Satyen Kothari

Apr 13, 2023

Portfolio management: Five investment tips for better return on your money-Business Journal Share post: It’s all the time a good time to hit pause and reassess your monetary plans. The begin of a brand new monetary yr is a perfect time to take management of your funds and create a finances to handle your cash successfully. Budgeting can seem to be a frightening job, however with the suitable mindset and method, it could actually turn into a easy and efficient device that will help you obtain your monetary targets. Livemint spoke to consultants who shared some tips that might enable you to return to the basics and make sure you’re on the trail to mastering your cash. 1) Set Clear Financial Goals Start by setting particular, measurable, achievable, related, and time-bound (SMART) monetary targets. “This broad method may help you guarantee you might be getting essentially the most from your money – whether or not it’s for saving extra or for investing better,” said Nikhil Aggarwal, Founder & CEO at Grip. Satyen Kothari, Founder and CEO at Cube Wealth said one should start by setting achievable goals, such as paying off debts or saving for a down payment on a home. Next, track your expenses and identify areas where you can cut back. This might mean reducing unnecessary subscriptions or dining out less frequently, he added. 2) Budget & Prioritise Essential Expenses You probably have a budget but it’s important to ensure that you are giving importance to the right expenses. “So make sure you are paying your credit card debt and rent before you go on a shopping spree online,” mentioned Nikhil Aggarwal. Start by setting achievable targets, similar to paying off money owed or saving for a down cost on a house. Next, monitor your bills and establish areas the place you possibly can in the reduction of. “This would possibly imply decreasing pointless subscriptions or eating out much less ceaselessly,” said Satyen Kothari 3) Look At What You Automated It’s also essential to review and adjust your budget regularly to ensure that you are staying on track with your financial goals. It’s easy to set up an SIP or NACH mandate to set aside money for savings and investments but, make sure you go back and check if the assets you had invested in still make sense. You’ll often find it is important to revise your approach to get the best returns. Satyen Kothari suggested to use tools such as budgeting apps or spreadsheets to help you manage your money and stay accountable. 4) Plan For Major Expenses One key budgeting tip is to create separate accounts for different expenses, such as bills, savings, and discretionary spending. All of us have some predictable and major expenses, whether it’s a big vacation, a new home, a new car or a new gadget we need for work/leisure. “It’s important to pen these down in advance and then set aside a budget for them in advance,” urged the founder & CEO at Grip. 5) Get Professional Advice Perhaps essentially the most underrated tips is to hunt assist for investing, taxes and areas the place you would not have experience or the time to achieve experience. According to Nikhil Aggarwal, it’s usually cheaper to get the suitable recommendation and path than to lose money and study classes the onerous manner. So, in the event you’re planning to take a position, it’s all the time nice to listen to from an expert finance advisor, insurance coverage advisor and so forth primarily based on your wants. It is essential to study the artwork of mastering your cash by means of efficient budgeting so as to obtain monetary stability and take management of your future.