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10 Things to do before April Ends

Apr 02, 2018(11:19)
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They say, well begun is half done. So here we are with a list of 10 things you should do in the very first month of every new financial year to get the year started on the right financial foot.

1. Know what you have:

At the start of new financial year, it is advisable to review all your money – your income, investments and savings in different financial instruments, cash in hand and other assets you might have invested in. This review will help you in getting a better understanding of your financial situation and aid in better planning for the year ahead.

2. Know what you owe:

If you have any debt, it is better to check it at the outset of every financial year. Financial situations can change drastically over a year, thus, reviewing will quickly highlight if there's a red flag. If your financial situation is better, it can also hint at paying off your debt earlier than expected.

3. Know what you have to pay:

Every year a standard, if not drastic, hike in pay is expected. This impacts your tax situation. It is advisable to check tax liabilities early to plan better and escape the last minute tax penalties at the end of the year. You can start a new SIP.

4. Know what you'll have in retirement:

Ideally, everyone wishes for a comfortable retirement with minimum to no financial dependency. Thus, they save and invest for retirement as soon as they start earning and with growing years and income you can consider boosting the contribution towards it. If you do not already save for retirement, you can consider starting it this year. You can also avail added tax benefits of retirement investment options like NPS and ELSS.

5. List down major expected expenses:

Discretionary spending drains finances without prior warning unless budgeted and planned. Experts recommend listing expected expenses like vacations, purchase of gold, vehicles, etc. to get a fair estimate of expenses. This exercise checks the feasibility of all expected expenses, prioritizes them and prepares you to plan and save accordingly to cover desired expenses.

6. Plan short-term investments

Once you list down your expenses and prioritize, some are likely to get postponed for the next year. You can avoid a similar situation in the coming years by planning investments for short-term goals. Your financial advisors can suggest the best plans and instruments for these. Don't have a financial advisor? Open an account with us and we'll appoint one for you.

7. Wish list for 5 years:

A long-term wish list works both as a reality check and motivation for most. Create a list of things you wish to achieve financially in the next 5 years, for instance, a new car, new apartment, exotic vacation etc. Revise the list every year. Once you know what you want, you can estimate the financial requirements and start saving and investing accordingly to meet them.

8. Plan long-term investments

Once you know the different financial concerns you have in the coming years, start investing accordingly. Saving and investing a small amount each month can accumulate to a bigger than expected returns. Also channelizing your capital in different instruments for different goals will give you a well-balanced portfolio.

9. Plan a monthly budget

With your goals, financial requirements, tax implications and investment plan in place, it is inevitably important to chalk out a good monthly budget. You need to review your past month expenses, identify the spending pattern and fix a budget for different categories and stick to it. This practice would help you cut down on unnecessary expenses and shield from overspending.

10. Execute all

This step is of utmost importance. Now that you know the importance of estimating the income, expenses, financial goals and investment requirements all you need to do is get calculating. If you need assistance in estimating the requirements, you can utilize our tools and calculators.

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