When it comes to personal finance goals, money always seems to be less than what you need to achieve the goal. At the same time, with a plan, you can work your way to achieving your financial desires. Like most young couples, Hyderabad-based Nagamalleswara Rao and wife Krishna Tejaare have many desires— which they have listed among their future goals, while at the same time they face issues of being short on money to realise them right away.
The couple is also starting a family soon. Rao, 30, works as a product assurance engineer with technology major Cognizant and his 26-year-old wife is a deputy manager at Mishra Dhatu Nigam Limited, a mini-Ratna company. The couple have one set of parents as dependents and currently live in a rented accommodation and plan to move to a house of their own this year for which they are looking at a home loan.
Credit must be given to this young couple for the careful planning they have done to list out their goals. For instance, there is no harm in planning ahead about children’s future financial needs; however, doing so when they are yet to have a child is getting carried away too far. It is for this reason that we have rescaled some of their financial goals. But, care has been taken to accommodate the financial needs once they have children, especially their education.