April starts with a new financial year, so let’s plan this year in a better way to manage our money and wealth with some simple steps.
1. We can increase our monthly investment at the starting of the month. If you have got an increment then put some part of it into the monthly contribution of your investments.
2. Keeping the account details updated is very important. Check that nominees, address, mobile no., email etc are updated in your all accounts i.e. Savings Accounts, Demat, Trading account and FDs etc.
3. Make a budget for the year, with provisions for expenses, investments, and other requirements. Also plan to boost your income through different passive/active means
4. Corona period has taught us that emergency can come any time and, in any way, So let’s start to have an emergency corpus which can be equivalent to 3-6 months expenses. We can keep this money in short term debt funds/savings account.
5. Tax saving is a very important aspect and all of us need to plan it well before the financial year ends. As we get the projections for current year’s income, we should plan our tax planning right away.
6. As time moves on our risk profile and portfolio allocation need to be reviewed on regular basis so as to keep it align with our future goals and requirements.
7. We have lot of festivals and social gatherings and we need money to properly enjoy /celebrate them. A proper fund allocation is required to enjoy those moments; hence we should keep aside some funds for this purpose.
8. In India we love gold and especially at the time of festivals/social gathering. We can put some money in gold bonds/ETF which can be good for diversifications perspective also.
9. We should maintain proper records of all our investments and financial documents which can be easily assessed and understood by our loved ones in our absence, we should also keep it updated on regular basis.
10. As life moves on so as our future goals and plans. We should review our financial goals and plans and keep them align with our portfolio/investments.
11. Kids should know the value and importance of money. We should teach our kids about the importance of money and basics of money management.
12. Before the closing of the year, we need to check all our tax saving and other compliance i.e. advance tax, GST returns, TDS filings are on place so as to not repent later.
