Q: I had my SIP payment date on 10th and I missed paying for it on time. What should I do now?
If you have not set up your NACH Auto-pay in your Goalwise account then you need to pay for your SIPs manually via net-banking every month.
In case you miss your SIP payment then although there is no penalty that is imposed by either Goalwise or the Mutual Fund company, it does result in lower savings and hence lower returns down the road.
To make up for your missed SIP, you can do either of the following depending on your SIP amount:
a) SIP amount of Rs. 5,000 or more:
You can use the Invest Lumpsum option to make up for the missed SIP installment.
So if your missed SIP was of Rs 10,000 then you can cover that by making a one time investment of Rs 10,000 in the same goal. You will be recommended the same funds as your SIP (subject to their individual min lumpsum amount constraints).
Here’s a short video to guide you through the process on the website: http://blog.goalwise.com/how-to-make-lumpsum-investments/
b) SIP less than Rs. 5,000:
If your SIP amount is less than Rs 5,000 then you won't be able to make a lumpsum investment in that goal as the miniumum amount for making lumpsum investments is Rs 5,000.
In this case, you can use the Change SIP Date option to change the SIP date to tomorrow (or some other date later in the month), and then use the Pay First SIP Installment Now option on the success screen to pay for it immediately.
After completing payment, you can use Change SIP Date again to select the old date for next month, or continue with the new date.
Additionally, you should also consider setting up the NACH Auto-pay so that you never miss your SIPs. Even with NACH Auto-pay registered, you will still be able to skip and pause SIPs whenever you want from your dashboard.