Since we are approaching the end of the year, it is a good time to re-think about your financial goals. Have you been able to achieve them? How much money have you saved?
Want to know more about Financial Planning? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial product.
To secure your financial future and remain sorted here are 5 moves you must make:
When it comes to financial goals there are several questions you should ask yourself. Have you implemented financial discipline in your life?
If yes, then how far incorporated them in your life? Though we understand the fact that all goals are not for the short term but you must be having some year to year goals too.
To keep a track of your year goals like saving taxes or filling for returns etc. keep a fixed date every month and review the status of your goals. This will allow you to understand how you are following your goals. Additionally, this way you can also understand your priorities and set new goals for the next year.
See Also: What Does A Financial Advisor Do?
Normally we plan a budget at the beginning of the year. By mid-year, many of us lose interest in following it.
Therefore, it is important to keep reviewing your budget once a month as it will help you remain focused and dedicated to it. Here are a few questions you should keep in mind while reviewing your yearly plans:
Doing this on a regular basis will allow you to understand how well you have been able to manage your finances and will help you prioritize savings over unnecessary expenses. Your observation will help you make necessary changes in your lifestyle so that you can maximize your savings.
Debts have the potential to ruin your financial health and pull you down. Before making further plans, you must evaluate your current debt situation and look at how many loans are pending, are you paying your bills on time or not?
The end of the year is a good time to evaluate your debts and refresh your pay-off strategy. Here’s how you can do it:
See Also: Basics of Financial Planning
Investing is the best way to create wealth in the long run. Rebalancing the investment portfolio at the end of the year will you stay on track and make necessary changes according to your circumstances. You can opt for more stock market investments than the previous year, or you may venture into safer investments this year. Shuffling your investment profile will help you ride the market fluctuation and keep you from losses.
For example, let’s assume you have heavily invested in stocks in the current year and over the past few months, you are seeing stocks are not giving you good returns. In that case, you can re-shuffle your asset allocation and reduce equity investments and increase your debt investments. A reshuffle is necessary if your investment portfolio is exposed to equities that are not fetching you good returns. However, you must not consider taking such steps if you are getting good returns on your investments or if your financial objectives are the same.
Insurance should be an important part of your portfolio as it helps you shield the risks related to your life. Getting adequate coverage in the form of health insurance and life insurance save the day and recover the shocks that life provides you with. It will allow you to safeguard your family’s finances in times of financial emergencies. Therefore it is wise to review your insurance at least once a year to make necessary changes or enhance your insurance cover.
You May Also Watch
Keep your Financial Cognizance up to date with IndianMoney App. Download NOW for simple tips & solutions for your financial wellbeing.
Have a complaint against any company? IndianMoney.com's complaint portal Iamcheated.com can help you resolve the issue. Just visit IamCheated.com and lodge your complaint. If you want to post a review on any company you can post it on Indianmoney.com review and complaint portal IamCheated.com.
Be Wise, Get Rich.
This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.