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Future Generali why take a chance

Achieve Financial Freedom with This Financial Checklist for 2019

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2019 is here, and you might find yourself looking a little too closely at your bank account details and your credit card statements — or maybe avoiding everything money-related altogether. No matter what your plan or strategy is, the beginning of the year tends to bring a lot of things into focus. It also brings a chance for us to figure out how we can make the next year better than the previous one.

When it comes to money making, December and January are counted as opportunistic months to take control of your finances. However, instead of committing to a bunch of unrealistic New Year’s resolutions that you probably won’t keep, why don’t you try to get your finances on track!

In this article, we provide you with an expert advised financial checklist that you must consider at the beginning of a year to achieve financial freedom.


Make A Spreadsheet to Compare Your Growth

Create a spreadsheet to check the list of your income streams for the year. Once you have listed your income streams, compare each of them to the previous year’s figures. Try to figure out if there are some losses or where you have been slacking and have a chance to optimise the income. Afterwards, make a realistic forecast on which income you might face losses this year and try to level it by building new streams on income.

Set Your Financial Intentions

Everyday life is busy and all-encompassing, which makes it hard to set financial goals. However, it is essential to set your short, medium and long-term goals. ‘How you want your life to look in the next 5, 10 or 20 years’ is something you need to focus on at the start of the new year. Start imagining your future self and think about what you need to do today to get started.

Start Allocating Your Assets

You must bear in mind the importance of asset management. You can easily divide the asset into different classes. Every asset class behaves in a particular manner— be it equity, debt, gold or real estate. It is the nature of every asset class, which is defined by its returns, risks, and liquidity. Each asset must be aligned with your goals, highlighting the vital nature of Asset Allocation.

Analyse and Reduce Your Debt

Debt is something that can both supercharge your wealth and reduce your net worth to nothing. You must always compare your debt interest rate to its risk-free rate of return. This means if you can manage your payments timely, you are in the OK zone. However, if the debt return payments are something that you cannot manage, there is a problem. It is crucial that you pay down all your credit card bills, loans and other payments timely.

Review Your Insurance and Investment Portfolio

Your insurance and investment portfolio composition must always align with your risk tolerance and value for money. When it comes to investments, they are subject to market risks, so always go for investments that offer you the option to switch your fund allocation according to your preference. This will help you in levying the market movements to maximum profit. Similarly, in the case of insurance, always go for a policy that provides you with the maximum cover and value for money. As one unfortunate incident can topple your financial empire.

With the increasing options available in the market, you have an option to take care of both these options in a single plan – the ULIPs. These plans provide the policyholder both options of wealth creation and life cover. You can easily look for the best ULIP plans in India online, and compare policies offered by leading financial institutions like Future Generali to find the plan that suits your needs.

Summing Up

A great Chinese scholar once said - “If the direction is correct, sooner or later you will get there.” This means once you come up with a proper financial game plan and regularly check your progress, you will be able to attain your goals timely.

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