One way to manage your finances is by keeping a track of all important dates. Right from the deadline to filing income tax returns to paying your bills, a financial calendar is a must-have for every woman to stay on track with their money matters. So, save these dates and plan your year accordingly.
Note: The dates marked in purple are tax-related dates, so it’s always safe to consult a CA if you’re confused regarding any of these!
2019 Calendar -
This month list out all your financial resolutions for the year.
Set payment reminders for each month for insurance premiums, utility bills, property tax etc. This way you won’t miss a single date and will avoid paying late fees.
Throughout the month track your expenditures and at the end calculate how much you saved. Make it a habit to save that much and even more every month. From those savings create an emergency fund and invest a part of those savings for your goals.
1st February: The government’s going to be announcing the Union Budget, so keep an eye on the Income Tax part of the announcement. It will tell how much tax you’re liable to pay on your income. Since this is an election year, this year an Interim Budget will be announced. An interim budget is a temporary budget used during the transition time between the old government and the newly elected government.
Also during this month, claim any allowances promised by your company because few allowances cannot be claimed while filing your income tax returns i.e. 31st July.
February 14th is Valentines Day, this time around sit with your significant other and have that money talk. It’s going to be awkward but its very IMPORTANT for a healthy relationship. Make sure you’re involved in all financial decisions with your partner. If you disagree with any decision or don’t understand it voice your opinion and ask questions.
15th March: Last date to pay the fourth instalment of advance tax for the financial year 2018-2019.
Advance tax is a compulsory way for someone who’s tax liability is more than Rs. 10,000 to pay taxes in instalments instead of at a go. It is a ‘pay as you earn’ tax concept so the burden doesn’t fall all at once. For all those getting a salary don’t worry this is already done in the form of TDS-Tax deducted at source by your employer.
31 March: If you’ve not yet filed your income tax returns for the previous year (i.e. for income earned in 2017-18) then March 31st is your last chance. Ideally, don’t wait up for the last day or you’ll find yourself in a mess. Check out how taxes are filed here if you’re still unsure. You’ll also have to pay a late filing fee of Rs 10,000, so from this year onwards make sure to file returns on time (By 31st July)
31 March: Last date to link your PAN with Aadhaar.
1 Apr: Last date to dematerialise physical shares and hold them in demat accounts.
If your boss has increased your salary increase your investments in line with the hike. Also, use this to pay up any debt or loans that are left. Don’t be a fool. Invest after thorough research. Do not go by the experience of others. Be wary of schemes that make wild promises to double your money in a year or give huge returns. If your increased salary changes your tax liability (and you now fall under a higher tax slab) then restructure your investments and include more tax saving investments.
Now’s the time to plan any overseas holiday because any further delays will only increase your expenses. Check out: How you can earn your holiday
7 May: It’s Akshay Tritiya. (Akha Teej) the third day of unending prosperity according to the Hindu calendar. Everyone’s going to buy gold because it is auspicious’. But from an investment perspective buying gold at this time isn’t the best idea (according to experts that told DNA Money) because demand is high and so prices shoot up. Although, you can still buy token amounts if you consider it lucky.
That being said, Gold is good for diversification purposes. So you can put 10%-15% of your money in it as a long-term investment but remember to buy it only when its prices fall.
15th: Last date to pay the first instalment for your advance tax for the financial year 2019-2020.
Start collecting forms 16 (from your employer) and 16A (from the issuer of that income) to ensure the smooth filing of your Income Tax Returns.
In the financial sense this is a light month so use it to review your insurance, monitor your investment portfolio, and keep a check on your budget.
31st July: It’s the last date for filing your returns for the financial year 2018-2019. If you miss this date then you can file them next year before March 31st 2020. But you might incur penalties up to Rs. 10,000 for the delay or you’ll receive your refunds late.
Have a mid-year review with your financial advisor.
This month has a few long weekends so plan your trips and make them pocket-friendly of course! Since it’s independence day, this is also a reminder to you to start taking Financial Freedom more seriously.
15 Sep: Last date for paying the second instalment of advance tax for 2019-20.
It’s festive season, and one can easily go off budget thanks to attractive sales, discounts and offers. So be careful, buy only what you need this season and stick to a budget. Resist the urge to spend on gold.
As the festive season continues, it’s still important to stick to your budget. Dhanteras falls on the 25th of this month. This is a good time to make big-ticket purchases like a car, electronic appliance etc. because e-commerce companies and other stores will provide some great deals. But to avoid overspending keep a limit to the amount you’ll spend. List out all the ‘need to have items’ and ‘nice to have items’. Only, after buying the ‘need to have items’ if there’s any surplus on your spending amount then buy the ‘nice to have items’.
This month review your investments, make sure you’re on track to achieve your goals. Since, the next month which is December is an expensive month so save up for it in advance. Teach your children the importance of saving on Children’s Day and if they’re older get them into the habit of investing in SIPs. Also, sit down with your parents this month and teach them about the digital ways to handle their money.
15th: Last day to make the third instalment for your advance tax for 2019-2020
Re-review your financial portfolio and check if your goals and investments are on track for the year.
With all the savings that you’ve made enjoy your Christmas and have a Happy New Year!
Now that you’ve got all dates jotted down, go ahead and fill them up in your planner and remain financially savvy throughout the year!