Outlook Money
Before you begin financial planning, set aside a small portion to treat yourself and your family to your annual bonus.
Pay high-interest debt to improve your financial position and free up cash flow for investments and savings for the future.
Build an emergency fund for three to 12 months’ expenses to cover any financial difficulty.
Invest in skills development to increase income, career growth, and financial stability.
Use annual bonuses to invest and save in tax planning instruments.
Create a health savings account for tax benefits and to take care of your healthcare expenses in retirement.
Prepay home loans to save on interest, mainly when the interest rates are high
Compiled By Manas Malhotra