For the salaried, the perfect opportunity to review one’s financial plan or to get onto it is when the HR department hands out the investment declaration form based on which taxes will be deducted for the new financial year. But often, the opportunity is missed, because instead of a big picture approach, you see the form through the narrow prism of saving taxes, and that’s a cardinal mistake. The beginning of a new financial year is the perfect time to take stock of your money life: build that emergency corpus, close that loan with high interest rate, top up that health insurance policy, take stock of your asset allocation. In fact, just like the calendar year-end has you brimming with ideas for New Year’s resolutions, the end of a financial year, too, should get you excited about reviewing your financial life, and implementing the lessons in the New Year. Five individuals we spoke to did just that. They have drawn from their past mistakes and resolved towards a better financial path. But your financial life is not just guided by investments; cultivating spending discipline is equally important. To help you do that, we pick five tips that will make you a smart spender. Read on and take charge of your money, not just this one time, but at the beginning of every year.
75 years to reach per capita income of $2730, will take only 5 years to add another $2000, FM Sitharaman
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