Financial Resolutions For 2024-25: The financial year 2023-2024 ends on Sunday. The new financial financial year is going to start from 1st April. In this new financial year, there are new rules and changes in many things. There will be changes in income tax, bank credit, debit cards, e-insurance etc. From now on, all this will seem new to us. In this context let’s know how to start the new financial year..
Financial Resolutions For 2024-25: With the new financial year starting from April 1, many people set new financial goals. So some people do not have proper understanding of what goals to choose. Even if known, there is no clarity on how to fulfill them. This news is dedicated to such people.
Start like this..
No matter how much salary we get per month, investing some amount of that income is something that everyone should do without fail. Even if they get a low salary, they have to invest and save some amount of their salary. But for those who have not started it till now, it is better to start from 1st April.
Financial status should be assessed.
You must know your current financial situation. Figure out your net worth. Your net worth is the difference between your assets and liabilities. If your net worth is high you can live in luxury. What percentage of your income you spend will tell you about your status. Before assessing your investment and savings potential, you need to come up with an estimate of your net worth. It is very necessary.
Identify financial goals.
Financial goals are of many types. These are mainly in the form of needs and wants. You need money to fulfill your needs and desires. Most of them include children’s education, buying a car, marriage. But along with these things, you have to set short-term, medium-term and long-term goals and invest and save a part of your earnings accordingly.
Don’t invest in one place..
You should never invest all your money in one place. Because if there is any unexpected blow to that company, there is a possibility of losing a lot of your investment. Otherwise it is better to invest in multiple places. For this you first need to know how many types of investment schemes are there. Assess your level of risk tolerance and invest according to your goals.
Insurance policy..
If your entire family is dependent on your earnings.. you definitely need to provide financial security to them. Every moment is not ours.. Anything can happen at any moment. That is why you should first take insurance policies to provide financial security to them. There are many types of policies to choose from, such as children’s education and health.
Tax plans
It is the beginning of the financial year that should be done without fail. Those who opt for the tax policies implemented in the current financial year should save tax and choose investments.
Read also: Rules Change from 1st April 2024: These big changes are going to happen in…
