Post Mortem

Your Financial Year

By Nagaland Post | Publish Date: 1/15/2019 11:52:26 AM IST

 If you have not made any resolutions for this year yet, you are not the only one. The joke is not confined to just my wife and her friends. The number one was regular exercise. Two, to read more. Three, take at least two vacations. And the fourth and most important one was not to procrastinate. These four have been there on my list every passing year. Therefore, I have decided to tackle it differently this year. I’ve evenly spread them across the year, and have decided to tackle one each month. Let’s see if I can do better this year. For your personal finance, I have planned something similar. Take out your calendar and your marker pen. Mark the dates and plan your finance in such a way that you don’t miss anything important this year. 

January: Make your financial plans. Set your goals and a time frame for them. Readjust if you need to. Check your emergency fund. Keep three to six months expense in it but not more. 

February: Success in your personal finance is a team game. Team up with your spouse this Valentine’s Day and revisit your dreams and aspirations. On February 6, the RBI (with a new Governor) will declare its monetary policy. Market is expected to react to this. GDP data will be out on February28 and market may react.

March: It is the month to contribute to our nation-building. Pay your taxes with pride. Understand the structure and the exemptions thoroughly. March 15 is the last date for paying the fourth instalment of your advance tax. March 31 is the last date for filing returns for 2017-18. It is also the last date to link your Aadhaar number with your PAN. 

April: It should be a month to check if you have been made a fool. Check for mis-selling and also for ponzi schemes. They both refuse to die and are particularly active in our State. If you are holding physical shares,look out for April 1. It’s the deadline to dematerialise them for good. 

May: This has become the active month to plan your vacation for your children’s summer holidays are round the corner. Having a plan will ensure that you do not go overboard with your budget. For those planning to buy gold, Akshaya Tritiya is on May 7, and GDP data will be out on May 31. 

June: Congratulations, you have officially reached the halfway mark. Reflect and review once more. The RBI monitory policy will be out on the 5th and the last date to pay the first instalment of your advance tax for 2019-20 is June 15. 

July: Check your health insurance this month, as tropical diseases will be in the air now. July 31 is the last date to file your ITR. Miss this and be prepared to pay a penalty of Rs. 5,000. 

August:Think about your retirement and about your financial independence. Take the help of a financial planner for proper calculations. Monetary policy will be out on the 7th and GDP data on the 30th. 

September: Make plans for Durga Puja and Diwali shopping. But whatever you do, stick to your plans. The last date for paying the second instalment of your advance tax is September 15. 

October: Both Durga Puja and Diwali are in this month. Enjoy the festivities responsibly. RBI monetary policy will be out on October 9. 

November: Teach your children the art of money through various means, especially pocket money. Teach them the importance of decision-making from an early age. Review their pocket allowances and keep a greater proportion as performance bonus for household chores done. 

December: Do nothing! Yes, you have heard me correctly. You have done great throughout the year and now enjoy the moment. But review what could be better for the next year. Important dates are 4th and 15th. The RBI policy will be out on the 4th, and 15th is the last date for the third instalment of your advance tax. 

Launched on December 3,1990. Nagaland Post is the first and highest circulated newspaper of Nagaland state. Nagaland Post is also the first newspaper in Nagaland to be published in multi-colour.

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