- Webpages
- Documents
- HDFC Life ClassicAssure PlusInvestment
- HDFC Life ClassicAssure PlusInvestment
- HDFC Life ClassicAssure PlusInvestment
For NRI Customers
(To Buy a Policy)
-
![Contact Image]()
Call (All Days, Local charges apply)
-
![Contact Image]()
Email ID
-
![Contact Image]()
Whatsapp
(If you're our existing customer)
-
![Contact Image]()
Call (Mon-Sat, 10am-9pm IST, Local Charges Apply)
-
![Contact Image]()
Email ID
For Online Policy Purchase
(New and Ongoing Applications)
-
![Contact Image]()
Call (All Days & Toll free)
-
![Contact Image]()
Schedule a call
-
![Contact Image]()
Whatsapp
-
![Contact Image]()
Give missed call to buy a policy
-
![Contact Image]()
Email
Branch Locator
-
![Contact Image]()
Locate a branch
For Existing Customers
(Issued Policy)
-
![Contact Image]()
Whatsapp
-
![Contact Image]()
Call (Mon to Sat, from 10 am to 7 pm, Call charges apply)
-
![Contact Image]()
Email
Fund Performance Check
-
![Contact Image]()
Call (Missed Call)
Financial Planning Tips for Beginners - Early Savings Guide
Table of Content
If there is one reason why some individuals are more successful with their finances its because they are acting on the right financial planning tips. And the best financial planning tip out there is start early before it gets too late.
When it comes to doling out financial planning tips, there is no one bigger than Warren Buffet the highly regarded investor guru.
When asked in a TV show about the biggest mistake we make when it comes to money, this is what Warren Buffet had to say:
Well, I think the biggest mistake is not learning the habits of saving properly early. Because saving is a habit. And then, trying to get rich quick. It's pretty easy to get well-to-do slowly. But it's not easy to get rich quick.
When it comes to saving there cannot be a bigger mistake than postponing investing. Individuals often underestimate the importance of time in amassing wealth. They assume wrongly that they can always make up for lost time in the future.
So if you are looking for financial planning tips, look no further than these three ideas.
Get a Head Start in Saving
To understand how important a head start can be - take two friends Raj and Rahul - in their first jobs. They earn approximately the same salary “Rs 25,000 a month.
Raj, the carefree type, cannot be bothered about saving money. Needless to say he spends about everything he earns.
Rahul is the more conservative one, always saving for the rainy day. As part of his savings plan for the future, he sets aside 20% of his salary (or Rs 5,000) towards an investment plan. This he proposes to sustain over 30 years.
Looking at Rahuls investments blossoming over the years Raj the happy go lucky one realizes rather belatedly that pursuing a high consumption lifestyle was a mistake. He should have begun investing like Rahul. He decides to begin saving towards an investment plan with a commitment of Rs 5,000 per month. Worth noting is that Raj begins investing 10 years later than Rahul, so his is a 20-year investment time frame.
Early bird gets the worm
(Rate of return on the investment plan is assumed to be 12% CAGR)
Clearly, Raj 10-year delay proves very expensive to be precise it costs him over Rs 1.25 crores.
Early Life Insurance
Taking life insurance at the earliest is another financial planning tip for the family breadwinner. Anyone with a family needs to make sure his loved ones are secure at least in a financial sense when he is gone. The best way to achieve this is through a protection plan, also known as a term plan. The earlier one opts for life insurance, lower the premium. As you age, insurance premiums get expensive and if you are beset with health problems, you could end up paying even higher premiums.
Early Health Cover
Equally prudent is to opt for a health plan or mediclaim at the earliest. As you grow older medical policies get expensive and if there is a medical condition, you may struggle to get a policy, at competitive premiums, if at all.
Related Articles
- Basics of Financial Planning A Complete Guide
- Thumb rules for personal financial planning in India
- 4 Financial Planning Tips to make your dreams a reality
- Financial Planning and its Importance
- Why do I need Savings & Investment Plans?
- Important life milestones that need you to start saving for
- What should be your financial goals in your 30s?
Term Plan Articles
Investment Articles
Savings Articles
Life Insurance Articles
Tax Articles
Retirement Articles
ULIP Articles
Subscribe to get the latest articles directly in your inbox
Health Plans Articles
Child Plans Articles
Popular Calculators
Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
Vishal Subharwal
Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.
Reviewed By:
Here's all you should know about life insurance.
We help you to make informed insurance decisions for a lifetime.
HDFC Life
Reviewed by Life Insurance Experts
HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.
Popular Searches
- Term Insurance Calculator
- Investment Plans
- Investment Calculator
- Investment for Beginners
- Best Short Term Investments
- Best Long Term Investments
- 5 year Investment Plan
- savings plan
- ulip plan
- retirement plans
- health plans
- child insurance plans
- group insurance plans
- income tax calculator
- bmi calculator
- compound interest calculator
- income tax slab
- Income Tax Return
- what is term insurance
- Ulip vs SIP
- tax planning for salaried employees
- HRA Calculator
- Annuity From NPS
- Retirement Calculator
- Pension Calculator
- nps vs ppf
- short term investment plans
- safest investment options
- one time investment plans
- types of investments
- best investment options
- best investment options in India
- Term Insurance for Housewife
- Money Back Policy
- 1 Crore Term Insurance
- life Insurance policy
- NPS Calculator
- Savings Calculator
- life Insurance
- Gratuity Calculator
- Zero Cost Term Insurance
- critical illness insurance
- itc claim
- deductions under 80C
- section 80d
- Whole Life Insurance
- benefits of term insurance
- types of life insurance
- types of term insurance
- Benefits of Life Insurance
- Endowment Policy
- Term Insurance for NRI
- Term Insurance for Women
- Term Insurance for Self Employed
- Benefits of Health Insurance
- Health Insurance for Senior Citizens
- Health Insurance for NRI
- Best Term Insurance Plan for 1 Crore
- personal accident insurance
- Annuity Calculator