Financial

Made Your Personal Financial Plan Yet? Here’s a Guide

Having a yearly personal financial plan can enable you to save money for regular purchases and emergencies. People usually make at least one significant purchase, pay up for loans, or save for retirement in a financial year. With the recent pandemic-induced economic crisis, you should spend less and save more. This does not mean you have to stop buying entirely. That is extreme. In this article at LendingClub, find out how you can gradually make a nest egg with a month-wise personal financial plan.

Personal Financial Plan To-Do

Conduct a Financial Quiz in January

Analyze the financial health of your current savings. This enables you to make the most relevant money-saving strategies.

Review the Family Finance

Calculate all your debts, be it credit cards or car loans. Discuss the current and future income sources you and your partner will make in the current fiscal cycle.

Tax Filing Is a Must in March

Tax slabs and due dates have changed due to the pandemic. Keep a check on them and pay your taxes on time to avoid late submission fees.

Plan Your Exemptions Within April

There are several ways to get tax exemptions. Make your personal financial plan early to get better refunds once you file your tax return next time.

Save for College

Do you have a college-going kid? Use the 529 college savings plan to get tax-free benefits. If not, you can invest the money in something long-term.

Invest in Home Improvement

You must take care of your home too. If you repair things bit by bit, it will not cost much for you later.

Make Retirement Easy

Have you considered putting away some money for IRA? That also helps to boost your personal financial plan and safeguards your future.

Review Your Loans

Government loans are more favorable for tax exemptions than their private counterparts. Discuss this part of your personal financial plan with a tax consultant.

What’s Your Car Health?

Once your car is more than ten years old, check with the bank how much loan amount is left and if you can reduce the interest rate. If you want a new car, September is a great time to buy one.

Cross Out the Personal Financial Plan Checklist

The last few months of any year have several occasions. Instead of rushing, go through the checklist of your personal financial plan to be ready financially.

Make a Budget for Your Holiday

People tend to overspend around holidays. This can be troublesome if you are tight on money. So, stick to your budget.

Plan Ahead in December

Make some payments early to get rebates. Get some free flow of cash with a side gig during holidays.

To view the original article in full, click on the following link: https://blog.lendingclub.com/financial-health-tips

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