Financial Tips: Make your financial plan before the start of the next financial year so that money can be managed accordingly throughout the year. Below are five special tips that can be adopted at the beginning of the new financial year.
Financial Tips: The last two years have been very painful for the people due to the Corona epidemic. In these two years, many people lost their jobs, some had to face cut in salary, some of the business came to a standstill and the cost of treatment increased tremendously. In such a situation, people had to face a lot of financial problems. However, the last two years have also made people realize the importance of financial planning. In such a situation, make your financial plan before the start of the next financial year so that money can be managed accordingly throughout the year. Below are five special tips that can be adopted at the beginning of the new financial year.
Investment Tips: Keep these 5 things in mind before starting investment, achieving financial goals will be easy
budgeting
Keeping track of your expenses is a great first step in financial planning. This lets you know where and how much you are spending, so that you also know where you need to cut expenses. To keep a record of this, you can take the help of any app which will keep a record of all your transactions. This will also allow you to prioritize your spending.
review of goals
Keep reviewing your financial goals. Every person allocates a certain amount of his earnings in savings, investments etc. with a specific goal. As the new year begins, you may wish to revisit those goals and may want to add a new goal for the new year. For example, earlier you were planning to buy a house after 10 years, but due to your increased income, you will get it earlier. So you can increase the monthly amount that you were allotting for buying the house.
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investment portfolio review
If you are not already investing then this is a great time to start investing and build a strong investment portfolio. However, if you already have a portfolio, you can review it. By checking the track record of your portfolio from time to time, you will be able to know how your investments are performing. If the desired speed is not visible on an investment, then withdrawing money from it can be a better decision, but take this decision carefully. In such a situation, only those funds which have underperformed for more than a year should be reconsidered.
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insurance cover
Insurance proves to be very helpful in case of an emergency. Health insurance and life insurance is very important for every individual and for the head of the family. In such a situation, if your insurance is expiring then it is time to renew it and if your family has recently increased due to marriage or birth of children, then it will also be important to amend the insurance.
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tax planning
Tax planning is the most important part of financial planning. If you do tax planning at the beginning of the financial year, you get enough time to calculate investments and save maximum tax. With this, you can do your investment in a proper way throughout the year.
(Article: Jyoti Roy, DVP- Equity Strategy, Angel One)
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