Embrace Your Inner Finance Ninja – Time For a Mid-Year Finance Review

Brace yourselves, warriors of wealth! It's that time of the year when the fruits of your professional labours have finally ripened – yes, your long-anticipated raise is here, and your taxes are filed! While some of you might be basking in the warm glow of tax refunds, others may be in a duel with tax liabilities. But what if you could turn the tide with better planning?

We know, navigating the rough seas of financial planning can seem as daunting as facing a storm on the high seas. But devoting a little time, reviewing, and adjusting your financial course, can save you from unexpected troubles later. The year's midpoint is the perfect time to map out your financial journey, making necessary adjustments to ensure you reach your destination of financial independence.

Your financial health is as vital as your physical well-being, and it requires regular check-ups too. Whether you're an experienced investor or a novice setting the first stone for your financial empire, a mid-year financial review is your guiding compass to keep you on course, enabling you to make well-informed decisions for your future.

Why do I need a mid-year financial review?

Measure progress: A mid-year financial check-up allows you to assess how well you're progressing towards your financial goals. Identify areas where your financial prowess can be improved and raise a glass to small victories – like, buying a term life insurance plan, or hitting a savings target, or making the down payment on your dream chariot!

Adjust goals: Life, like a river, is ever-changing. If a significant change has swept you off your feet and impacted your finances, it's time to reassess your financial objectives. Make necessary amendments and align your goals with your current reality.

Correct your course: Strayed off-track from your original financial plan? The mid-year review is your chance to steer back and prevent any long-term financial drifts.

Always stay prepared: A mid-year review of your insurance policies and emergency fund arms you for any unexpected financial hurdles. Check out our best-selling term insurance plan – iTerm Prime that will guard your loved ones against any financial crisis in your absence. 

Maximize bounty: Financial markets are as unpredictable as the sea tides. A mid-year review helps you spot potential gold mines of investment opportunities that have emerged since the year's onset.

How to conduct a mid-year financial review

Review your progress: Start by revisiting the goals you set at the beginning of the year. Assess your progress towards each objective. Classify them as long-term goals like retirement planning or buying a house, and short-term ones such as saving for a vacation or home renovation.

Fortifying coverage: Life evolves, and with it, your insurance needs. Ensure your current insurance policies still provide ample coverage for your family's changing needs. Our trusty term insurance calculator is here to help!

Evaluating expenditures: Channel your inner explorer and journey through your spending habits of the past six months. Have you been feasting on the more lavish side of life, or buying trinkets you hardly use? Identify the expenditures that are draining your treasure chest and cleverly steer these funds back into your savings and investments instead.

Imagine that your monthly income is a pie. Cut a hefty half -50% - for your needs (think survival essentials like groceries, rent and EMIs). A smaller, yet satisfying, slice of 30% goes to your wants - the exciting adventures, the tantalizing tastes, the carefree experiences. And the remaining, golden 20%? It sails straight into your treasure trove of savings and investments.

A fool-proof way to make your savings shine even brighter is to invest in a savings insurance plan! Not only does it offer the thrill of risk-free, guaranteed returns, but it also bestows your family with a protective shield of financial security through its life insurance cover. Set sail towards our iGuarantee Max Savings Plan today and embark on a journey to secure and enhance your wealth!

Assessing investments: Review the performance of your investment portfolios, looking at the overall progress towards your investment goals. Are they giving you enough returns? If not, you might want to look at alternatives like Bandhan Life’s iMaximize Insurance Plan – a great option that combines both investment and insurance. With market-linked returns and a life cover, you can secure the future of your loved ones and create wealth too.

Checking retirement and emergency funds: Ensure you’re on track with your yearly contributions to your retirement and emergency funds. Consider setting aside 20% of your monthly income for long-term savings and ensure your emergency fund is ready to cover six months of expenses.

Debt scrutiny: Examine your outstanding debts, such as credit cards, loans, and mortgages. Plot a strategy to conquer these liabilities while maintaining a healthy credit score.

The mid-year financial review is your secret weapon in maintaining control over your financial destiny. By evaluating your progress and making the necessary adjustments, you'll be better equipped to secure your future. Should you need further guidance on this adventure, don't hesitate to summon our professional financial advisors for valuable insights and personalized direction.

So, all you brave finance ninjas out there, unsheathe those calculators and conquer the world of personal finance!