We are excited to see and hear about the country’s Annual Budget. But, we never think to plan our own family Budget. There are people who are neither interested in the country’s Budget nor family Budget. As a human being, we have taken this concept of Budget very lightly. And therefore lack of planning particularly financial planning, we struggle until our last breath. Through this article I want to present in front of you, a complete month to month plan, covering each & every part of life.
So let’s dive into it…
A. April – Think & Plan on your Financial Goals –
Month of April is the first month of the financial year in India. Just like the beginning of a new calendar year. As human beings, we are always excited at the time of a new beginning, whatever it would be. So, keeping this in mind, we can start afresh in the month of April. We always talk about life goals but we don’t talk much about our financial goals. What we should do is, we must meet our financial planner in this very first month.
Tip of the month – Fix a meeting with your financial planner.
B. May – Prepare documents for your Income Tax Return –
Complying with any law is our prime responsibility as a responsible citizen of India. So, instead of waiting for deadlines, prepare well in advance. It is always better to have a plan in advance. In the month of May, we can start preparing & consolidating the data & documents required to file income tax return.
Tip of the month – Prepare & consolidate data & documents required to file Return of Income (ROI).
C. June – Follow-up with your consultants-
Once you are done with your data & documents for filing your ROI, send it to your consultants by the end of May or 1st week of June. Don’t sit idle & think that your responsibility is over, once you send the data to your consultant. It is your duty to remind & follow-up our consultant. Then only your ROI would file in time. Month of June is also a month where we need to pay 1st installment of advance tax by 15th of June, if we are liable to pay.
Tip of the Month – Follow-up with your consultant & pay advance tax.
D. July – Review your plans & actions –
Only planning & execution is not important. But if you want promising results, then you must review your plans as well as your actions. So, in the month of July, you can review your first quarter plans & execution you put in. If there are any shortcomings then you can re-plan & rethink.
Tip of the Month – Review your plans & actions you put in for the first quarter.
E. August – Compare with your own last year performance –
Instead of comparing with others, we must compare our own result with our own past. In the month of August you can compare where you were last year in terms of your goals, your actions and results. Note down each & every change. If there are appreciable changes then don’t forget to celebrate it. Wins small or big should always be celebrated.
Tip of the Month – Compare your current performance with that of last year’s performance.
F. September – Plan your winter holidays –
September is a month where you can plan your winter holidays. Those who are required to be audited under Income Tax Act, 1961 need to follow-up with their consultants for timely filing of Audit Report & ROI. Also, 2nd installment of Advance tax needs to be paid by 15th September for whom it is applicable.
Tip of the Month – Plan & book your winter holidays.
G. October – Review your plans & Actions for Q2 –
Just like what you did in the month of July, you need to review your goals, plans & actions thereon in October. Review should be based on Quarter two as well as re-plan or changes in execution set in the month of July.
Tip of the Month – Review your 2nd Quarter performance based on replan or re-execution if any.
H. November – Channelize your extra Income –
Month of November is a month of diyas. That means we celebrate Diwali in November most of the time. Most of us received bonus & incentives in the month of November. Instead of expending it completely, first invest part of it. Here our financial goals & plan plays a very important role. You can invest only if you have a readily available financial plan with you.. Take the help of your financial planner.
Tip of the Month – Always channelize your extra & or additional income towards investment.
I. December – Visit family trip as planned –
Month of December is the peak month of the winter season. Do visit with your family & friends at decided picnic spots. Rejuvenate yourself with your family & friends. Also you can use this month to plan in advance your summer vacations. December is also a month to pay your 3rd installment of Advance tax.
Tip of the Month – Go for your winter picnic & plan for summer vacation.
J. January – Review your course of Actions for Q3 –
Do review your course of Actions, goals & plans. Take corrective measures if required. Note down all the strong points & weaknesses of your plan so that you can prepare your next plan for the year. Check & compare yourself where you were last January as performance wise.
Tip of the Month – Review your course of actions, goals & plans.
K. February – With country’s budget prepare your own family budget –
February is a month where our country’s budget is presented by the Finance Minister. So, what we must do in the month of February is to collect data & analyze it to prepare our own financial budget for next year. Hold discussion with your spouse & family members. Make children part of this process & start educating them.
Tip of the Month – Discuss & set goals with spouse & align them with family members.
L. March – Analyze where you stand compared to the start of the year –
Month of March is to analyze where you stand as compared to the start of the year. It is a month to celebrate your victors. And also analyzing shortcomings to improve over. It is also a month to pay your last installment of Advance tax if you are liable to pay it.
Tip of the Month – Analyze where you stand compared to the start of the year.
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Hope the write-up serves you! Be Blissful!
You can reach to me at rohanrp1983@gmail.com
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