Comprehensive guide on planning for the new financial year (2024–25) with do’s and don’ts from PRAGVI Intellifin

Comprehensive guide on planning for the new financial year (2024–25) with do’s and don’ts from PRAGVI Intellifin

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. Review Your Financial Goals: Start by revisiting your financial goals and objectives for the upcoming year. Ensure they are specific, measurable, achievable, relevant, and time-bound (SMART).

. Create a Budget: Develop a detailed budget that outlines your projected income, expenses, and savings targets for the entire financial year. Allocate funds wisely to prioritize essential expenses and savings goals.

. Maximize Tax Planning Opportunities: Stay informed about changes in tax laws and regulations that may affect your tax liability. Explore tax-saving strategies such as investing in tax-deferred accounts, maximizing deductions, and utilizing tax credits.

. Build an Emergency Fund: Set aside funds in an emergency savings account to cover unexpected expenses or financial emergencies. Aim to save at least three to six months’ worth of living expenses for added financial security.

. Review and Diversify Investments: Evaluate your investment portfolio and rebalance assets as needed to align with your risk tolerance and long-term financial goals. Consider diversifying investments across different asset classes for optimal risk management.

. Plan for Retirement: Assess your retirement savings plan and consider increasing contributions to retirement accounts such as 401(k)s, IRAs, or other pension plans. Take advantage of employer-sponsored retirement benefits and seek professional advice if necessary.

. Stay Informed and Educated: Stay updated on financial news, economic trends, and market developments to make informed financial decisions. Invest in financial literacy by attending workshops, seminars, or consulting with financial advisors.


. Neglect Financial Planning: Avoid procrastination and take proactive steps to plan your finances for the new financial year. Delaying financial decisions may lead to missed opportunities and financial setbacks.

. Overspend and Accumulate Debt: Resist the temptation to overspend or accumulate unnecessary debt. Stick to your budget and prioritize essential expenses while avoiding impulse purchases or frivolous spending.

. Ignore Insurance Needs: Don’t overlook the importance of insurance coverage to protect yourself and your assets against unforeseen risks. Review insurance policies regularly and ensure adequate coverage for life, health, property, and liability.

. Neglect Savings and Investments: Don’t neglect savings and investments as part of your financial plan. Consistently contribute to savings accounts and investment portfolios to build wealth and achieve long-term financial goals.

. Make Impulsive Financial Decisions: Avoid making impulsive financial decisions without careful consideration of the potential consequences. Take the time to evaluate options, seek advice from financial professionals, and make informed choices.