Outlook Business Desk
Focus on paying off high-interest debts, like credit card balances, to prevent long-term financial strain. Additionally, consider making partial prepayments on home loans to reduce the total interest cost
Maximize deductions under Section 80C by investing in PPF, Sukanya Samriddhi Yojana, or NSC. Use Section 80D for health insurance premiums, and contribute to NPS for an extra Rs 50,000 deduction. Pay advance tax on time if applicable.
Regularly review your portfolio's performance, including mutual funds, stocks, and other investments, to ensure it aligns with your financial goals. If necessary, rebalance your asset allocation, and consider investing in tax-saving instruments such as Equity Linked Savings Schemes (ELSS)
Consider investing a portion of your year-end bonus in long-term growth assets such as mutual funds or PPF to build future security. Replenish your emergency fund to cover 3–6 months of expenses, and think about increasing your SIP contributions for sustained growth
Consider diversifying your investments into REITs (Real Estate Investment Trusts) and Sovereign Gold Bonds (SGBs) for tax-efficient returns and exposure to real estate and gold. Additionally, explore global investments through mutual funds or ETFs to reduce reliance on the Indian economy and balance your portfolio
Review and enhance your health insurance plan, possibly adding a super top-up if necessary. Update your life insurance to reflect significant life changes, such as marriage, children, or purchasing a home. Also, ensure the beneficiaries on your policies are up-to-date
Break down significant financial goals, like a home down payment or your child's education, into manageable monthly savings targets. Begin tax-saving investments early in the year to improve cash flow management and decision-making. Also, reinforce your emergency fund by replenishing it and keeping it in liquid, easily accessible accounts