The end of March marks a transition to new beginnings – a new academic year for students, the arrival of summer, and a new budget year. It’s the right time to take stock of your financial hits and misses from the past 12 months and start planning for the upcoming year. Naturally, you would wish for more gains and savings in the short and long term, and hopefully no losses or missed opportunities.
In the new budget year, resolve to do the following from April 1st (no joke!):

1. Plan for your budget to be ‘alive’
Success doesn’t just happen; it’s the result of careful planning. So, chalk out your goals and prepare a budget to support them, lest your goals remain mere wishes. Your plan should reflect the circumstances of your current life-stage and support it without losing sight of the future. In other words, it needs to evolve with your situation and be a living and breathing document that enables you to create wealth and save for contingencies.

2. Set a savings target
If you fix a savings target, preferably monthly, expense management will follow without much effort. With every salary increment, you will find yourself saving to invest in lucrative instruments instead of spending irrationally on impulse purchases and other lifestyle expenses. Over time, you will have a rewarding portfolio of stocks, bonds, mutual funds, and insurance.

You can begin your journey as an investor by opening a Demat Account as well as an Investment Services Account with HDFC Bank, which can provide a safe and seamless online method to invest. You could use the returns from these investments to pay off debts or even fund a short-term goal, such as an overseas vacation, or a long-term goal, such as retirement planning.

3. Protect yourself from risks and be prepared for exigencies43
Having no emergency funds and being underinsured are common financial mistakes people make.. Your term plan cover should be at least 8-10 times your annual income, and it should take into account your dependants and loan liabilities. It is also essential that you have health insurance for yourself and your dependants to meet the rising costs of medical care. Based on your risk appetite, you can also choose from traditional or unit linked plans which can provide a viable solution for your short and long term goals, thus serving as an important tool in your financial basket.   

You can check out the extensive array of insurance solutions that HDFC Bank offers to help protect assets, health, and life.Build an emergency reserve that’s the equivalent of at least six months of your expensesby investing through systematic investment plans (SIPs). As a user of HDFC Bank’s NetBanking feature, you will have access to various investment products, including Fixed Deposits, Mutual Funds and insurance from which you can choose.

4. Gear up to achieve your goals
Very often, people carry the same goal from one year to the next, without seeing them materialise. If there ever was a time to start making these dreams come true, it’s now. So, if you want to buy a car or take an international vacation, start planning your finances for them right now. There are two ways to do this- start a new savings account and divert funds to it regularly, or put money into an investment, such as a mutual fund, that will grow with time.

Conclusion
A good plan diligently executed is far better than a perfect plan that is yet to see the light of day – or implemented half-heartedly. So, when it comes to your financial resolutions this year, you’re likely to be healthier and fitter if you make these resolutions now and follow them consistently.

So #takecontrol of your finances and make your financial future a secured one.

Fraudsters are always evolving. Stay one step ahead and stay safe. Here's how.