Instead of blindly looking for financial instruments to put in your money, write down what your future financial needs are, like a vacation, buying a car, buying a house, and your retirement. Next, fix a time frame for each goal along with the money you need for it and divide them into three categories: short-term, medium-term, and long-term.

Try to be SMART with your goals by having Specific, Measurable, Achievable, Relevant, and Trackable goals and prioritise them. For instance, if you want a house, mention you need Rs 75 lakh for the house in 2025, which will help you save and invest accordingly to achieve it when you need the money. Most importantly, review the progress of your investments towards the goal for which you are saving at least once a year to know if you are progressing on expected lines.

OlmDesk@outlookindia.com