Investment Tips: Start investing in the new financial year, know what are the 5 easy ways

Investment Tips: Start investing in the new financial year, know what are the 5 easy ways

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new Delhi. The last two years were very difficult due to the Corona epidemic. Many people lost their jobs and some had to face problems like decreasing income and increasing expenses. The new financial year is starting from next month and investment planning will also have to be started anew.

Experts say that the new financial year is giving a new opportunity to ensure security with financial goals and stability. If you too need to prepare for your financial goals, Jyoti Roy, equity strategist at Angel One, tells you 5 ways that will make it easier for you to achieve financial security and meet your goals.

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Know your Expenses
If you have not planned your financial matters before, then keeping track of expenses is the most important and first step. Once you know where and how much you are spending, you also know where to cut. Keep records of transactions and review expenses from time to time with the help of expense management apps.

Review your Goals
The next step is to review your financial goals. You should divide a certain amount of income into savings, investments etc. with a fixed goal. You should review it every new year. If needed, add a new target or remove non-essential targets. For example, if you are thinking of buying a house after 10 years, then you can increase the investment in that item as your income increases.

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Review your Portfolio
If you are not already investing, start by building a strong investment portfolio. If you already have a portfolio, you can review it. This will help you to know how much return you are getting from where you were investing earlier. However, before adding or removing funds, it should be known what is the definition of poor and outperforming.

Know your Insurance Protection
Most people don’t take insurance cover seriously, but they are the biggest helpers in an emergency. Health insurance and life insurance is very important for every person especially for the head of the family. If your insurance is expiring, then mandatorily get it renewed.

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Tax Saving System
Tax saving is the most important part of financial planning. If you take a tax saving plan at the beginning of the financial year, then you will also find it easier to invest and the scope of getting higher returns will also increase. You will also get enough time to change or increase your investment.

Tags: investment, Investment tips

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