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Top 6: Financial checklist for 2014

Last updated on: January 30, 2014 14:31 IST

Top 6: Financial checklist for 2014

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Abhishek Agarwal

So what if the year has already started? There is still time to get your financial house in order!

Beginning of the New Year is a good time to take a look at your finances. This helps in planning and changing your investment goals depending on whether or not they are doing well.

We are almost nearing end of January. Many fortunate ones are still sticking to their New Year's resolution. However, there are plenty of us who have already parted our ways from our New Year pursuits. But this is just the end of January. We have 11 more months to go and no one ever said you could make your resolutions only at the beginning.

If you haven't thought of managing your finances this new year or have been neglecting your personal finance, here is the top six checklist to get your personal finances in order for the year 2014:

Set goals: Your goal for this financial year should include a mix of clearing debt, fresh investments (if the old ones are not doing well), look for ways to increase your earnings and most importantly look at ways to cut your expenses. To make it more methodical and effective, write it down and follow them to achieve your goals.

Relook at your budget: No financial plan is full without budgeting for every expense. Do a scientific allocation of funds for every requirement of yours. Try not to go overboard on your fetishes. Instead look at ways to cut costs for fetishes. Remember a penny saved is a penny earned.

Take a relook at your insurance: India has been a country of under insured population. So take a relook at your life cover. Every earning member in the family should be covered enough to ensure that in case of any problem, at least your financial liabilities are taken care of.

Pull out your CIBIL credit score: We, at Creditvidya.com always advice people to periodically check your credit score. So why not use New Year financial planning as an opportunity to logon to www.Cibil.com to get your personalised credit score to verify your credit health. Click here to learn more about how to pull your CIBIL score.

Get your spouse on board: No planning is full without the involvement of your better half. It is true when it comes to financial planning too. So involve your spouse too in bettering your financial health. In the process you will find the financial health of your spouse improving too.

So start working on improving your financial goal. Ensure you implement the above mentioned steps effectively.

The author is Co-founder and Director Credit Vidya.

 


Photographs: Dominic Xavier/Rediff.com