How to Set Financial Goals Using Your Demat Account App?

If you are about to open a demat account and start using online trading platforms, you need to learn how to set financial goals because such goals will help bring in a level of discipline in your trading.

Besides, you can set financial goals even on a demat account app. Most such apps provide features and tools that can help you plan your finances. Moreover, you can also invest in a variety of instruments through a demat account app, including stocks, debentures, mutual funds (MFs), exchange-traded funds (ETFs), etc.

Opening a Demat Account? Follow These Steps to Set Financial Goals Using a Demat Account App

1. Determine your financial goals: First, you should determine your financial goals. Are you saving to pay a loan? Are you saving to buy a car? Are you saving for your children’s education? Or, are you saving for your retirement? These goals could be short-term, medium-term, or long-term. Based on the tenure and objective of investment, you can decide whether to invest in equity, debt, MFs, ETFs, etc.
2. Examine your current portfolio: Unless you are starting from scratch, you must be having a portfolio while setting your financial goals. You need to analyse its performance and examine whether it is in sync with your goals or not. Let us say that you are in your early 30s and want to build a retirement fund, but most of your current portfolio is invested in fixed deposits. In such a case, you may have to move some of your portfolio to equities because stocks provide the best returns over a long period.
3. Use a demat account app to review your performance: Such apps often provide tools that can help you set and track your financial goals. For example, you can set a goal in your app by saying that you want to save ₹20 lakhs in 3 years for the down payment of a flat. Of course, you will have to invest for this goal. Using the app, you will be able to see how your investments are performing and whether or not you will achieve your goal.
4. Automate your investments: You can also automate your investments using a demat account app. For example, you can invest in a systematic investment plan (SIP), which will automatically debit your monthly contribution from your savings bank account.
5. Use alerts and notifications: Demat account apps often provide useful information through alerts and notifications, which can help you rebalance your portfolio. Hence, you should use such features to optimally track your investments. Such notifications can also help you track important news and updates that can impact your goals and investments.

If you want to set and review your financial goals, you can select from a number of demat account apps available in the market. However, before signing up with a broker, you must analyse his track record in helping people set and achieve their financial goals.

You should check whether a broker has tools and resources that can help people in financial planning. For example, Bajaj Broking’s website has several tools (SIP Calculator, Margin Calculator, MTF Calculator) that can help you invest wisely.

Besides, it has several blogs on how to achieve smart financial goals. Moreover, you can invest in a variety of securities through Bajaj Broking’s app, like shares, debentures, MFs, ETFs, etc.

Conclusion

It is not difficult to set and review financial goals using a bajaj demat account app. However, you need to be disciplined to achieve financial goals. Also, keep in mind that such goals can affect your and your family’s well-being. Hence, set the financial goals wisely and select the right demat account app for this purpose.

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