of restrictions. Now, businesses...

The ups and downs of our health and wellness, coupled with an economic rollercoaster, have made this year a big challenge in many unaccustomed ways. This is the time to pivot, adjust, and adapt to the new circumstance and re-evaluate your financial status.   If you want to maintain financial well-being in times of crisis, here are the top tips for navigating the new financial planning reality.   An emergency reserve will be vital in the worst-case scenario:  While things have been tumultuous in the market largely because of the COVID pandemic, most Canadians are still gainfully employed. However, if things carry on like they are, we could see many people out of work. To get ready for the worst-case scenario, move as much money as feasible into an emergency savings account. This account is where you can access money for expenses in the event you lose your job.   Here are a few ideas for building your emergency reserve:  Cut dow...

  Put health issues aside, the Covid-19 has ruined the financial plans of many, probably you too. And if you don’t take it seriously now, you could risk your retirement plans irretrievably. Here’s a 5-point plan to lessen the impact of COVID-19 on your retirement plans. Reduce your expenses wherever possible: Trim your expenses wherever feasible, especially if you’re facing a job loss or salary deduction. The lockdown is a blessing in disguise as it allows us to easily cut back on eating out, shopping, travel and daily commute. You must use this time smartly to reduce unwanted expenses. The more you save today the better your chances of building a healthy retirement corpus. Reassess your retirement goals: If you’re an early jobber, you may quickly recuperate from the setback of Covid-19. However, if you’re in the middle of your career or not far from your retirement age, you’ve to reassess your retirement goal. Relying upon how many years you have to your retirement, you ma...

Financial planning and management are really important if you are a startup and want to stay alive in this highly competitive & dynamic business environment. Lack of financial planning will surely result in big monetary losses and eventually the closing down of the business. Therefore, both financial planning and management is vital for startups to sustain & succeed in the long run. Here are a few financial tips that you’d like to keep in mind as a startup.  Cash flow management is critical:    The majority of startups fall short for different reasons, but one’s far more prevalent than others – running out of money. You must have an idea on where your cash flow is coming and going towards. Having a firm grip on revenue management not only makes you more aware of the business standings but also helps in better planning.    You are likely to put your startup in a tricky position if you fail to stay on top of your cash flow. Irrespective of how good your idea i...