Plan for a Healthier New Year .!

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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