Financial Planning Can Help You Achieve Peace of Mind
With each passing day, awareness on mental health is increasing. World Mental Health Day is aimed at bringing mental health issues to light and maximizing efforts in its support.
Let’s accept it. The last few months haven’t really been a joy ride for most of us. In fact, a recent survey1 reports too many Indians to be experiencing some form of depression!
One of the main reasons for such high level of stress and anxiety could be the financial impact brought by the lockdown. 59% of Indians stay troubled these days2 – are you also one of them?
Yoga and meditation are some of the basics that you can try to attain a peace of mind. However, Edelweiss Tokio Life is here to take you to the next level! We recommend that you do financial planning to secure both your today and tomorrow.
The Role of Financial Planning in Your Life
Financial planning enables you to build a roadmap to fulfilling short-term and long-term life goals. For instance, you can grow your savings systematically with a unit-linked plan. Alternatively, you can opt for an investment plan that can give you higher returns on maturity.
You can choose investment plans that suit your goals, but there are some key financial tips that you must remember before you begin:
- Invest for Your Future
We all have big dreams. However, we should also know how to fulfil them. One of the most common financial worries is the fear of no savings for future events, such as child’s education, their wedding, your retirement planning, etc.
So, we recommend that the only way to stop worrying about the future is by investing for it! It’s wise to invest in high-yield investment options such as ULIPs and endowment plans.
- Gear-up for Emergencies
A financial emergency could include loss of job or medical emergency. For such crucial times, make sure you have enough funds to sail out of troubled waters.
So, start building your emergency funds right away without waiting for trouble to come knocking. Allocate money for your emergency savings so that you get peace of mind even during a crisis.
- Insure Your Life
Ensure financial protection through a life insurance plan. It is advisable that you check out all the types of life insurance plans available and choose the one that suits you. If you invest in a term life insurance, you can ensure financial protection for your family at affordable premiums.
- Avoid Loans amidst Crises
Juggling between too many EMIs may already be a hindrance to your financial planning. So, it’s better to not opt for any new loans in such crisis moments. A loan to fulfil your short-term plans may be tempting, but resistance is the key.
Financial planning experts would advise you to first pay-off your existing loans. This would also give you peace of mind.
Did you know you can get a policy loan from your investment policy? With Edelweiss Tokio Life GCAP, you can avail of a policy loan during the policy term in case of any financial crisis.
- Choose Tax-Saving Schemes
Taxes help you contribute to the nation’s welfare, but there are also some provisions to save your taxes. Seeing your hard-earned salary being deducted can cause agony, especially during a financial crisis!
Therefore, navigate tax deductions from salary by opting for a life insurance plan. Benefit from sections 80(C) and 10(10D) by getting tax exemptions. Planning your taxes is one such aspect with fold benefits.
The 3 Shortcuts to Reaching Inner Peace!
Yoga and meditation may be popular ways of gaining peace of mind, but if everyone practiced it well there would be more smiling faces around us! So, this World Mental Health Day let’s secure happiness with financial planning.
Follow our five financial tips and spread the word with your friends and family too! Financial crisis can be avoided with investment planning.