Aside from investing, reviewing your insurance policies and paying your taxes, make time to upgrade your investment skills. Negotiate with a lender for a lower interest rate on a home loan if you have a credit score above 800. Important personal finance events are tagged in our money calendar 2023-24.
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A new financial year is the time for new beginnings, taking stock of your moneybox, doing a thorough review and planning for the year ahead.
Come April 1, the new financial year will be upon us. The good news is that Covid-19 has gone down dramatically. Travel has opened up, airlines are reporting full flights, and hotels are full, albeit with room rates that have shot through the roof. The bad news is that the global economy is not out of the woods and many people in the technology industry have lost their jobs.
The year 2023 has started with mass layoffs in many tech startups and global IT firms such as Amazon, Alphabet, Meta, Microsoft, etc. Several firms handed pink slips to their employees without a notice period. In March, Facebook parent Meta announced to lay off 10,000 in a second round of job cuts. The industry is bracing for a deep economic downturn.
Meanwhile, a new financial year, 2023-24, will soon be upon us. It’s time for new beginnings, taking stock of your moneybox, doing a thorough review and planning for the year ahead.
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Plan your investments
So far, 2023 has been volatile for equity investors, most recently because of the failure of Silicon Valley Bank, a collapse that has sparked concerns about the health of the global financial system amid central banks raising interest rates to tackle inflation. The outlook for the global economy is uncertain.
Take a look at your investments. Check if you are adequately diversified across equity, debt, gold and international investments. Take an asset allocation test. Even if you have ascertained your asset allocation in the past, you need to revisit it once a year or two to see if your attitude towards money has changed.
Make an investment plan. April 1 is a good time to start a systematic investment plan (SIP), if you haven’t already. For those with ongoing SIPs, try and see if you can top-up a bit, given the annual increments that you’ll hopefully get very soon.
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Negotiate or switch lenders
The Reserve Bank of India has hiked repo rates by a cumulative 250 bps since it started the rate tightening cycle in May 2022. The repo rate is now 6.5 percent compared to 4 percent a year ago.
The consecutive rate hikes are affecting individual borrowers, especially those who have floating-rate home loans.
Even in a high-interest-rate scenario, there will always be opportunities to negotiate with your bank for a lower interest rate or an option switch. In our financial calendar, we actively advise to switching your home loan even if the difference between the rates offered by existing and new lenders is just 35-50 basis points.
The consecutive rate hikes are affecting individual borrowers, especially those who have floating-rate home loans.
Even in a high-interest-rate scenario, there will always be opportunities to negotiate with your bank for a lower interest rate or an option switch. In our financial calendar, we actively advise to switching your home loan even if the difference between the rates offered by existing and new lenders is just 35-50 basis points.
Review your insurance requirements
Do not forget to review your health and life insurance requirements. Are you adequately insured? If not, then buy a good health insurance policy soon. You should also review and sell off underperforming traditional insurance policies from the portfolio.
If you have a health insurance policy, and got married recently or are going to get married this year, think of expanding your cover to include your spouse.
After you buy a health insurance policy, buy yourself a term insurance cover if you have dependants. Next, comes a critical illness cover.
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Taxes
Our money calendar also reminds you of important dates with the taxman. Aside from planning your taxes and filing your income-tax returns on time, you also have to pay your advance taxes.
Spend, but wisely
It’s perfectly okay to spend your hard-earned money and enjoy life. But keep a budget and track your expenses.
And monitor your credit report for any suspicious activity or errors in the report. A good credit score helps in getting good loan rates if you wish to borrow from a bank or a non-banking finance company (NBFC).
Occasionally opt for a vacation with your loved ones. Search for the best travel deals and holiday packages.
And now, we present Moneycontrol’s financial year 2023-24 money calendar. Download and keep a copy on your desk or save it on your mobile device.
