April and May are the busiest months in any financial year. This is the time when you do work like Tax Filing, Plan for new investments, Appraisals etc. For some, this is a time to plan well for the next financial year. These months plays an important role in making the next financial year successful!
Each year, during this period, most of us feels like we missed the chance for financial planning and end up paying a lot of taxes. We feel like we invested in a wrong scheme, or missed a good exemption. So let’s make a resolution now to plan for a better financial year. To make your life simple, I have some useful suggestions which may assist you in (future) planning:
- Do your Homework:
As April month is known as literacy month, take this as an opportunity and start to learn investing. Be an educated and informed investor. Dedicate some time in a month to learn about money, saving schemes and investments. There are plenty of good websites and financial magazines that can help you get started on. This learning can empower you and can obliviously help you make a confident decision.
- Adopt Saving Habit:
Try to adopt a saving habit. This can help you survive elegantly with sufficient money in coming years.
- Alter your spending Habits:
Your spending habits decides a lot about your future. In current situation it’s very hard because “compromising some things today for future” is not the concept which can be digested by some people, especially by current generation But remember that your current standard of living will not decide your future living but it’s your spending habit which will definitely help you out for better future.
- Take control of your Finances:
So, if you happen to repeat the same things again this year only because you are in hurry then hold on, think and try to change it and make a plan. Postponement will not serve the purpose. Market players are knows this behavior very well and they take advantage of it by different ways. Remember, offers like “offer ends this month “or “limited time only“. We always find people rushing for tax saving schemes during this month. Take control of your finances with proper planning so that next year you can assess and analyze things better.
- Invest Wisely:
Investing money in a smart way can help you achieving your goals and can grow your profits. Spending wisely, saving and investing money is the basic thing of a financial Plan. Invest your savings in options which can boost your benefits, money appreciation, low risk or capital protection. For example: PPF, EPF, Insurance, etc. Home loan is a very good option. It is considered as a “Good Debt” as because of its higher returns, property appreciation with tax benefits.
I am sure the above tips will help you grow money and make wiser decisions.
See you soon 🙂