The New Financial Year is the best time to make
changes for the better. These changes don’t even need to be big ones, they can
be as small as you like. After all small steps in the right direction will
still get you there!
Here are 5 things that you should do from a
personal finance perspective in the New Financial Year:
1) Make an Investments plan
Now is a great time to start afresh and make an
Investments plan. Think about what you want to achieve whether that’s a
holiday, a new car or paying off your house. And plan about how you can get
there. Just planning will make it feel achievable.
2) Do Annual Review of your portfolio
If you haven’t reviewed your portfolio for a while,
there is a good chance that relative market performance of asset classes in
last one year has changed your investment mix, causing your combination of
mutual funds, stocks, bonds and cash to drift away from your plan.
Procrastinating reviewing of your portfolio can add risk, which might cause
portfolio to experience larger losses than you are comfortable with in the
event of a down market.
Look for under-performers and switch them with good
performers after considering their long-term performance. Review consistency
and performance of the investments every 24-36 months to take corrective
actions.
3) Review all your insurances
Preparation will protect you and yours if ‘what if’
happens. The harsh truth is that if you have all other areas of your life in
order, but your insurances aren’t adequate then you or your savings are going
to really take a hit (sorry).
4) Match your TDS entries in Form 26AS
While the tax deducted by your employer will
reflect in the Form 16, check out your Form 26AS online to make sure that all
other taxes (advance tax, TDS on investments and other direct taxes) have been
rightfully credited to your PAN. If there is a discrepancy, notify the deductor
immediately and get it corrected before the tax filling season starts.
5) Start your Tax Planning
Click Here for Do's & Dont's of Tax Planning
And remember if you need any more in-depth advice
about your options, we are always happy to help. We have experts who are
dedicated to helping you achieve your goals, just call +91-7021741077 or email
investments.mota@gmail.com.
+91-7021741077
Happy New Financial Year !!
