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A How-to guide to keep the spending under control in the FY2019-20

by Finway Capital Empowering People Financially

With New Year greetings sent to all and the final gifts from Christmas and New Year celebrations unwrapped by all, it’s time to turn the thoughts to new beginnings and start organizing things accordingly. While planning and segregating things to achieve in 2019 there’s this one thing called sorting finances judiciously which features on most of the resolution list. Even though the perks earned from the festive season haven’t cleared, the New Year has arrived with some great opportunities to ensure you are not paying over the odds for services and that you are getting the best value for your money.

So, here is a guide to bring the personal finances under control in FY2019-20 which is prepared after closely studying the plans and strategies of top investment advisory services provided by several financial experts around the world:

Get timely with tax returns

As advised by most of the SEBI Registered Investment Advisors, one of the most important steps to start preparing for a New Year begins is filing for tax returns. January end marks the deadline for filing tax returns in the nation and late submission invites heavy charges and fines along. In the previous financial year, it was reported that more than 10.6 million people filed tax returns on time but still several were there who didn’t do so in time and then we're stuck in a severe financial breakdown. It is reported that most of the people get so engaged in the festive vibes that they are found filing returns at the very last moment. This last moment hustle at times goes wrong either due to technical glitches or due to human errors. So, it’s better not be late and make submission of tax returns your priority of every New Year.

Beware! Of the fraudulent deals

Attractive offers on mobile phone bills, or on DTH plans and broadband packs are there to lure you into the trap of much more than you actually need or a worthy to pay-off. It is due to these bewitching deals that customers get tapped with enormous amounts of expenditure pile-up in the month-end. Research done by many Registered Investment Advisors suggest that the latest bundled deals strategy of advertising companies have burnt a hole in around 60 % of the middle-class families budget leaving them with nothing but cutting down the cost of essentialities. The case mostly occurs with the phone buying situations where the phone and the plan come together, and most result in more being paid for the phone than if it is bought outright. In these deals, consumers are in effect taking a loan from the network in order to pay off the device. Buying a new phone outright is the best idea but if one doesn’t have enough money to do so then opt for an interest-free credit card setting, where debit gets directly paid-off every month thus, ensuring heavy interest charges don’t kick in.

Keep a close-check on your mortgage health

 Everyone wishes to make their money work for them but not everybody is able to do so due to certain wrong decisions that lead to ruining the mortgage health. Many lenders allow overpayment in the market usually amounting to 10% of the loan and after that, there might be early payment charges levied on it. Early repayments bring in savings on interest and can also help get away from any returns of putting the cash into banks. Santander estimates a £10 per month overpayment on a £200,000 mortgage could result in savings of £1,146 in interest. However, investment experts advise people to get their other existing high-interest debts cleared first, including that of credit cards before looking at their mortgage health.

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Created on Jan 15th 2019 02:30. Viewed 48 times.

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