eMoneyIndeed Make Money Online
Each new financial year brings along its own set of monetary modifications in the country, which affects the individual budgets and expenses on a personal level. This new fiscal year 20-21 has also brought some changes this February with regards to taxation.
With the recent proposed changes there has been changes in the tax slabs, which has different effects for different income groups. However, regardless of what the modifications are, every new financial year requires us to manage our expenses in a smarter way.
Moreover, this financial year has an added element of economic recession due to the global pandemic, and that calls for an even better expense planning at our end.
So here are some of the smart ways to plan your budget and expenses this financial year 2020-2021:
Keep a Track of Your Budget
Your individual budget is the most crucial aspect of planning your expenses, no matter what new budget modification your country is going through at any point in time.
It is essential to set aside a monthly budget and try and adhere to that, to smoothen out the essential expenses and the amounts payable in debts, loans and taxes.
Also keep aside an extra portion of your budget to take care of unexpected or emergency expenses, as that is a very important aspect of your budget that you cannot ignore.
Diversify Your Income
An important element to planning your expenses is to first diversify your income. Having more than one source of income is a smart way to earn as well as spend money, as it reduces the risk of losses.
Having only one source of income to rely on can prove to be risky sometimes, as one can always lose that particular job or business if an economic crisis arises.
Choose Less Volatile Funds
While investing, there are various kinds of funds you can opt for, which will reduce your risk of volatility.
To limit your volatility, it is better to opt for hybrid funds such as balanced advantage funds, equity savings funds, etc. Less volatile funds are better equipped to handle the market with ease, and enable you to be more tax efficient.
Keep a Check on Your e-Transactions
It is also important to check and manage your e-transactions. One way you can do that is by using the Bajaj customer portal, Experia, which is a web based provision and can be accessed anytime, anywhere.
If you download the Bajaj Experia app, you can also manage your finances on the go, through your phone. All you need to do for that is to login to the customer portal Experia. It also provides credit and debit card facility without any extra or hidden charges, and allows you to do online bookings.
Wrap Up
So, if you are searching for the best ways to plan your expenses this FY 20-21, then set up a budget, manage your monetary transactions, keep a track of your payments and invest in the right places. We all have the capacity to make sound financial decisions!
Related Articles
Featured Post
