8 Ways To Be Financially Fit In 2016

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Everybody hopes for an enriching life in every aspect and in order to achieve that you also need to be financially fit.

For many health resolutions such as diet, weight loss etc is a priority and will be on the top list for every year.

However, financial health is also equally important. Being financially sound won't help unless you are prepared for the financial obstacles.

8 Ways To Be Financially Fit In 2016

Here are 5 ways to help you achieve your financial fitness in 2016

1) Stick to the plan

New Year Resolutions don't change much as we often fail to implement and follow through out the year. So, the resolutions remain same for most of the years.
During the year, we tend to forget what we have planned and change our plan according to our convince hurting our future well-being.

2) Healthy Credit score

One of the best ways to remain fit is to avoid exceeding your credit limit as this will indicate that you are in despair need of money and which in turn may hurt your credit score.

3) Re balancing the portfolio

Reviewing of your portfolio with updated information will help in complying with the income tax laws, or new investment announced in the market or claiming a deduction in lieu of different investment while filing returns.

Regular review of bank account statements, auto debit in respect of certain dues and payments helps in tracing any discrepancy.

4) Paying debt

In case you are trapped in huge debt on credit cards or other loans, you should make a judicial attempt to know how much dues can you realistically clear and go for a settlement with your lending institution.

It is always to better to settle the loan instead of heading for any financial investment.

5) Retirement account

To lead a financially healthy life, you must make enough savings and investment in your retirement account every year.

6) Safety of documents

Many financial documents such as insurance policy document, certificate of fixed deposit, property papers and deed among others are received in physical form and are required in case of any transaction.

One can use to Adhaar based digital locker to save the documents electronically. Or one can make a soft copy and save it in a drive. However, in the case of loss, one can always go for a duplicate copy.

7) Tax Planning

Prepare for tax season early, keep all the documents and receipts handy.

8) Good Advisor

As a good trainer plays a vital role to maintain physical fitness. A good adviser can be of great help when you are not sure of your investments.

Note that financial fitness can only be achieved in a long run like marathon unlike crash diet. There is no short cut in achieving financial freedom. It should be well planned and nurtured to reap a fruitful benefit. Let us make the coming year a Happy New Year by being financial fit.

Goodreturns.in

Read more about: savings, retirement, financial freedom
Story first published: Tuesday, December 22, 2015, 11:41 [IST]
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