PF wrap of the week: How to align your money with your financial goals

As we enter the last week of March, it is time to review your financial plan. If you have not filed your income tax returns for the previous year, you should do it now as it has its own set of benefits. Here is a guide on how to file your I-T returns.

If you haven’t completed your income tax planning for the current year, you may want to look at using house rent allowance which is part of your salary structure. But before you jump with joy at the possibility of reduced tax, take some time out to study the rules. If your salary structure does not provide for HRA, you may want to approach your employer for the same.

As we are about to enter the new financial year beginning April 1, you may want to re-visit your financial goals. If buying a home is on your wish-list, then now could be the best time to go for one. Residential sales across Tier I cities grew 8%, says a report by Liases Foras titled, ‘Residential Real Estate Market Q3 2017-18’.

If you are have not yet begun saving for your financial goals, April could be the best time to initiate this long journey. You can start working on your financial plan now. Buying life insurance should be an important part of your financial plan. Many times individuals find it difficult to choose between a ULIP and term life insurance. Here is how the two options – purchasing a ULIP or combination of a mutual fund and term life insurance – stack up against each other.

This week also saw the possible sale of IDFC’s asset management business. If you are an investor in one of its schemes, you need not worry about it. Let the deal go through and keep a track of the news flow. Here is how experts advise handling the situation.

If you have just received your maiden credit card, then you would do well by reading these five ways to use it responsibly.moneycontrol

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