It is always beneficial to plan and develop a future financial plan. Of course, you don’t want to make the same financial mistakes as before. It is also important to plan your investment.
Recently announced the 2018 budget, although the personal income tax (standard deduction 2018) has not changed, but the long-term capital gains will be levied a 10% tax, the amount of more than 100,000 rupees, not indexed.
So how do you plan for 2018 financial viability?
To make your 2018 exercise a success, here are 10 financial steps:
1.) Engaged in regular or insurance
Life has its own path. You never realize what will happen next. This is unpredictable, so planning ahead is important. Investing in futures plans is one way to ensure the future of your family. Planned or scheduled insurance is a financial guarantee that helps your family get financial security in the absence of you. Temporary insurance is becoming more popular because it has many advantages.
2.) Have health insurance
Health is wealth, and you cannot deny this fact. Whether you have a family life or an independent life, your first priority should be to invest in a health plan. Accidents and diseases are not uncommon. Unfortunately, our medical expenses are not cheap. Having health insurance can help you overcome a sudden medical emergency.
3.) Investment System Investment Plan (SIP)
This is one of the easiest and most practical ways to invest in mutual funds. You are free to take risks on a weekly, monthly or quarterly basis. The system’s investment plan provides you with a fixed amount that will be paid equally and on a regular basis. This investment in mutual funds is considered to be the safest and most appropriate type of market.
4.) Buying real estate
After implementing the Goods and Services Tax (standard deduction 2018) in 2017, real estate investors are not very sure about their financial security. However, the situation should change in 2018. The government seems to be looking for new ways to restart the growth of the real estate industry. According to the Real Estate Regulatory Agency Act (RERA), real estate developers have no room for false promises. You also probably don’t have to deal with fraud or delay ownership of property. In addition, rates across the country are very low. Due to good market conditions, it may be a good time to buy a house or commercial building. But make sure you enjoy the benefits of a mortgage when you make this expensive deal. Instead of paying the total cost in cash, use a mortgage to pay for part of the total cost and save taxes. Is it time to invest in real estate better than now?
5.) Fixed sediments of conifers
This is a financial mechanism implemented by banks that receive high interest rates from investors, ranging from 4% to 6.5% of normal savings. Here, your funds are deposited into a fixed deposit account for a period of time, and you cannot withdraw them before expiration. The expiration time can vary from one week to seven years, depending on the investor. And because your money is blocked, you have no choice but to save money. You can use a time deposit loan so you can choose an emergency.
6.) Tax savings investment
Balance your portfolio and keep up with budget savings tools when investing in 2018. According to Section 80(C) of the Act, you are entitled to a tax reduction of up to Rs 150,000. Related to income tax (standard deduction 2018). Be careful to use it. In the case of traditional debt relief tools, yields have declined in recent months. Invest in options such as ELSS to maximize your return on investment. PPF is another option you have. Although interest rates have fallen recently, your money is safe here. In addition, financial loans are used to pay for childcare, home renovation and more. This will help you apply for tax benefits under section 80(C).
7.) Investment balance and liquidity.
Mutual funds and liquidity provide modest returns, tax benefits (standard deduction 2018) and protect your hard earned money. Which dice? These percentage should be your portfolio is completely vous.8) has ample budget for ample budget place Avoir, stick to it is crucial.Avez your 2017 budget? If not, then it is time to get one. If you already have one, make sure it doesn’t have the same shortcomings as the previous one: everyone must have a budget, no matter how much they earn. Maintaining a constructive budget helps control spending. It can also help you record your savings and plan your finances.
- ) Evaluate your monthly expenses to track your monthly expenses to find out where your money is spent. Take the time to review your expenses and reduce unnecessary expenses. This will help you increase your savings in the future.10) Maintaining a good credit rating An acceptable credit rating can help you gain more purchasing power, which will help you realize your dream of buying a home or fund your studies. His son always checks your credit score.