It’s the end of another financial year and many of you will receive an annual bonus. Before it disappears into everyday spending, here are seven things worth considering.
- Clear costly debt first. Credit card dues and personal loans usually cost more than most investments earn.
- Top up your emergency fund. Aim for several months of expenses in a liquid, easily accessible place.
- Review your insurance. Check that your health and term cover still match your family’s needs.
- Use your tax-saving options. Look at ELSS, NPS and other eligible options before the year ends.
- Start or increase a SIP. Regular investing builds discipline.
- Invest a lumpsum with a goal in mind. Match the amount to a goal and its time horizon.
- Treat yourself a little. A small, deliberate reward keeps you motivated to stay on track.
Mutual Fund investments are subject to market risks. Read all scheme related documents carefully.