Its April 2013 and most of us would be relieved from the hectic schedule of March 2012. There is always an expectation within ourselves of doing better this year as we enter the new financial year.We review how we performed in last year and take upon the challenge to perform the best this year.
Most companies start their employees appraisal in month of April.So do the employees. By the end of month you are in a position to analyse- how did you performed and what lies ahead for you.Not satisfied, most of us vy for a change. This exercise happens every year and thats how you progress in life because you plan right at the start of a fianncial year.
The same applies to your financial life. To achieve your financial goals you need to plan ahead. How you manage your finances today decides your financial well being going forward.Hence, it becomes important that you plan your financial future to achieve what you desire.
April is also a good month to plan executing most of the task related to your money management.With relieve from your stressful work schedule, you can spare a good enough time in reveiwing your finances .Here are some to do list which you can plan during this month:
1. Review Your Financial Health:Your company will be busy in setting new targets this financial year. For businessman, they would be planning for the yaer with busy March just passed through.There can be no best time than April to have a review of your financial health which you may have been deferrring due to various reasons.
2. Review Your Investments: Although you do it regularly but start of a financial year can be a good time to sit with your planner to review your Investments.Since any transaction made this year will be counted in FY 2012-2013, you can plan execution if required. Frequent changes happening in financial landscape with budget just made some of them, you can plan the year taking these changes in consideration.
3. Arrange Your Documents: You generally search around when there is a need to submit any document.What a good time to arrange these? Financial yaer has end which means there will be no more transactions for it now. Get all your Insurance policies,MFs,bank statements, etc in place. Ask from the respective company latest document of your investments and arrange accordingly.A proper filing can resolve most of your hazzle when in need especially when you will be required to file your IT returns in July.
4. Prepare Your Action Plan: Some of us have identified lot of things to be done to rerrange our finances but our work schedule does not give enough time.As you approach near to financial year closing you leave it to the next. A start of a financial year is the best time to plan out your activities related to your personal finance. Lay down your action plan in April to prioritise your task and spread it for different months as per your cash flows.
5. Plan Your Taxes: Tax planning should be done at start of fianncial year so that you do not incur huge expenses in any particular month. This way you can spread out your investments during the year without putting a financial burden on your monthly budget.Also a well planned strategy can help in reducing your investment mistakes.
6. Take The Final Step Now: Many of you would have been thinking of meeting a fianncial planner for resolving your queries but have been unable to spare time. With start of new financial year convert your thougths into actions. Spare time to sit and discuss with the fianncial planner you have choosen so that you can plan ahead. With time on your table you can discuss with your family and resolve most of your querie sto understand managing your fianncial well being
Most of us will aspire for new heights this year. Your financial well being is key for acheiving it.There can be no best time but starting your financial year with a check on your financial health. Any deviation, you can lay down an action plan for this financial year to improve upon it thus focusing on your professional career to achieve what you desire.
Happy New Financial Year!!!!!!!!!!!!
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This and All the other Articles/Videos on this blog are for general Information and educational purposes and not to be taken as an Investment Advice. Any Action taken by Readers on their Personal finances after reading our articles or listening to our videos will be purely at his/her own risk, with no responsibility on the Writer and the Investment Adviser. Registration Granted by SEBI, membership of BASL and Certification from National Institute of Securities Markets (NISM) in no way guarantee performance of the intermediary or provide any assurance of returns to investors.