Now that we are in the month of April, and the new financial year has started. It is an excellent time to review your finances. In this blog, we will see what things should be there on your to-do list for this month.
1. Increase Monthly Investment –
Increase your saving and investment amount to improve your financial health. As per the financial experts, you must maintain at least a saving ratio of 30% of your in-hand income. If you can save and invest more it’s better, but you must remember that you should never go below 30%.
2. Review Your Portfolio –
If you are already investing, it is extremely important to get your investment portfolio from a certified financial planner. And if the expert feels that your current portfolio and goal linking need reshuffling, do it as per the expert’s guidance.
3. Start Your Tax Planning –
Your current income amount may have changed after the last time you did your tax planning. Therefore, it is recommended that you revise your tax planning as per your current income, investments, and tax planning goals. And if required start making the required tax-saving investments to maximize your tax saving.
4. Review Your Life Insurance –
As our life and lifestyle keep constantly changing, your life insurance and sum assured should also be updated regularly as per your current needs.
5. Review your Health Insurance
Based on the current average medical expenses, it is ideal to have health insurance of at least 10-15 lacs to cover all the family members in case of any medical emergency.
Above all, if you haven’t linked your PAN Card and Aadhar Card, it is recommended to link them without any further delay and you must also complete your KYC with banks to ensure that all your financial transactions happen without any problems.
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