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Face the financial mirror
Published On , 17 Jul 2019 By The Hindu
FACE THE FINANCIAL MIRROR
Mirror mirror on the wall, What should I do to get it all?
These may be your future financial Goals but are you doing what it takes to achieve them? Because if you don’t, these dreams don’t get transformed into reality. They remain as they are: just dreams.
Here’s a quiz that acts as a financial mirror. Now, look into it carefully and find out what it tells you.
Are your expenses greater than your income?
a) I spend more than I earn, and I depend on loans to meet expenses
b) I spend exactly as much as I earn
a) I always spend lesser than my income. This helps me create savings
How often do you miss your bill payment deadlines?
a) Every month
b) Once every couple of months
c) Never. I always pay my bills on time
Do you have the habit of making a monthly budget?
a) I don’t think a budget is necessary
b) I make a budget, but I often exceed my expenditure targets
c) I use a budget tracker to monitor my expenses, pay off Debt and save money
You may have a number of financial Goals for the future. Do you invest or depend only on your savings to fulfil these Goals?
a) I think my savings are enough to take care of any future expenses
b) I invest occasionally depending on how much I can save
c) I invest regularly in Mutual Funds through Systematic Investment Plans (SIPs)
Have you taken advantage of the different Tax benefits this financial year?
a) I don’t know much about Tax benefits
b) I have used up the Rs.1.5 lakh limit under Section 80C
c) I have discussed with my Financial Advisor and utilised all the available Tax deductions
Key: For every question, a = 1 point b = 2 points c = 3 points
SCORE 5 - 8: You need to get back to the drawing board Perhaps it is time to take a long look in the mirror and proactively improve your financial situation. Create a monthly budget and try to follow it as much as you can. If you think you are unable to service your Debts or create savings, you can seek the help of a Financial Advisor.
SCORE 9 - 12: You are on the right track, but there’s scope for improvement Well begun is half done. It looks like you are making an effort to create a budget and increase your savings. But you certainly have a good opportunity to change your habits for the better. Talk to a Financial Advisor about your saving habits and how you can utilise your money more efficiently. You can also consider investing in Debt Funds for a regular income and Equity Mutual Funds to earn infl ation-beating returns in the long term.
SCORE 13 - 15: Don’t stop what you are doing You can give yourself a pat on the back for taking good care of your finances. But this is not where you stop. You should sit down with your Financial Advisor and analyse your performance so far and figure out the best way to proceed further. Also, review your budgets and investments to accommodate new Goals you wish to accomplish.
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