5 SMART FINANCIAL GOALS THAT YOU CAN SET FOR 2024

Its time to start afresh as the threat of the pandemic is slowly dying down in our country. If you are getting ready to usher in the New Year 2024 with some smart financial planning, we have some good pointers for you to aid your short-term financial goals.

Long term goals such as retirement goals or a daughter’s wedding are somewhat fixed milestones in your life, so you can easily work towards meeting them. You know what to expect and when.

However, it is the short-term goals that are difficult to plan and fulfill. Because these goals are very fluid, and they constantly undergo changes depending on present circumstances. Take for instance a foreign holiday which has been a long, cherished wish among your family members. When to take it and how to arrange the finances for it – this certainly requires careful planning and smart execution.

At Shanthala Chits, we interact with thousands of our customers on a regular basis. And we have been able to help them sort out their immediate and near-term financial needs. Based on our experiences with our customers, we have come up with some top priority financial goals that are worth pursuing in 2024.

1. Focus on building your assets – If you are planning on a home purchase, work out how you are going to fund the initial down payment, which is typically 20% of your property value. Or you may be looking to purchase gold or get a new car, an EV may be! These are sound investment options, and they would add great value to your living standards in the future. Define your budget for such assets and identify the fund source for purchasing these assets well in advance. When you have such clear goals in mind, you will automatically reduce wasteful expenditure and start working towards saving up for the asset. Whether it’s a new house or jewelry – they bring pleasure while you use them. They will also serve as a backup monetary source in times of distress.

2. A budget for fun activities too – After a tense and restrictive couple of years due to the pandemic, many of us are waiting to break free and explore the world around us, travel to popular foreign tourist destinations, and relieve ourselves from all the stress. It’s a wonderful idea, and worth pursuing too if you can afford it. But holiday trips don’t necessarily have to be very expensive and exotic, though. With careful research and planning, you can have an equally pleasurable holiday closer to home in unexplored parts of India.

3. Emergency funds are a must – We have reiterated the importance of setting aside some funds for emergency purposes in several of our earlier articles, too. You never know what life has in store for us in the future. So it’s in our hands to be better prepared for life’s uncertainties. Whether it’s life insurance, PPF or safe bank deposits, we need to have adequate funds for unforeseen circumstances.

4. Transact online to save time and effort – A smart way to manage your financial situation is to slowly migrate your financial instruments to online transactions. Whether it is the convenience of online banking or app-based payments and purchases, you save a lot of time when you transact online. No worries of bank holidays, check realization delays, long queues in the bank counters. Your finances will be easy to manage and very secure. Just remember to take the precaution of maintaining the confidentiality of passwords, OTPs, PIN numbers and so on.

5. Explore the booming equity markets – When we hear reports of a crazy bull run in the stock market, it is very tempting to join the bandwagon and start stock trading. Nothing wrong with the idea, but just requires a little bit of caution. If you are totally new to the markets, you might want to begin with some safe Mutual Funds which promise and deliver reasonable returns. After understanding how the markets work, and how to evaluate the financial strength of a listed company, you can directly deal in buying and selling stocks. Remember, the stock market is not a lottery, you need to hang in there for a reasonable duration and make informed choices to succeed.

ABOUT US

Shanthala Chits has been in the business of chit funds for over 2 decades now. We are a Government approved chit fund company with a 27-year successful track record and thousands of satisfied customers. Shanthala Chits are registered under the Chit Fund Act of 1982, Government of Karnataka. We are one of the most popular chit fund houses based out of Bengaluru, known for our customer satisfaction and secure investments.

Our Chit schemes range from a monthly contribution of Rs 6000 to Rs 1,00,000 to suit every budget. You can pick a chit scheme with an appropriate monthly installment for meeting several of your short-term financial needs. Our chit schemes are for a tenure of 25 Months.

Get in touch with us and start with an investment scheme. We will be glad to help you out with the right scheme that matches your needs.