Have A Happy New Financial Year!

Here are few things to make it even better

- Sanjeev Puri

A new calendar year comes-up with lots of commitment of bringing-in good things into one’s life. Life becomes easier when we make plan for a new financial year in advance. Let us see how and what are those some of the important things that on one needs to do early on so that the entire FY goes through smoothly. Young and new investors can take a cue from these points while the old-timers may consolidate their money matters.

Here are few things to consolidate and take stock of in the FY 2019-20, for a better control of one’s finances in the year ahead.

Put a plan-in-place

Do not initiate making any investments, tax savings or buying insurance unless you have a financial plan in place. Making financial decisions on ad-hoc basis might be financially damaging in the long run. There is a greater possibility of not making the right provision for your needs, making untimely entry and exits from investments etc. if a plan does not exist

Prepare a budget

Before you start planning your finances, tracking your expenses is equally important, but the very thought of maintaining a budget drives a lot of us into depression.

But it’s not required to take note of all petty expenses or keep one bogged down with the thought of accounting all income and expenses.

The idea is to help you set household expenses at a level that allows you to enjoy the desired standard of living and simultaneously save for future needs. The aim will be to cut down on some of the non-discretionary expenses. Therefore, preparing, analyzing and monitoring your personal budget are some essential steps you should take before you start your personal financial planning.

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