FINANCIAL PLANNING 

10 KEY STEPS FOR YEAR-END REVIEW 

Published By MintGenie Team | 04 Dec, 2023

Budgeting

Implement 50/30/20 budgeting method - 50% for needs, 30% for wants, and 20% for savings/investments.
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Emergency Fund

Ensure you have 3 to 12 months' worth of expenses in your emergency fund. 
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Insurance Planning

Review life insurance cover adequacy for family earners, consider term plans. Assess and upgrade health insurance for comprehensive coverage.
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Goal Planning

Systematically plan for financial goals. Calculate future costs, required investments, and start investing via SIPs.
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Tax Planning

Optimize tax efficiency by utilizing deductions available under Income Tax Act (e.g., Section 80C, 80D, 80CCD, Section 24 for home loan interest).
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Succession Planning

Make or update a will to ensure intended beneficiaries receive your assets in the event of an untimely death. Include new assets acquired during the year.
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Review and Adjust

Evaluate investment portfolio performance and consider replacements if necessary. Incorporate any new financial products into your strategy.
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Assess Milestones

Reflect on the achieved milestones of the past year and plan new ones for the coming year.
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Track Financial Progress

Ensure you're on track to meet your financial goals by reviewing your progress periodically.
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Plan Ahead

Lay out a roadmap for the next year, outlining financial milestones and strategies to stay aligned with your financial planning goals.
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