Follow These Money Priorities For The New Financial Year

Outlook Money

Plan Your Taxes

Plan the taxes at the beginning of the year as it will help in minimising the tax liabilities, leading to more savings, which could further get allocated towards achieving the financial goals.


Start Tax Planning

One can start with tax planning for the new financial year by utilising Section 80C, Section 80D, and Sec 80G benefits. If one has an education loan and a home loan, that can further benefit tax planning if using the old tax regime.

Tax Planning

Reduce Debt

For those who have received a bonus at the start of the new financial year, they can plan well to either pay off a loan or reduce debt to optimum levels, or, start a systematic investment plan (SIP) to bridge the gap in meeting their goals.



Set up a budget according to required goals. Determine what’s urgent, important, and can wait later. Plan the annual budget while considering inflation. This reduces financial risks.



Setting up an investment account can be done by transferring one’s income into this account before spending, once all committed savings are taken care of.


Insurance Coverage

Evaluate the insurance coverage. Review coverage levels, including life, health, disability, liability, auto, and property. Prepare for retirement and aim to save at least 10 -15 per cent of your salary.

Compiled by Syed Muskan