Posted on 17 Apr 2017
Deciding on an investment plan is one of the most engaging and demanding situations to be in. The start of a new financial year might just be the right time for you to revisit and take stock of what you have in your pockets. The start of the financial year also means getting ready for new expenses relative to the present economic position and the revised economic policies.
Generally, people tend to do investments in the last minute, and this has come into being as a regular practice strangely. Many of these are unplanned and at most times will not bring the desired output. There is a reason why budget announcements and salary increments are done in the first quarter. By the end of March, you would be aware of the implications of the budget and your revised salary would be just days away; and the result of the economic policy is immediately reflected on the rise or decrease in the prices of commodities during the first quarter of the financial year. This is gives you ample time to introspect and invest appropriately as you move forward towards the year end. It is also the best time to calculate all the returns for your investments you have done in previous years.
The following may just help you on course of your retirement journey –
Revisiting your investment portfolio might just help you to take stock of things. It would give you a comparative metric which you can use to review your financial history on a regular basis for further improvement.
Making your own budget will bring you back on the financial track. It would encourage you to keep a tab on your expenses, the nature of those expenses and their frequency. Budgeting will help you be disciplined in your spending and will impact for worry free days in the future.
Savings is the widely practiced and the simplest of all options for a better financial future. Savings will ensure you are in for a safe and secure financial journey and will also make your finances systematic.
A good investment is rarely good these days. Credit cards are certainly not for everyone. Investing in homes or real estate might be a good option, a good debt in fact in the present day and age. Make sure your EMIs are low, about 30% should do good.
Setting realistic goals is highly important. Because as the whole world is subjected to changes each day, so is the economy. Your financial position will also be subjective to the market changes. Be aware and change accordingly.
Assessing your progress and behaviour is highly advisable. Your buying habits may change in the long run, you may also make certain lifestyle decisions and family pressures are bound to have an impact on you. Contemplate and move forward.
Right investments are a great way of availing financial security. Channelizing them in an optimal and an appropriate manner holds the key. Disciplined planning is conscious planning subjective to the surrounding conditions, which may sometimes entail the risk factor; but to make the whole financial planning a risky affair is not a challenge worth considering.