new Delhi. The last two years have been very difficult for the people due to the pandemic. During this, many people lost their jobs, some had to face the cut in salary, while some of the business came to a standstill and the cost of treatment increased wildly. In such a situation, people had to face a lot of problems financially.
However, the last two years have also made people realize the importance of financial planning. In such a situation, before the start of the next financial year i.e. 2022-23, make your financial plan so that the money can be managed accordingly throughout the year. Here are five ways you can adopt from the new financial year to manage your earnings.
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Make sure to budget
Keeping track of your expenses is the first step in financial planning. This shows where and how much you are spending. It also lets you know where expenses need to be cut. To keep a record of this, you can take the help of the app, which will keep a record of all your transactions. With this you can also set the priority of your spending.
Keep reviewing goals
Keep reviewing your financial goals. Every person allocates a certain amount of his earnings in savings, investments etc. with a specific goal. As the new year begins, you can rethink those goals if you wish. With this, you may want to add a new goal for the new year. For example, earlier you were planning to buy a house after 10 years, but due to your increased income, you will get it earlier. So you can increase the monthly amount that you were allotting for buying the house.
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Investment Portfolio Review
If you are not already investing then this is a great time to start investing and build a strong investment portfolio. However, if you already have a portfolio, you can review it. By checking the track record of your portfolio from time to time, you will be able to know how your investments are performing.
Insurance proves to be very helpful in case of an emergency. Health insurance and life insurance is very important for every individual and for the head of the family. In such a situation, if your insurance is expiring then it is time to renew it and if your family has recently increased due to marriage or birth of children then it will also be important to revise the insurance.
Tax planning is the most important part of financial planning. If you do tax planning at the beginning of the financial year, then you get enough time to calculate investments and save maximum tax. With this, you can do your investment in a proper way throughout the year.
Tags: investment, new financial year, Personal finance, Saving
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