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Financial Guidance to Kickstart Your Year
Wishing all a very happy new year! As 2018 has begun, we have chalked out a detailed plan for you all to have a healthy financial year ahead. As most of you have already come up with a brand new “ things to do” for this year, we surely can’t afford to miss out on giving importance to your financial health, can we? That said, “Planning is the key towards a healthy financial life”, we have prepared a financial layout to see you all standing strong throughout the year. Here are some of our financial guidance to plan a great year ahead:
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Time for setting a budget and sticking to it:
Your budget needs to have a purpose. It should be built around your life and goals for first few months or a year. We advise you to do some calculation and know your net worth income. Doing this will give you a fair idea as for where you stand financially and ways to save money to take a long-awaited trip to Europe or to have a grand wedding that you have always dreamt of. We may not be as financially strong as we want us to be. In such cases, creating a budget would help you attain all your short and long terms goals easily without being too heavy on your wallet.
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Get your tax right from the start:
Our second financial guidance goes without saying as start tax planning from the beginning of the year. Understand your tax liability for the year and invest to claim deductions and minimize taxes accordingly. Filing taxes on time will not only make you eligible for an unsecured loan but it will also save you big amount of money from penalties and legal issues.
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Start thinking about investments:
The best way to multiply money would be investing it in various financial tools. Investing in entities such as real estate, gold, mutual funds which always ensure an increasing re-sell value is the best way to ensure a healthy financial stand. It is advisable to identify your profile type i.e. whether you are a risk taker or a risk-averse investor. A lot of people invest in home loans and personal loans to meet financial goals easily and also get tax benefits at the same time.
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Manage lifestyle inflation:
You just got a better-paid job and your shopping destination has been changed from H&M to Zara and Prada. Well, slow down a bit. Most of the times upgrading to a high paying job gives more spending power to you. This leads to an improved standard of living and a significant increase in expenditures. Here, to all our shopaholic friends, our ultimate financial guidance towards a healthy life is to first invest a part of money before you end up spending on your favourite pair of shoes and clothes.
As we say, do what your heart desires in the present but also leave room for a healthy and happy future.
