Personal Finance Tips: The new financial year 2022-23 is starting from 1st April. As the new financial year begins, people make their financial plans for the whole year. Which will prove to be very beneficial for you.
Prepare a budget for the whole year
One of the most important tips in financial planning is to create your budget as soon as you start earning. You should have a written description of what is coming and going. Estimate what is being saved after spending. Then make an investment plan. Yes, before investing, you must prepare a plan, from which you will bring money into your budget for expenses during an emergency fund.
do tax planning
If you don’t, then start doing it and put some amount in this item as well.
Select the insurance as per the requirement
Insurance provides financial compensation to you and your family members in case of loss of income due to an accident or any unforeseen situation. Evaluate your insurance needs and take insurance accordingly. You take term insurance, which is quite beneficial for you, insurance is the cheapest option.
Read More: How many types of savings accounts are there? Which is best for you, know the details here
Don’t invest in greed
Investing in cryptocurrencies is on the rise. However, in Budget 2020, a 30 percent tax has been imposed on the profits made from it. Girish Ganraj said, “We would like to advise our clients that if your money is money that you will not be sad to lose, then you can invest it in cryptocurrencies. After 30 percent tax, now its return will not be the same as before.
Keep reviewing the financial plan
In fact, most people make mistakes by ignoring their plans, for which they have to bear the brunt. If you have invested somewhere and it is not performing as per your target, then you should evaluate it and invest in some other investment avenue. Taking an assessment will help you intensify your financial planning.
