How to Calculate Your Monthly Investments to Meet a Financial Goal in iMyGoals

Steps

    1
    Once on the iMyGoals website, go to the "Calculators" section. This is the fourth link on the main menu. You will see a new page with seven different types of calculators.
    2
    Click on the "Systematic Investing" link.
  You will see two calculator’s - Monthly Investments to Meet a Financial Goal and Final Value of Monthly Investments. If you wish to calculate your monthly SIP amount for future financial goal, click on this button.
    3
    Click on "Monthly Investments to Meet a Financial Goal". In order to find out the monthly investment needed to build a fund for your goal, click on the "Monthly Investments to Meet a Financial Goal" link.
    4
    Add details.
    Fill in the required information in the fields.
        "Amount Needed in Future (in Rs)". Enter the numeric amount in rupees for your future financial goal e.g. if you wish to buy a house of Rs. 20,000,00 after five years, then enter 20,000,00 in this box.
        "Number of Years to Invest". Enter the number of years after which you need the amount for your goal.
        "Initial Investment Amount for SIP (in Rs)". If you want to start your SIP with an initial amount, in addition to the monthly investments, then enter the starting amount in this field.
        "Expected Rate of Return on Investments (in %)". Enter an appropriate annual rate of return you expect from your SIP investment.
        "Current Age (in Years)". This is optional. Enter your present age in numeric value to be included in the PDF report.
    5
    Click on "Calculate SIP Amount". This will generate your systematic investment plan for the fund you wanted to create. Additionally you will be shown alternative systematic investment plans and one time initial investment plans for four different asset types.
    6
    Get PDF Report" for your records.
     You can also download your SIP calculations as a free PDF report by clicking on this button.


Tips

    Use the default rate of return if you are not sure. After calculating, iMyGoals will show you 4 alternative SIP investments for 4 asset types - savings account, bank FD, debt and equity. Based on these rates you can determine the one suitable for you.


Warnings

    The PDF report is created for the results displayed on the screen. If you change the values in the text boxes, then ensure that you first "Calculate Final Value", before you "Get PDF Report".
    Get expert opinion if you are in a dilemma about the rate of return to be used.