Here we enter into a New Financial Year with new resolutions.
Resolutions to make your finances better…right?
With the start of a New Financial Year, most people are relieved thinking that they would have more in their hand to spend after the diminished income in the last quarter!
It’s a good time to take the appropriate steps to ensure that you end up in a better financial position this time next year.
Educate yourself financially
Make a point to financially educate yourself. We Indians are very much conservative regarding our investments. Most of us are keen towards protecting the principal amount & the minimal interest on it is like cherry on the cake! Little knowledge is a dangerous thing! Make yourself financially literate so that you understand your finances properly.
Start your Tax Planning
Start your tax planning for the next year from now only instead of waking up last moment and ending up investing in something which is not viable. There is no better time to invest than today! Stop waiting for that tomorrow which never rises. Instead, do it right now!
Increase your Investments
Increase your investments little bit every year. You can start by just starting a new SIP. Review your portfolio & discontinue the ones which are not doing well. The New Year is a good start to add on your finances!
Learn to be disciplined in tough times. This is very important because the market is highly volatile. People get hassled & panic if they observe a downtrend in their investments. But the secret is, having a disciplined approach will lead you to accumulate more units when the markets are down!
Execute your plan
Your ideas & visions are just hallucinations unless & until they are executed! Thus, learn to execute your plan first & be prepared for some transformations in your plan.
Start investing & have a good Financial Year ahead!