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10 Essential Things to do in the New Financial Year this 2018

May 09, 2018 | 2 years ago | Read Time: 3 minutes | By iKnowledge Team

The onset of a financial year brings fresh tidings. It allows you to reset your money plans if your investments failed to click the previous year. Simply put, a new financial year always helps you start afresh with a clean slate. So, if you fall in the ‘unhappy-with-your-investments’ camp, worry not, you can emulate some of these steps to ensure a glitch-free financial year this 2018.

  1. Review financial goals

As you progress in life, your financial goals also change. For instance, if you are now a working professional with the responsibility of a family, your financial goals will differ as compared to one who has just finished college. Review your financial goals and set new ones based on your current standing. For instance, if you have children and saving for your child’s education, invest in a ULIP to fulfill that goal. You can opt for ULIPs that specifically cater to children’s education.

  1. Weed out underperformers

Hanging on to underperforming assets for too long can turn out to be detrimental to your financial goals. If some of your assets aren’t performing well, weed them out from your portfolio. This will cut down the risk in your portfolio.

  1. Reassess your insurance needs

Healthcare costs are spiraling and inadequate health insurance coverage can work against you in the long run. If you have recently moved from a single life to a married one or welcomed a tiny human into your family, you need to review your health insurance needs. You can review your current health policies and switch to one with better add-ons or higher payouts. If you have a limited monthly budget, try to include term insurance for your life insurance needs. Term insurance offers you larger coverage with low premiums. This way, you can keep your loved ones’ financial future secure.

If you’re considering term insurance, Aegon’s iTerm Plus can be a good fit. Click here for more.

  1. Rebalance your portfolio

Make sure you rebalance your investment portfolio according to your allocation preferences.  For instance, if your equity and debt funds are giving you more returns or performing better in the market, over gold schemes, rebalance your money in the funds that are performing than keeping it stuck in non-performing schemes.

  1. Invest in new schemes

Take advantage of new schemes introduced by the Government of India in the new financial year post budget 2018. For instance, make use of tax benefits introduced for health insurance under sections 80D and 80DDB for senior citizens by investing for your parents or in-laws. 

  1. Start saving tax

Instead of waiting until the end of the year, you can start tax planning at the start of the year. Review tax-saving instruments you have invested in, or plan to invest in, to reap tax benefits.

  1. Review your equity funds

One of the changes in the budget this year included the re-introduction of the Long-Term Capital Gain (LTCG) tax.  As per the rule, investors in categories of funds like equity-oriented mutual fund schemes are liable to pay the LTCG tax. They will have to cough up a 10 per cent LTCG tax on gains made above Rs. 1 lakh per annum. You can review your equity funds and consider ULIPs (as the returns don’t fall under the LTCG tax regime.) In addition, ULIPs also offer a life cover.

  1. Check your tax filing

Ensure all your taxes are being paid to the government on time. Check for any discrepancies on refunds and have it rectified before the tax-filing season begins. You need not hurry to file taxes at the last minute if you plan for it from the start.

  1. Invest the surplus

After evaluating and reviewing your financial goals, you will be left with some spare amount. You can use this amount to invest in your future financial goals. For instance, you may have secondary financial goals like an international vacation, second home or a second car.  You can work towards these financial goals with extra funds.

  1. Be your own financial planner

Hiring a financial planner can be time consuming, and may add up on your finances as you will have to pay their fees. Instead, to help you with your retirement plans, investments, financial planning, and portfolio management, you can start off by doing your research online with Aegon Life. 


Finally, all you need to do is keep a check on your financial situation right from the start of the financial year, and avoid last-minute surprises. 

Advt. no.: IA/May 2018/3919


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