The beginning of a new financial year is the perfect time to review your financial position across various important parameters. Apart from looking back at how well we managed our finances last year, we also identify key improvement points that we need to work on during the year. You will be saving and taking investment decisions that will define your future net worth. You will also invest some amount in tax-friendly investments as a part of your annual tax planning exercise. There will be some amount of planning required to optimize your repayment strategy as well. An assessment of your insurance coverage and a relook at your financial budget should also be done at least once a year. By doing these exercises at the beginning of the year you get to work upon them for the full cycle of twelve months.
7 money moves to make as a new financial year begins