As the festive glow of Diwali begins to fade, it’s time to shift focus to a different kind of illumination—shining a light on your financial health. The weeks following Diwali mark an ideal time to reflect, reorganize, and reinforce your financial strategies before the year ends.
Whether it’s maximizing tax-saving opportunities, reevaluating investment plans, or setting new goals for the upcoming year, this post-Diwali season provides a natural checkpoint to ensure your finances are in order. Let’s explore a comprehensive checklist to help you close out the year on a strong financial note.
Siddharth Maurya, Founder & Managing Director of Vibhavangal Anukulakara Pvt Ltd, says following Diwali, it is essential to reassess personal financial strategies. A prudent starting point would be to review your subscriptions and their renewal dates, particularly those that are set to renew automatically.
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“Consider making last-minute investments in Equity Linked Savings Schemes (ELSS) or increasing your health insurance coverage to maximize tax benefits before the fiscal year concludes. It is also advisable to scrutinize your credit card statements post-holiday to prevent unexpected charges from unplanned purchases. Additionally, manage your year-end bonuses judiciously: allocate 50% towards paying off high-interest debts, direct 30% into emergency savings, and invest the remaining 20% in goal-oriented investments. While cultivating sound financial habits may require time, initiating these practices now will enhance the likelihood of a more robust financial standing in the New Year,” Maurya adds.
This period at the end of the year also presents a favorable opportunity for real estate investors. With home loan interest rates stabilizing and developers offering post-Diwali promotions, it is an opportune moment to contemplate property investments.
“Ensure that any pending property registrations are completed to take advantage of tax-deductible allowances for the current financial year. If you own multiple properties, it is advisable to evaluate their performance based on rental yield percentages and strategize on how to optimize your property portfolio. Furthermore, there are numerous opportunities available in the commercial real estate sector and Real Estate Investment Trusts (REITs) as a means of diversifying your investments,” says Aman Gupta, Director of the RPS Group.
Keshav Mangla, GM-Business Development, Forteasia Realty Pvt Ltd, says regular and annual tax evaluations are crucial for comprehending depreciation and play a significant role in strategizing investment returns.
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