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When to Review Your Financial Plan: 5 Key Situations




Your financial plan isn’t a “set it and forget it” document—it’s a roadmap that needs adjustments as life unfolds. Here are five critical moments when you should revisit your financial strategy:


1. Life’s Big Changes

Getting married? Welcoming a child? Life events like these bring new financial responsibilities. Similarly, a divorce or the loss of a loved one requires updating your goals, budgets, and beneficiaries.


2. Career or Income Shifts

A new job, promotion, or even a pay cut can significantly impact your finances. Whether you’re earning more or less, recalibrate your savings, investments, and retirement plans to align with your income.


3. Market Movements

Economic shifts and market volatility can affect your investments. Periodically review your portfolio to ensure it matches your risk tolerance and long-term objectives.


4. Health Issues

Unexpected medical expenses or a chronic condition can strain finances. Make sure your insurance covers your needs, and adjust your plan for long-term healthcare costs.


5. Reaching Milestones

Approaching retirement? Paying off a major debt? These milestones call for a fresh look at your financial plan. Align your investments and cash flow to your new phase of life.


Why Regular Reviews Matter

Even if life seems stable, conduct an annual review of your financial plan. Markets, regulations, and personal goals can change, and regular check-ins keep your plan relevant.

A financial plan isn’t just about achieving your goals—it’s about adapting to life’s twists and turns. Stay proactive, and your finances will thank you!


Need help reviewing your plan? Reach out to NorthStella Wealth Pvt Ltd, your trusted financial advisor!

 
 
 

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