Your 2023-24 money calendar: Keep your dates with your moneybox, investments, taxes, lender and more

Come April 1, the brand new monetary 12 months may be upon us. The suitable information is that Covid-19 has long gone down dramatically. Travel has opened up, airways are reporting complete flights, and lodges are complete, albeit with room costs which have shot via the roof. The horrific information is that the worldwide economic system isn't always out of the woods and plenty of humans withinside the era enterprise have misplaced their jobs.

The 12 months 2023 has began out with mass layoffs in lots of tech startups and international IT corporations consisting of Amazon, Alphabet, Meta, Microsoft, etc. Several corporations surpassed purple slips to their personnel with out a observe period. In March, Facebook figure Meta introduced to put off 10,000 in a 2d spherical of process cuts. The enterprise is bracing for a deep monetary downturn.

Meanwhile, a brand new monetary 12 months, 2023-24, will quickly be upon us. It`s time for brand new beginnings, taking inventory of your moneybox, doing a radical overview and making plans for the 12 months ahead.

Plan your investments

So far, 2023 has been risky for fairness investors, maximum currently due to the failure of Silicon Valley Bank, a crumble that has sparked worries approximately the fitness of the worldwide monetary gadget amid important banks elevating hobby costs to address inflation. The outlook for the worldwide economic system is uncertain.

Take a examine your investments. Check in case you are properly diverse throughout fairness, debt, gold and global investments. Take an asset allocation test. Even when you have ascertained your asset allocation withinside the past, you want to revisit it as soon as a 12 months or  to look in case your mind-set closer to cash has changed.

Make an funding plan. April 1 is a superb time to begin a scientific funding plan (SIP), in case you haven`t already. For people with ongoing SIPs, try to see if you could top-up a bit, given the yearly increments that you`ll with a bit of luck get very quickly.

Negotiate or transfer creditors 

The Reserve Bank of India has hiked repo costs via way of means of a cumulative 250 bps because it began out the charge tightening cycle in May 2022. The repo charge is now 6.five percentage as compared to four percentage a 12 months ago.

The consecutive charge hikes are affecting person borrowers, particularly the ones who've floating-charge domestic loans.

Even in a high-hobby-charge scenario, there'll continually be possibilities to barter together along with your financial institution for a decrease hobby charge or an alternative transfer. In our monetary calendar, we actively endorse to switching your property mortgage even though the distinction among the costs provided via way of means of present and new creditors is simply 35-50 foundation points.

Review your coverage requirements

Do now no longer neglect about to study your fitness and existence coverage requirements. Are you properly insured? If now no longer, then purchase an excellent medical health insurance coverage quickly. You must additionally overview and promote off underperforming conventional coverage regulations from the portfolio.

If you've got got a medical health insurance coverage, and were given married currently or are going to get married this 12 months, think about increasing your cowl to encompass your spouse.

After you purchase a medical health insurance coverage, purchase your self a time period coverage cowl when you have dependants. Next, comes a essential contamination cowl.

Taxes 

Our cash calendar additionally reminds you of crucial dates with the taxman. Aside from making plans your taxes and submitting your income-tax returns on time, you furthermore mght should pay your improve taxes.

Spend, however wisely 

It`s flawlessly ok to spend your hard earned cash and revel in existence. But preserve a price range and tune your expenses.

And display your credit score file for any suspicious hobby or mistakes withinside the file. A suitable credit score rating allows in getting suitable mortgage costs if you want to borrow from a financial institution or a non-banking finance company (NBFC).

Occasionally choose a holiday together along with your cherished ones. Search for the great tour offers and vacation packages.

And now, we gift Moneycontrol`s monetary 12 months 2023-24 cash calendar. Download and preserve a replica in your table or keep it in your cell device.