Start of a new year is always a time to consolidate one’s finances for a better future. Here are six financial moves to bolster your financial position before the months roll on.
With 2017 turning into a bonanza year as far as equity investor is concerned, the new year 2018 could be the time to consolidate the gains. It could be the time for proper asset allocation. However, with debt assets such as bank deposits looking to generate even lower return in the near future, staying put with equity backed products such as equity mutual funds should help. Anyhow, for a long-term investor in mutual funds, markets corrections should not deter to continue with investing.
Rather starting 2018, make a plan to bolster one’s financial position by managing money for day to expenses to managing one’s investment portfolio. But before we look at what needs to be done, let’s rewind to look back at the year gone by in terms of money matters.
• Were your finances well in place?
• Has your equity portfolio generated more than average returns?
• Have your mutual funds schemes not generated return as other have done?
• Was there any increase in income sources?
• Is there any marked increase in your savings?
• Did you make any big-ticket purchase on loan?
• Has any new expense head been created up last year?
Put in place a financial plan
No matter if you are young and recently started your career or you are in your middle age, if you don’t have a financial plan in place, give it a priority over all other financial and investment moves. Start the year 2018 with a proper financial plan in place without any delay. It gives you a better control on your finances.
There’s isn’t a readymade formula, or a one-size fits all kind of plan. They will vary for each individual as circumstances are different for all. Still, some of the basic steps can be common to all and can give a head start unless one wants to build a plan more professionally through a financial planner.
This story is from the January 2018 edition of Investors India.
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This story is from the January 2018 edition of Investors India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
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