2018 is completing in 3 more days!! You must be excited and looking forward for a New Year 2019. What about your financial planning for this New Year? Well getting to grips with your financial affairs at the start of a New Year is always a good idea, as it will not only help you save money in the coming months, you could also find that you are better placed to make money from your investments. MoneyMindz, India’s First Financial Advisory Portal is all set to guide you with these five simple steps.
- Have A Financial Plan – Approaching your personal finances in the same way a business approaches its annual planning may seem like a strange strategy, but it really does work. You don’t really need to create an incredibly detailed plan with profit forecasts for your household, but you should create a set of financial objectives for the coming year.
- Budgets – It sounds boring, I know. But if you get your budgeting right then you will have more money available to enjoy yourself, which can only be a good thing. The biggest stress you are likely to face is having a lifestyle not matched by the amount of money you are earning. Often when we take a good look at our finances, there are always things that we pay for that could be cancelled to save money. For example, unused gym memberships, Netflix subscriptions when you rarely watch it/could share with someone else, or long-standing subscriptions to magazines you no longer read. All of these little expenditures in a month can soon add up, and you are essentially just throwing money down the drain. So, stop wasting money and start saving it, or if you really cannot do that, then at least make sure you are getting full enjoyment out of the things you spend monthly money on.
- Making Comparisons – Compare your insurance and utility bills each year and make sure you are getting a competitive quote. It may seem like a chore, but when it comes to your insurance and utility bills it really is worth checking the details each year. You can use comparison sites to help you do this, and for a small investment of time you can make big savings.
- Risk – The amount of risk you will take with investments is something so personal; it is quite difficult to talk about generically. But one thing is for sure – you should never be taking investment risks that stop you sleeping at night. You can afford to take higher risks for longer-term savings such as pensions, because if things do not go your way then you will have enough time for markets to recover. But your short-term saving goals should not be risked.
- Insurance – Home insurance is one thing, and car insurance is obligatory. But for many people that’s as far as they get when it comes to insuring their valued assets in life. Failing to insure your income, your life or your health could cost you a lot more than you expect if you become critically ill. Expand your thinking on insurance towards income protection and critical illness cover. You will be so thankful you had it if something unexpected happens, and it is likely to cost a lot less than you think.
Hope after getting these 5 simple steps from MoneyMindz, Financial Advisory Portal you can relax and WELCOME this New Year with open arms. Well getting your finance in order is one of the best ways to relieve unnecessary stress you might be suffering from. Every problem has a solution – it might just take a little time and effort. So don’t lose heart, never bury your head in the sand, and get the help you need sooner rather than later. When you have everything as it should be, then that is the time to enjoy the fruits of your labour.
For more information visit www.moneymindz.com or give a missed call to 022-62116588.