Mutual Funds, Nov. 18 -- Meeting your financial goals requires long-term planning. From saving regularly to curating a good portfolio, you also need consistent investment as you come closer to your financial goals.

However, this strategy does not factor in inflation and the incremental increase in your living standard with the rise in income. Imagine setting a financial goal at age 30 to save Rs.50 lakh in the next 12 years. But when your income increases during this period, your ability to invest jumps proportionately. It is therefore recommended that you raise your allocation to SIPs to achieve your financial goals more quickly.

This is known as stepping up your SIP to meet financial goals. Let us understand the advantages of stepping...