New Year usually begins with new resolutions and commitments. But, most of them do not even last a day. Financial goals too run the risk of getting buried under routine chores of life.
To encourage you not lose track of your financial life, we have compiled a quick monthly financial to-do checklist to help you begin this year on the right foot.
January
- Set investment goals for the year by assigning tentative numbers against investments and expenditures.
- Recheck if investments and premium payments are made in line with the investment declaration submitted to the employer.
- Submit investment proofs to the employer by mid-month.
- Organise utility and other payments by setting a reminder before due dates.
- Review vacation plans in the beginning itself to make good of any gap that could arise later. Check out fares and hotel rates, in case there is any revision. A portion of monthly savings can be allocated towards this goal to save on last-minute adjustments.
February
- It is critical to revisit your investments and goals to change them in line with the revised taxations rules as per Budget.
- Ensure to get together all reimbursement invoices like car fuel, medical bills, leave travel allowance (LTA), etc. within the month for claim purposes.
March
- Make the fourth and final advance tax payment by 15th of the Month for FY 2016-17.
April
- New financial year begins that calls for the need to chalk out investment plans as per the revised salary structure.
- Physical gold or gold funds can be bought on the occasion of Akshay Tritiya while taking care that it does not occupy more than 10% of the total portfolio.
May
- Make the best use of bonus received during the month by repaying a debt or investing it towards a financial goal.
- Revised ECS mandate for increased investments can be made in this month.
June
- Time to pay first payment of advance tax by 15th of the month.
- Review investment performance and rebalance it in line with risk appetite.
July
- Prepare to file tax returns for FY 2016-17 by 15th itself. This will give ample time to review and file error-free returns.
August
- Festivals will begin early this year, therefore, budget planning can start this month.
September
- Payment of the second instalment of the advance tax falls due on 15th of the month.
- Budget planning for festivals can continue.
October
- With Diwali around the corner, it’s time to make the most of the festive season sale. Make sure to keep festive spending within budget as far as possible.
November
- Spendings can be minimised during this month following festive months.
December
- The third instalment of advance tax becomes due on 15th.
- Review your yearly investment accomplishments during the year end. Do reward yourself if you managed to achieve the stated investment goals for the year.
The year has ended well financially if you were able to tick off all the financial tasks till December. Pat your back for being on the right track. At this point, you might want to take some time off to welcome New Year afresh.
About The Author: Reenika Avasthi is associated with Inverika Investment Solutions LLP as a Content Writer and Financial Planner. She is a Certified Financial Planner and a freelance content writer in the field of personal finance. Her interest in writing and spreading investor awareness motivated her to start blogging.
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