Keep up with investments, taxes, lenders and more

April 1 marks the beginning of a new financial year. It’s time to make new beginnings, take stock of your moneybox, do a thorough review, and plan for the year ahead.

Plan your investments

So far, 2024 has been a rollercoaster ride for equity investors. In addition, the recent performance of midcap and small-cap funds may have raised concerns among mutual fund investors, so it is essential to approach investing in equities with a long-term perspective.

Also read: Confused about where to invest? Check out MC30; Moneycontrol’s curated list of 30 investment-worthy mutual fund schemes

Review your investments periodically. Check if you are adequately diversified across equity, debt, gold and international investments. Make an investment plan and stick to your asset allocation as per the financial plan.

April 1 is a good time to start a systematic investment plan (SIP), if you haven’t already done so. For those with ongoing SIPs, try and see if you can top them up a bit, given the annual increments that you’ll hopefully get soon.

Review nominations across bank accounts, investments, and insurance policies.

Taxes

The year of 2024 will see two Union Budgets. The February 1 Budget was a vote-of-account—an interim budget. Nothing changed for taxpayers. But the first full Budget of the newly-elected government, which will come to power in June, should be presented sometime in early July. Keep an eye on it to know the impact on your tax outgo.

There will be tax-related events coming up. For instance, filing income tax returns for FY24, paying advance taxes, investing in tax saving avenues for FY25 and more. Our money calendar reminds you of these important dates with the taxman.

Interest rates might begin to fall; that’s good news for homebuyers

The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5 percent over the last year. It’s a high interest-rate scenario. Individual borrowers, especially those who have floating-rate home loans, have been affected the most.

According to the financial experts, the repo rate may be cut in financial year 2024-25 after retail inflation is in the RBI’s comfort zone. However, there will always be opportunities to negotiate with your bank for a lower interest rate or an option to switch, if you have a good credit history and a credit score above 800. In our financial calendar, we actively advise switching your home loan even if the difference between the rates offered by existing and new lenders is just 35-50 basis points.

Also read | Want low home loan interest rates? A good credit score helps

Review your insurance requirements

Make a goal to be adequately insured. It’s important to review your health and life insurance requirements periodically. If you do not have a health insurance policy, then buy it soon.

After you buy a health insurance policy, buy yourself a term insurance cover if you have dependants. Next, comes a critical illness and personal accident cover.

Also read: Moneycontrol-SecureNow Health Insurance ratings

Expand your health insurance cover on reaching life milestones. For instance, if you got married recently or are getting married this year, think of expanding your cover to include your spouse. Similarly, if you are becoming a parent this year, include the newborn in the policy and expand the health insurance cover.

You should sell off underperforming traditional insurance policies from the portfolio.

Spend, but wisely

It’s perfectly fine to spend your hard-earned money and enjoy life. But keep to a budget and track your expenses.

Monitor your credit report for any suspicious activity or errors in the report. A good credit score helps in getting good loan rates if you wish to borrow from a bank or a non-banking finance company (NBFC).

Holding multiple credit cards? Then it’s important to review the monthly credit card statements and cancel the unused credit cards to avoid misuse. Also, you will save on the renewal fees by closing unused credit cards.

Occasionally opt for a vacation with your loved ones. Search for the best travel deals and holiday packages in advance.

And now, we present Moneycontrol’s financial year 2024-25 money calendar. Print a copy and keep it on your desk or save it on your mobile device.