10 Essential Financial Fixes for Women at the Start of the Financial Year

As the new financial year rolls in, it is the perfect time to take control of your finances. Whether you are a working professional, a homemaker or a business owner, these 10 financial fixes will help set you up for a successful and stress-free year ahead.

Review Your Financial Goals

Review your financial goals such as buying a vehicle, a house or a travel plan and identify the progress and shortcomings. Our tools and calculators will help you in this process. Finalise the plan and ensure that you stick to it. 

Budget Review

Start by reviewing your current budget. Look at your income, expenses and savings to ensure they align with your financial goals for the year. The 50:30:20 budget plan is a quick win here. 50% of your monthly income can be used for your expenses, 30% for your wants and 20% to your needs.

Emergency Fund Check

Make sure your emergency fund is in place and fully funded. Aim to have at least 3-6 months' worth of living expenses set aside in case of unexpected events.

Debt Assessment

List down all your debts, including credit cards, loans and mortgages. Create a plan to pay off high-interest debts first and consider consolidating if it makes financial sense. As a thumb rule, all your EMIs shouldn’t exceed 50% of your monthly income.

Insurance Check

 Review your insurance policies, including health, life and property insurance. Make sure you have adequate coverage and update beneficiaries if needed. Stay tuned to our workshops to know how much is enough.

Tax Planning

Start planning your taxes in the beginning of the financial year, and not towards the end. This will help you to choose the right investment products and also to optimise deductions from salary and other allowances. 

Increase Your Monthly Investment

Increase your investments by 10% annually as your income grows to reach your financial goals faster. Consider investing in different asset classes rather than bunching up everything into one.  

Plan Your Spending Wisely

Plan your spending in such a way that you get something in return. For instance, pay using cards and platforms that gives you reward/credit points which you can redeem later. 

Learn from Your Peers

Sometimes, connecting with a community of peers who can help each other grow in different verticals is all you need. The HERoines Finance Club helps you master your financial plan by learning not just from mentors, but also from peers. 

Regular Financial Review

Make it a habit to review your finances regularly, at least quarterly. Know where your money goes. This will help you stay on track and make necessary adjustments as needed.

Taking these 10 financial fixes at the beginning of the financial year will help you to manage your finances more effectively. Financial independence is not just about earning money, but also about managing and growing it wisely.

Join the HERoines community by HerMoneyTalks and HerSecondInnings and avail free guidance to start planning your finances more effectively.