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What do we need to do before the New Year holidays?

The year end is a time of holidays and gifts, and it is also a time for finalizing. That is why we need to take time to assess the financial condition. Telegraph India offers several steps for such an assessment.
What do we need to do before the New Year holidays?

Check your financial goals

In capital management, goal setting is critical. A person cannot earn a lot without a goal. A financial goal, as a rule, is set for a certain amount for a certain period of time. It is easier to pursue the goal by breaking it into small monthly installments.

Find out your tax liability

Many people are wrong when they put off tax planning for the fiscal year end, which leaves them too little time. By December, you should know your tax obligations, and options for saving on taxes.

Activate creation of wealth

Income should grow over time, so savings and investments should also be reviewed annually. The investment plans should be increased in accordance with income growth. For example, if income has increased by 10%, the investments should ideally grow by the same percentage.

Assess your insurance needs

Lifestyle changes and insurance coverage changes as well. Make sure, you increase your family's insurance coverage on regular basis in accordance with inflation and health needs. This is especially important for aging parents whose health care costs are higher.

If you have already taken these actions, you do not need to worry about your future.

Source: https://www.telegraphindia.com/business/before-the-party-begins-look-back-and-take-stock-of-your-finances/cid/1723524

Photos are from open sources.

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