Greetings!!

NEW YEAR  Money Management Tips

1.)How many bank accounts one should have?: It is recommended to have two accounts at the most in case of personal finance. One account as your salary or inflow account and second account for all your living expenses.

2.)File your income tax return before due date: Insist your Chartered .Accountant to prepare Balance Sheet for you. Balance Sheet is a useful tool in making big financial decisions, developing investment strategies and monitoring your financial progress.

3.)Health is wealth: Have a reasonable amount of health insurance for yourself and all members of your family. Considering fast rising medical costs a cover of Rs 5 lakh would be the minimum requirement. 

4.)House Purchase: If you are going to purchase a new house, cost of house should not be more than 2 to 3 times your family annual income.

5.)Buy life insurance to benefit your loved ones, not yourself. Remember to get the term plans first so that the sum assured is adequate for your family's needs. (Thumb rule says it should be around 10 to 20 times of your annual income).

6.)Pay your outstanding bill payment and SIP on time: Set reminder emails or in your mobile for all your important financial transactions - Loan EMIs, Credit Card Payments, Insurance Premiums, SIP dates to avoid penalty charges.

7.)Asset Allocation is key to wealth creation For Healthy living variety in food is required.  Similarly, for wealthy living varied asset class is required. And equity is like a vegetable among them which help us to beat inflation, save taxes and make us wealthy in long run.

8.)Beat inflation Start investing as soon as you can to take advantage of the power of compounding.  Seriously consider investments with a track record of beating inflation. One financial resolution for 2015 – walking for health and SIP (systematic investment plan) for wealth.

9.)Don't forget to write your will and have nominations in all your bank accounts/Mutual funds/ FDs or real estate properties in place. These are a must to ensure smooth and quick transfer of your assets to your legal heirs.

10.)Review all your investments at least once a year.

11.)Last but not least, as we plan for everything else, plan for your finances also to achieve your dreams.

We sincerely thank all our clients who have believed in us through the years and given us opportunity to serve them well.

We wish you a very happy and prosperous 2015!