Planning for Big Ticket Expenses

We all have aspirations to be better placed than we already are. There are numerous research explanations but for the sake of sticking to the point it all boils down to there being occasions in everyone’s life when we would want to or have to spend on something which may be bigger than what immediately available free cash can fund at any given point of time. Although a big expense’ will differ from individual to individual but the relative impact on personal finances will remain the same. Such expenses could range from substantial, for example weddings in the extended family to considerable such as buying a new high-end television. Point being we will all have such requirements that can best be catered for through advance planning and preparation. Nothing better than small contributions over time to gather up the right amount of money at the right time.

It all begins with thinking forward and listing out all such requirements and putting a price tag to it. There will be a few different factors that will impact this expense upside or down and one might need to fix a fair probability to each. Thereafter it’s few quick calculations to inflation adjust this amount for the term required and you will have a fair idea of the money required to be collected. A funding plan can be designed and put into motion depending upon the goal, term, investible surplus and risk profile to eventually fund the requirement at the right time. This is the part where you could either go DIY or have your investment advisors assist you. Gravity Wealth Management specializes in personal financial planning and execution and would be happy to assist you wherever required.

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