How to make more money in FY20? Do these 5 things this financial year
The financial year 2019-20 has already started and it is time to review your financial planning for a better year. If you were waiting for the right time to plan your finances, begining of a new financial year is the perfect time.
Make more money in FY20: The financial year 2019-20 has already started and it is time to review your financial planning for a better year. If you were waiting for the right time to plan your finances, begining of a new financial year is the perfect time. Financial planning is very essential for a smoother life. Certified Financial Planner, Poonam Rungta told Zee Business Online, ''An individual should always start planning for his/her taxes, investments, earnings, loans, budget from the beginning of the year. Financial planning is done for a better and financially fit life, anytime is a good time to plan for your money. While the starting of the year, gives an edge of planning precisely and effectively.''
Money can not only be created through more sources of income, big investments etc. the right planning at the right time can make your active present income into a hefty sum. So what more you can do to make more money this year, apart from saving, planning, investing, evaluating a portfolio, and so on? Here are 5 tips that can fetch you more money this financial year.
1. Tax saving starts at beginning of the year:
Tax planning is not a task, it is a year to year plan or a goal. People often consider tax planning as a task that is to completed before financial year ends. However, one should always plan for taxes as early as possible, added Rungta.
2. Replan your insurance plans:
Director, A&M Insurance Brokers, Sumit Wadhwa told Zee Business Online, ''The person should seek the help or advice of an insurance agent or broker to get the best cover plan suitable for his/her needs. There are financial commitments and dependencies like, children's lifestyle, their education, marriage, retirement planning etc. One should always determine the correct requirement before making a decision on suitable plan.''
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3. Review your investments:
Well, it is time to review your investments. Cut on the investments, that you think have not given persistent returns over the years. Make a replan, invest in some new funds. Seek an advice from an expert and invest in the best option in the market.
4. Keep a check on your cash flow:
Cash is the backbone of any financial planning, make sure that there is enough cash in your hand. Cash is very important to meet any emergency or need during an year. An individual should make sure that, he has liquid money in the bank or any other asset class, that is easy to sell off.
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5. Avoid risky experiments:
In order to gain more money this year, do not invest or put your hard earned money in some risky experiments. However, all investments are risky but make sure you avoid any attractive fund or options that you don't really understand.