Winning the personal finance marathon in 2022!



Feb 9, 2022

Okay, how did this rollercoaster of a year go by 🤔?

Not sure if we spent more time scrolling through Insta, learning on Basis or drinking chai. But we’re excited - there’s a lot to look forward to in 2022! Before the craziness of the new year takes over (and likely those January focused resolutions 😅) - we’ve created a list of 5 quick things you can do to stay ahead of the finance game:

# 1️⃣: In 2022, pick a friend 👭 and share your goals, your mistakes and your anxieties around personal finance! There’s nothing more important than having conversations to find support and ensure you’re on the right path in this journey. You might get a lot of advice - some good, some - well, not so good. But, there’s always something to learn - you never know, your friend might just have the answer to your most pressing question! And if you’re not sure where to start - you can always check out what’s happening in the Basis Community and learn from the tribe. Even better - bring your friend along to the Basis masterclasses and learn together!

# 2️⃣: Set or review your goals - You want to ensure your investment portfolio is working towards achieving your financial goals 🎯. Follow the “What, When, How Much” approach. For example, a financial goal could be: I want to Save for my MBA (What), in 2024 (When), which will cost 20 Lakh (How much). If you don’t have goals set, worry not - start with building an emergency fund. If you’ve already set your goals this year, make sure you review them and assess your needs. Bonus points if you end up dividing them into short, medium and long term goals.

# 3️⃣: Get that 80C tax saving out of the way as soon as possible - it’s a quick ✅ on your to-do list. You can invest upto ₹1.5L in 80C tax saving instruments such as PPF, NPS, ELSS, etc. - which help reduce your taxable income. These investments can also feed into your long-term goals and you can plan to invest byte-sized amounts over the course of the year. Tip: You’ll have to make the investment between 1st April 2022 - 30th March 2023, for it to be counted in your tax returns for FY23.

# 4️⃣: Our fav love-hate relationship - insurance. We can’t stress this enough: make sure you have your health insurance in place. Remember: your coverage from work is not enough ❌! You need a personal secondary policy! Get in touch with Nancy from Basis to get the best recommendations for your needs. Once you sort this out, also check out whether you need life insurance or not (if you’re contributing financially in the family or plan to, you probably do need life insurance). Review your coverage to ensure that any sudden life changes do not impact your dependent’s life.

# 5️⃣: Check your credit score - Credit is an essential part of your financial journey. If you’re unsure of your credit score, you can check it through any RBI approved agencies like Experian, CRIF highmark, etc. 🎰 Start building your credit score as soon as possible, since this will be essential when you do apply for loans (if not now, in the future).

Finally (and probably the most important of them all), make sure that you take a step back to celebrate your wins (and even your learnings) - you’ve come a long way 🎈. After all, personal finance is a marathon, not a sprint.

And if there’s anything else, we’re always here to lend a helping hand in your journey 👑. Stay tuned for all the exciting updates on Basis - 2022, here we come 🕶

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