Managing Personal Finances In FY23

Now that the pandemic is on its way out and the economic scenario is limping back to normal, it is time to take stock of your own financial status and tick off the right things while making amends for things that have gone wrong. The article provides some valuable tips in this direction

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And now, two years after the pandemic, we are wondering where the time went and how we managed it all! With all of the ups and downs that many of us have seen or experienced in life, the new fiscal year awaits to be filled by financial resolutions for you to follow or adhere to. This time of the year is ideal for reviewing and revising your finances, as well as planning for the coming year. In the year gone by, there was a rising tendency among investors to participate in the stock market rather than traditional choices such as bank fixed deposits (FDs) and government schemes because they offered superior returns. Here is a look at the rate of returns of various investment products available.

As can be seen from the table, one can make an informed decision as to where there is opportunity to create wealth over the long term. Following are some of the things that you should consider for the fiscal 2023:

Finance and Budget Review

You must have recently filed your taxes. As a result, you are aware of your activities throughout last year. Examine your significant expenditures and investments and consider how you could have prevented excessive spending. Remember to value the money you earn with your own blood and sweat. A well-planned budget is essential for attaining your financial objectives. Establish a long-term financial strategy by reviewing your present obligations, savings and investments.