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5 mantras for a secure financial future
Published On , 19 Mar 2019 By TT Connect
The month of March marks the end of the fiscal year. Some of you may feel that you have not done enough to save Taxes. You all want to get your finances right. A realisation to do so is a good beginning. The month of March is just about the right time to look forward to the new financial year with hope and better planning ideas.
Here are five financial mantras that you may follow in the new financial year:
MANTRA 1: Analyse your Finances To form a long-term friendship with your finances, you need to know your finances well. By analysing your finances, you get a clear picture of your capacity to fulfil financial Goals, your saving and spending habits. TIP: Record your every expense. Analyse your expenditures. Make a list of items, before going shopping, stick to it. EFFECT OF MANTRA 1: “I know, my capacity to save, invest and spend.”
MANTRA 2: Seek fi nancial advice Financial Advisers can help you make the right investment decision, at the right moment. Seeking financial advice can also help you overcome investment biases and bust myths. TIP: Seek financial advice before investing. EFFECT OF MANTRA 2: “I know, I am going in the right direction to reach my financial Goals.”
MANTRA 3: Plan your Taxes early By planning your Taxes soon, you can integrate your Tax SavingGoal with various other financial Goals. That can be done quickly with the help of ELSS (Equity Linked Savings Scheme). However, you might miss this chance by planning your Taxes at the last moment. TIP: Plan your Taxes early. Divide your Tax Saving amount into 12 SIPs (Systematic Investment Plans). EFFECT OF MANTRA 3: “I am having a stress-free financial year-end. I’m not only saving Taxes, but also accomplishing my Goals.”
MANTRA 4: Invest in Mutual Funds Mutual Funds offer a plethora of Schemes. Each scheme is designed to fulfil specific financial Goals. You can choose Funds that suit your risk profile. In addition to returns, Mutual Funds also offer many benefits like rupee cost averaging, compounding, investment discipline and risk diversification. TIP: Have a separate portfolio for each of your Goals. EFFECT OF MANTRA 4: “I don’t have to worry about uncertainties like inflation. Mutual Funds are like an umbrella that protects my money during rainy days.”
MANTRA 5: Review your Portfolio Markets and government policies keep changing, from time to time. It would be best if you were sure that you are making appropriate investments to reach your Goals. Therefore, you should regularly review your portfolio. TIP: Consult a financial Adviser, if you are unaware of when and how to review your portfolio. EFFECT OF MANTRA 5: “I can fulfil my financial Goals easily. I feel financially secure now.”
LAST-MINUTE TAX PLANNING TIPS
Here are a few last-minute Tax Saving tips:
1. Analyse the situation
Have you correctly calculated your payable Tax?
Have you taken advantage of all the deductions under Section 80C?
Have you invested in NPS (National Pension System)?
Are you covered under an insurance scheme?
Do you have your HRA (House Rent Allowance), LTA (Leave Travel Allowance) and other Tax-related document proofs in place?
2. Seek Financial Advice
After you have calculated your Tax payable for the current financial year, don’t just rush to invest.
Consult a Financial Adviser to align your Tax planning Goal with your other medium-term and long-term Goals.
Your Tax planning investment can become your high return investment.
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