Financial diagnostics
Financial diagnostics
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- Increase your Savings by upto 33%
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Have question?
Can I retire before I am 60 years of age?
Fetch from goal plan if retirement is already planned. Else Fetch from retirement plan if already planned Run Goal Plan with existing goals or just retirement as goal for 60 as age of retirement
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How do I improve my credit score?
Follow these simple steps:
- Set Reminders or Standing Instructions to Repay Loan EMIs on Time
- Clear all Credit Cards Dues on Time
- Check for Errors in your CIBIL Report
- Monitor your Co-signed, Guaranteed, or Joint Loan Accounts Regularly
- Choosing a Longer Repayment Tenure
- Avoid Multiple Credit Applications in Short Duration
- Trying to Maintain a Healthy Credit Mix
- Refrain from Closing Old Credit Card Accounts
- Trying to Increase your Credit Limit
- Avail Secured Credit Card
How can I increase my income?
- Identify a relevant certification or skill enhancement program.
- Enroll in the program within the next month.
- Aim to complete the program within the next three months.
- Use this skill for adding more job responsibilities at your current job, and/or adding another stream of income
What is the best way to negotiate a salary increase?
- Compile a list of your achievements and responsibilities.
- Arrange formal conversations with your managers to exchange your aspirations and the company's expectations from you.
- Build a time bound plan that leads to a desired salary increase.
Should I prioritise increasing my income or cutting expenses?
- Identify three specific areas to cut expenses within the next two weeks.
- Research and apply for at least one additional income opportunity within the next month.
- Identify ways to plan for your Goals and that will show you what kind of net savings are needed
Plan for your Goals
What strategies can help me diversify my income streams?
- Research and choose one additional income stream (e.g., freelancing, investing).
- Consider opportunities that are not in conflict with your day job.
- Consider opportunities that do not take time away from your day job.
- Set a goal to generate income from the new stream within the next three months.
- Set small repeatable targets, that you can scale with time and reinvestment.
How can I protect my income in case of unexpected events?
- Research income protection or disability insurance options.
- Allocate funds to create or enhance your emergency fund within the next two months.
- You need to have at least 6 times of your expense as your emergency funds for unexpected events.
What percentage of my income should I save for retirement?
- Use the Retirement calculator to determine target savings.
- Set up automatic contributions to a retirement account.
Plan your retirement well
How can I invest my income to generate returns?
- Treat savings like kids. Allow them to make more kids (investment returns)
- And the best returns come over a long period of time.
How can I reduce my monthly expenses?
- Review your monthly budget.
- Separate your expenses as needs, wants and emergency expenses.
- Identify wants (good to have) expenses that can be cut.
- Negotiate bills or subscriptions for better rates.
- Identify discount options via deal platforms
- Identify if you are making full use of the loyalty cards and credit cards you already have
What's the best way to budget for irregular expenses?
- Identify and categorise irregular expenses.
- Allocate a monthly contribution to a dedicated discretionary fund.
- Use budgeting apps to track and plan for these expenses.
How do I determine the right amount of life insurance coverage?
- Assess current and future financial needs.
- Consider outstanding debts, funeral costs, and education expenses.
- Use the Life Insurance cover planner to arrive at the exact cover you need.
- Consult with a financial advisor for personalised guidance.
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How can I save on auto insurance premiums?
- Review multiple quotes from multiple insurers.
- Bundle auto and home insurance for potential discounts.
- Maintain a good driving record to qualify for lower rates.
How can I lower my health insurance costs?
- Research and find the best-value health insurance plans.
- Insurers often offer lower premiums for healthy habits.
- Cover multiple family members under one policy for potential savings.
- Assess your health coverage needs to avoid unnecessary expenses.
- Accumulate bonuses for every claim-free year.
- Stick with insurers offering renewal discounts.
- Share a percentage of the claim amount for lower premiums with Voluntary Co-Pay Option
- Utilize insurer wellness programs and preventive check-up discounts.
- Some insurers provide potential premium discounts for online purchases.
- Ensure your preferred hospitals are in the insurer's network for cost benefits.
- Understand policy exclusions to avoid unexpected costs.
- Adjust coverage based on changing health needs to avoid overpaying.
- Check out government-backed health insurance schemes for cost-effective options.
- Some insurers offer discounts for longer policy tenures.
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