INVESTMENTS AND MONEY MANAGEMENT EXERCISE TO DO AT START OF FINANCIAL YEAR

Start of a new financial year marks the beginning of several new related to your investments and tax planning. Financial year 2022-23 starts from April 1 and ends on March 31, 2023 thus giving you 12 months to plan your personal investments and taxes.

Over the last two financial years, there have been several events impacting personal finances of many individuals. From Covid-19 to impending volatility on the stock market owing to Russia’s invasion of Ukraine, the need to bolster one’s finances has risen multifold.

For those who are still not ready with their financial plan to meet such uncertainties, it’s a wakeup call for them. Its high time for those who are ill-prepared with their finances was to reconsider their insurance and investment needs. Uncertainties abound in life and one has to be prepared for any financial emergency that may strike anytime. Start of a new financial year provides such an opportunity to bring one’s finances to shape.

Let us see how and what are some of the important things that one needs to do early on so that the entire FY goes through smoothly. Young and new investors can take a cue from these while the old-timers may consolidate their money matters. Here are few things to consolidate and take stock of in the FY 2022-23, for a better control of one’s finances in the years ahead.

Start with a plan in place

Do not initiate making any investments, tax savings or buying insurance unless you have a financial plan in place. Making financial decisions on an ad-hoc basis might be financially damaging in the long run. There is a greater possibility of not making the right or under-provision for your needs, making untimely entry and exits from investments etc if a plan does not exist.

Save funds for emergencies