How long does this whole process actually take the first time?

For a portfolio with a handful of funds, an hour or two is typical for the first full pass — most of that time is usually spent tracking down old folios and deciding on target amounts, not the mapping itself.

What if a single fund seems to fit two goals at once?

Split it conceptually — treat a portion of that holding's value as funding one goal and the rest as funding another, rather than forcing a single fund into a single goal bucket.

Should I do this before or after opening any new SIPs?

Before, if possible. Mapping existing holdings first shows you where the real gaps are, so any new SIP you start is sized against an actual shortfall rather than a guess.

Is there a faster way to do steps 1, 4, and 5 than manually?

Yes — that's specifically what Earmark automates: it reads your CAS, and helps map each holding to a goal with the reasoning shown, rather than doing that cross-referencing by hand.

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Building your first goal-based portfolio: a 7-step checklist

Not the theory — the actual sequence. If you already have a handful of mutual funds with no clear organizing plan behind them, here's the concrete order of steps to turn that into a portfolio actually mapped to your goals.

Steps 1–3

Get a complete, current picture first

Pull a current CAS covering your full investment history. Not a recent snapshot — request the statement from your first investment date to today, so every fund and every SIP you've ever started shows up, including ones you may have forgotten about. See how to download it if you haven't done this before.
List every goal you're actually saving for, by name, before looking at your holdings at all. Retirement, a house, a child's education, an emergency fund — write the list first so existing holdings don't silently define your goals for you.
Give each goal a rough target amount and date. Even an approximate number is enough to start — refine it later. A goal with no target can't be checked for progress.

Steps 4–5

Map what you own to what it's for

Assign every fund on your CAS to one of your named goals — or explicitly mark it unassigned. Don't skip funds you're unsure about; an "unassigned" pile is useful information in itself, since it's money not currently working toward anything specific.
Check whether each assignment actually fits the goal's horizon. An equity-heavy fund assigned to a goal three years away is a mismatch regardless of how good its returns look. See asset allocation by goal horizon for what a reasonable fit looks like at different horizons.

Steps 6–7

Close the gaps, then keep it current

6. Size the gap for each goal — using what's already assigned to it plus any ongoing SIP, projected forward against the target. The goal gap calculator does this directly: enter what's already invested and running, and it shows the surplus or shortfall and the additional SIP needed to close it.

7. Set a review cadence and stick to it — quarterly or twice a year is enough. A portfolio mapped to goals once and never revisited drifts the same way an unmapped one does. Re-checking periodically is what keeps the mapping accurate as SIPs continue, markets move, and goals themselves shift.

FAQ

Common questions about this checklist

Keep exploring

GuideWhat is a CAS Statement?Step 1's starting document, explained in full.Explore →CalculatorGoal Gap CalculatorStep 6 in calculator form.Explore →GuideWhat is Goal-Based Investing?The framework this checklist puts into practice.Explore →

See what your own mutual funds are actually funding.

Earmark reads your CAS and maps every fund you already own to a goal — free to start.

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