Financial Planning for 2023

New Year is arriving. With the hope of everything flourishing in our lives, let’s make our financial lives enriching. For that, we have brought for you 7 must have financial habits to improve your finances in 2023. Start your financial planning for 2023

  1. Follow Smart Strategies to save money

    – Be realistic about your budget and try to increase your annual saving amount by 10% every year.

  2. Use Financial Calculators

    – These calculators will help you with budgeting, debt payments, EMI calculations, interest rates, investments and more. These will help you to understand your financial situation and guide you in making sound financial decisions in 2023

  3. Build a diversified portfolio

    – We have seen so much volatility in 2022. From the Ukraine war to Covid in China and not to miss the Dalal Street Rally from April 2020 to October 2021, which took the Nifty from the low of 7,511 to the high of 18,604. The volatility may also continue in 2023. Seeing this it is important to diversify your portfolio. Investment in gold also is likely to generate good returns in 2023.

  4. Start a side business

    – Last year, the national lockdown situation took away our savings and we saw a dropdown in our income, whether it was the job sector or business sector. Also, due to changing economic situations (due to the Ukraine war, Covid, dollar rates etc) the inflation is continuously rising. So, to cover that up, we require a side hustle. Find something that can bring you the much needed extra income to increase your savings and emergency fund. Be it some online business, blogging, selling your artwork, online consultancy, online tutoring or anything.

  5. Increase your retirement contribution

    – If you have not started to plan for your retirement, start it now. Because the earlier you start, the more you can accumulate for your retirement and hence you can retire earlier. And, if you already have made investments for your retirement, this year try to increase your contribution towards it.

  6. Maintain the right mindset and habit

    – Many people start good but lose motivation very soon. If you want to continue for the whole year, it is important to develop the right mindset and such habits that will help you manage your money correctly.

  7. Think Long Term

    – It’s not just about planning for a month or year, but strategizing for your long term goals. It may be buying a house, saving for retirement, child education planning etc. Start by setting your goal for 2023 and start planning accordingly.

 

We, at Financial Friend, help in achieving financial independence by creating a plan that will help to generate wealth for your future and fulfill your goals. 

For assistance in any matters related to financial planning (investment, tax, insurance, retirement), feel free to connect with us at +91 9460825477.