Financial Planning | Top 15 Tips to Manage Your Money [2019] | Taxpundit

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Financial planning is everything to do with managing your money and saving and investing. It covers budgeting, banking, insurance, mortgages, investments, retirement planning, tax planning and estate planning.

Personal finance is about meeting personal financial goals, whether it’s meeting short-term financial needs, planning for retirement or saving for your child’s college education. It all depends on your income, expenses, living requirements and individual goals and desires – and coming up with a plan to fulfill those needs within your financial constraints. But to make the most of your income and savings it’s important to become financially literate, so you can distinguish between good and bad advice and make savvy decisions.

Here are 15 Tips, Tricks, Thumb Rules, Golden Rules for better financial management –

1. Allocate your income as under –

a. 30% for your living expenses
b. 30% for repayment of liabilities
c. 30% for saving and investment for future
d. 10% for entertainment and vacations

2. 6 months expenses must be available for emergency fund

3. Home Loans should be taken in joint names for maximum benefit of Income Tax

4. Avoid any big liability after 45 years of age

5. Keep all saving accounts in joint names

6. Buy properties in Joint Names

7. Keep all your financial instruments like bank fixed deposits, property documents, demat account, mutual funds at a safe and secured place. Also keep photo copies at different locations

8. Buy a Term Insurance Policy to protect future of your dependents

9. Medical Insurance is must. Buy it right away.

10. Keep your jewellery and other valuables in lockers at different banks

11. Open Fixed Deposits account also at different banks

12. You cannot avoid Income Tax. Have basic knowledge of Taxation Laws

13. Nomination is advisable in all your investments and review them periodically. If not done do it right away

14. Consult good financial advisor for various investment options

15. Review your investment portfolio in every six months and make adjustments if necessary

Following these 15 tips will make your life much easier and will be able to manage your finances in an efficient manner.

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