Hi friends, and welcome to this podcast by Angel Broking.
Doston 2020 is not yet over, lekin people are already busy deciding on their resolutions for 2021. After all, new year ke time par, this will power to achieve new goals and change the trajectory of one’s life can lead people to do amazing things.
You must already recognize the necessity of setting financial goals too. Whether you were successful in achieving your financial goals up until now or not, setting new goals is the first step towards making them a reality. Isliye, aaj hum discuss karenge some financial resolutions that you should consider taking up for the new year 2021. Toh lets start right away!
Number 1 - Although we are talking about 2021, 2020 abhi khatm nahi hua hai. What’s better that starting the new year without the stress of filing your last year’s ITR after the due date? That’s right - December 31, 2020 is the last date to file your ITR for the period of 2019 to 2020. And don’t forget - apna ITR late file karne pe you will now have to pay a penalty - if you look at it another way, it is a liability you will carry forward for a simple error in scheduling. So go get your taxes in order, and enter the next financial year with a solid start.
Number 2 - If you are looking to maximize your savings for the next year, don’t forget to save taxes on investments. We just talked about filing your ITR before the due date - but don’t wait to make investments for saving tax up until the due date? Do you know why, doston? Kyunki sometimes, jab aap investments ke liye apply karte ho, to you might experience a delay of 3-4 days as a result of the processing time. Is reason se aap apne ITR mein tax deductions claim nahi kar paoge. Entering the new year, investments regular intervals me timely basis par karte rahen.
Number 3 - Apne financial goals ko redefine karen. 2020 kai logon ke liye ek turbulent year tha - markets mein instability bhi dekhne ko mili, and some people’s investments went down. Lekin think about this - first of all, apke investment goals market conditions se define nahi hone chahiye. Do you know why? Kyunki despite the steep downfall that hit the market in 2020, all the stock markets globally caught up and recovered within five months. Learn something from this - stock markets mein rock bottoms hit hote rehte hain, lekin over the long terms, these curves flatten out, and what stands out is growth of your funds. So set your financial goals, and accordingly apn investments ko plan karen.
Number 4 - Pay attention to your banking. Kai log apne inactive accounts se simply transact karna band kar dete hain, and leave them dormant. So request for closure of your inactive accounts, and keep your active accounts under a magnifying glass. More on that later - lekin on the topic of banking - kya aap apne bank accounts ke transactions ko segregated rakhte ho? If you have two bank accounts, segregate your transactions and deposits by purpose. For example, use the salary account for your regular, day-to-day transactions, and use your savings account for investments and emergency funds - keep your EMIs and credit card purchases on one account, taaki aap apne liabilities aur assets ko easily track kar payen. Doston, remember this important point: before adopting health financial habits, aapko apne finances ke baare mein detailed information hona bhi equally zaroori hai.
Number 5 - Last point mein hum healthy financial habits ki baat kar rahe the. Have you managed to save less money than you had initially planned at the beginning of the last year? Are your finances in a bad shape. No matter how much your earnings, agar aap apne paise ko intelligently manage nahi karoge, toh no amount of money will look enough, and neither will you find financial stability from increasing your earnings. Instead, apne earnings ko 50-30-20 rule se manage karen - yani,apne earnings ka 50% portion needs par spend karen, 30 percent wants pe, aur 20% ko save karen. This can take your finances up a notch in a short time period. Agar aap spending ko regulate karne mein unsuccessful feel karte ho, toh you can also take some help from a smart financing app, jo aapko healthy spending habits form karne mein madad karta hai - now that’s a real investment in yourself, and a big change you can resolve to undertake for the coming year!
Number 6 - Doston we were also talking about credit cards previously. Kai log credit cards ko criticize karte hain, kyunki they believe ki credit cards promote bad financial habits. Lekin, think about it this way - just because you can afford to buy something on short-term credit, should you really buy it? And is that all credit cards are good for? The truth of the matter is that credit cards aapko kai benefits provide kar sakte hain. For example, do you regularly dine out? Why not use credit cards that offer you discounts at your favourite restaurants? Keeping 3-4 credit cards for availing the best offers can help you sav on what you already spend on - lekin agar aap apne multiple credit cards ko abuse kar rahe ho,. Toh that says more about your financial habits needing to change, rather than the number of credit cards you have. Form healthy financial habits first, and then use credit cards to maximize your savings rather than spendings.
Number 7 - Everyone talks about diversification, lekin diversifying successfully takes some research and effort. In fact, aap 2020 ke investment experience se kai saari observations ko 2021 mein practice mein lekar aa sakte ho. For example, pandemic hit hone ke bawjood, there are some sectors which outperformed their own historical records. Tech stocks stood out in the US markets, and in fact, India mein bhi IT sector mein significant growth dekhne ko mili. Pharma stocks took a bullish turn too, despite a global bearish environment. All these observations teach us one thing - diversification ki koi “one size fits all times” strategy nahi hoti. In fact, to diversify effectively, aapko markets par ek birds eye view bana ke rakhna chahiye, and you should pay attention to your investments in this context.
Number 8 - Investments ki baat ke chalte liabilities ki baat bhi kar lete hain. Doston agar aapke existing loans ya purchases par EMIs active hain, toh timely repayment karna na bhoolein. Ye isliye, kyunki aapki credit history will be a crucial aspect of your financial life of the future. Keeping a good credit health is important, and there are very simple habits which can keep your credit score in the above average range - for example, loans par default na karna is a no brainer - lekin regular, timely repayment on your small loans can make you eligible for borrowing more. Before you actually borrow more, understand if your EMIs fit snug into your monthly finances to avoid an unnecessary financial pit. Keep your spending habits in check with your credit card too, as abusing your credit card to its maximum limit can also negatively impact your credit scores.
Number 9 - Digital security mein negligence ki jagah diligence practice karen - when you are transacting online, always look for signs of safety and digital trust. 2020 mein cybersecurity saw massive growth, kyunki the number and variety of threats is increasing with digital transactions - but this doesn’t mean ki you have to stop transacting digitally - all you need to do, is to practice diligence while transacting online, just as you would when you transact at a shop. Put some effort into making strong passwords, and more importantly, remembering them. After all, forgetting passwords can be time consuming and frustrating in addition to being risky.
Toh doston, these are some of the resolutions that you can take up for the coming year. Yaad rakhen, ki habits are more impactful then one-time actions, chahe aap monetary investments ki baat karo, ya fir personal investments ki. In fact, developing some healthy financial habits can be difficult, lekin these habits will help you give a new shape and definition to your financial goals and how you achieve them in the long run. So start taking up resolutions today, even if it is just one - make a habit, and see it through to the end. Angel Broking wishes you the very best, as you resolve to your new financial goals for the next year.
Goodbye friends, until we meet the next time!