You are currently viewing The only Financial Checklist you need for a truly Happy  New Year.

The only Financial Checklist you need for a truly Happy New Year.

With the pandemic’s effects receding around the world, are you ready to make better financial decisions? Create Resolutions to accelerate your journey towards financial Fitness & Freedom. If you are someone who loves making New Year Resolutions but doesn’t know where to begin, Niyojak has something for you. An all-inclusive checklist that gives you a strong head start to get your finances in check. We aim to simplify your finances and enable you to enjoy every little bit of your life with better planning.

Here’s your checklist for a Truly Happy New Year.

Plan Your Income Tax Returns

  • January 2022 -First things first, have you invested to save tax for 2021-22? See that all tax savings are done for 2021 -22 before 31st March 22 
  • April 2022- Then it’s time to catch up with your Financial Advisor and CA to plan ahead for your 2022-23 cashflows, instead of rushing around at the last minute. 
  • May 2022 – Make Sure that you share Financial Data for 2021- 2022 with your CA and file your returns on time. Also, find out the best options for you to save taxes for 2022-23!

Plan your Financial Goals for this year 

A Good Resolution to make this year the happiest is to review your Financial goals and streamline all financial activities to suit them. Stay focused on your plan and align your savings with the goals you have set. Create a roadmap with milestones for every month, keeping your end goals in mind. 

Recheck and update all your details

Resolve to take time out (or set a reminder to do this in your Birthday month every year!) to check every detail you have provided for your investments and accounts. It’s crucial to recheck and update all your nominees, bank details, address, contact number, email ID, KYC for smooth and seamless transactions. Plan and create an asset register to consolidate your data in one place for the record.

Making a Will

Probably one of the most important learnings of the Pandemic is that “Life is unpredictable!” NOW is always the right time for this! A Timely will ensures that all your wishes are taken into account and your wealth is secured for your family. They will also be able to carry out your wishes and the legal changes promptly with the least amount of work after you. A good New Year gift idea is to give your parents / In-laws an Asset Register Creation & Will Planning or Estate Planning session with an expert.

Start planning for important events and tours

Map out important dates and be ready when the important days come around. Start planning your finances to celebrate that 25th Wedding Anniversary, or to fund your child’s higher education! Go on that world tour you’ve always dreamed of! It is rightly said that ”Financial Success is not about perfection it is about the direction”. Give the direction to your plan by starting a goal-based Systematic Investment Plan (SIP) to make your dreams achievable.

Keep your credit score in check

Your Credit Score matters the most to financial institutions like Banks, NBFCs, etc as it helps them in risk assessment to make a decision about giving you a loan. A Credit Score of 700 or above is considered a good score. How to maintain a good score? Pay your bills on time, repay your credit card bills before or on time, keep your spending under 30% of your credit limit and never miss a loan repayment.

Create a budget and stick to it

The fundamental rule to growing financially is Budgeting. Follow the 50-30-20 rule – 50% for needs, 30% wants, and 20% for debts & savings. Along with that, plan for a no-spend week every month. Find out your own ways of sustainability for a day, a week, or a month without making any expense. 

Keep your Health in check

To really enjoy the benefits of your financial planning, you must stay healthy. It’s not specific financial advice, yet the most used saying in the financial world is – Health is Wealth – coincidence? Make mindful investments in Term Insurance and Health Insurance, so you’re prepared for the day something goes wrong, but do all that is required to stay Healthy!

Gift Smartly 

Show your love and care for people by giving them gifts that are unique and valuable for their financial fitness. Present your loved ones a Financial Awareness Session or Asset Register / Will & Estate Planning session as, a wedding gift, graduation gift, or a birthday gift.

Keep learning and growing your financial literacy

Before jumping onto your New Year’s Resolution, make a quick list of your strengths and weaknesses. A little introspection never hurts – Do you give in to all the Black Friday sales and end up buying things you don’t need? Understand your own shortcomings when it comes to spending and work on them this year. It’ll help you identify areas you’re spending on and refocus your finances to align with your goals. Planning your financial future isn’t a one-time thing – it’s a continuous process. Read resources, stay focused, learn from the previous year & keep making better decisions.


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Wishing you all Fantastic Growth in 2022! 
www.niyojak.com

“When prosperity comes, do not use all of it.”
Confucius