On world health day, we are going to tell you 5 such tips with which you can keep financial health strong along with your health throughout the year.
The importance of World Health Day, which falls on 7 April in the era of Kovid-19, increases further. This is the second year when the whole world is celebrating Health Day under the shadow of a severe pandemic. Apparently, in the last one year, the world has learned many new things and precautions in terms of health. However, these lessons are not limited to health care alone. During this time, there have been radical changes in the way people live and work throughout the world. At the same time, it has forced people to revisit their financial matters as well.
On the occasion of World Health Day, we are telling you 5 such important tips that you can strengthen your financial health by adopting them.
1. Health Insurance
In the last one year, we have been concerned about health in all our lives and have come at the top of priority. In the past years, the cost of treatment has also increased considerably. Kovid-19 has changed our whole thinking about healthcare. It has also increased the importance of purchasing health insurance. In such a situation, if you do not have a health insurance policy yet, then you must take a sufficient amount policy for yourself and your family. It helps in protecting your savings from loss due to hospitalization due to some disease.
2. Life Insurance, Accidental Cover, Home Insurance
There is definitely an uncertainty about life in the current environment. Now it has become very important for everyone to ensure the financial security of their family in the event of something untoward. In such a situation, it is important for you to get a term insurance with adequate cover. Due to this, there will be no financial difficulty in front of the family if you are not there. People should also take Accidental cover under any circumstances. Also, if you have taken your home, then you should take home insurance. In case of fire, earthquake or any other disaster, you get protection from this cover.
3. Mutual funds, PPF and stocks
You will have to revisit the entire strategy of your investment. You should adopt both risk and conservative approach in a balanced way in your investment. You have to walk the path of better risk management. In mutual funds, your risk is not very high. Investing in them through SIP helps you to reduce this risk. On the other hand, you can also invest a part of your investment in stocks. Select good stocks and invest money slowly in them. You can get good returns from them in the long run. In addition, PPF is a safe and sound way for investment. These usually yield higher returns than bank FDs. In this way you can strengthen the health of your portfolio. You should definitely consult with a financial advisor regarding your investment and portfolio allocation.
4. Tax Planning
With the beginning of April, it becomes important for you to concentrate in tax planning. You should start preparing in advance on the tax front. You should calculate how much money you are getting by investing in which instrument. Since you have a full financial year right now, you can plan well for this from now on.
5. Increase Your Monthly Investment Amount
In order to keep your and your family’s financial health strong in future, you should insist on increasing your savings gradually. In the kind of uncertain environment we are living in, you should focus on reducing unnecessary expenses and increasing savings and investment. You should set a target that you will definitely save a certain part of your salary every month. Also, where to invest this savings, you should also have planning.
However, all these investment and savings options will help you in strengthening your financial health, but you should focus on your risk profile, timing of your investment and other conditions for investment and planning. You should also consult the financial planner in this regard.
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