by Arun
Thukral, M.D, CIBIL
For several people, the New Year signifies a fresh start.
It could be the year that everything goes
right. But, to help things go in the preferred direction it is wise to take
some steps in advance.
The following are a few tips for financial
planning for the New Year.
**
Review your L(p)ast Year..!
Before you start thinking about what you
want to do in The New year, review your last year as it will help you set more
attainable goals.
 |
| Mr. Arun Thukral, M.D - CIBIL |
** Manage your Borrowings Prudently..!
Have a look at your credit report in case
you plan to apply for any kind of loan auto
/ housing / personal. In case,
you have already taken a loan, make sure that paying off your EMI ( Equated Monthly Installments) is the first
priority when every new month begins this year.
**
Set an Annual Budget for Yourself..!
It
is advisable to plan your spending and saving goals in order to know where your
money is going.
This will help you plan your income strategically.
** Plan Holiday Spending in Advance..!
To avoid getting into unnecessary debt in New Year, it is
advisable to carefully plan your holiday spending.
Try to keep a detail on how much you want to spend on
each category food, entertainment and luxury.
In order to rebuild a good credit score, you can make use
of your credit cards for your purchases & keep paying off your bills on
time.
Use credit
cards wisely..!
To eliminate credit card debt, continue paying the same
monthly amount toward your debt until all debts have been paid off. This would
help you improve your credit score in due course.
Educate yourself financially..!
The more you
understand about finances - from budgeting to investments to insurance to
borrowing - the more confident and motivated you will be to take the right
financial steps this year.
** Also set aside
money for recurring expenses and tax returns.
About the author...!
Mr. Arun Thukral is Managing Director at
CREDIT INFORMATION BUREAU (INDIA) LIMITED - CIBIL
Contact..!
Registered Corporate Office
CREDIT INFORMATION BUREAU (INDIA) LIMITED
Hoechst House, 6th Floor, 193, Backbay Reclamation,
Nariman Point, Mumbai - 400 021
Branch Office
CREDIT INFORMATION BUREAU (INDIA) LIMITED
Hoechst House, 7th Floor, 193 Backbay Reclamation,
Nariman Point, Mumbai -
400 021
Contact Details
Tel : +91 - 22 6638 4600, Fax : +91 -22 6638 4666
Consumer Relations..!
CIBIL Company Credit Report (CCR),
Credit Information Bureau (India) Limited, Hoechst House,
6th Floor, 193, Backbay Reclamation, Nariman Point, Mumbai - 400 021
Email: info@cibil.com,
Call: 022 - 6140 4300
(Monday to Friday - 10 am to 6 pm)
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