To an extent, none of us can indeed cherish what we have. While people on the other side of the globe despise winter and even Ed Sheeran doesn’t want to “Let winter win” I, for one, would kill to let winter win, TBH. Everything around is too hot to handle and I feel it’s much worse this year, don’t you?
Anyway,
Here’s what’s in store for you:
Market performance & the Indian economy
Summer Splurge Control
Tax Filing Tips From @lordmoneyengar
Read of the month
Everything that’s worth sparing 4 mins!
‘Sup with the market
In April, the Nifty 50 ended with a solid 1.24% gain! 📈 The banking and auto sectors led the charge, while the IT pack faced losses for the second consecutive month. Interestingly, amidst global market ups and downs, our Nifty remained impressive.
Gold prices soared to new heights in April 2024, thanks to investors seeking the safe haven asset amid anticipation of Fed rate cuts in June. 🌟 This surge aligns with rising disposable incomes among Indians, further fueling real estate investments as a preferred choice for households.
The Fed chose to maintain rates, ruling out any immediate rate hikes or clear signals on cuts. 🏦 This leaves room for optimism in the Indian stock market as we step into May, hoping for continued positivity! 🚀
☀ Sizzling Summer Savings: Beat the Heat and Your Bills!
Ah, summer—the season of sunshine, beach trips, and unfortunately, rising expenses. But fear not, because, with a little wit and planning, you can enjoy the sun without burning through your budget.
🪭Rising Utility Bills Warm temperatures mean higher usage of air conditioning and fans, translating to elevated energy costs. While staying cool is a must, keep an eye on your energy usage, too!
🏖 Increased Entertainment Expenses Summer calls for vacations, outings, and socializing, which can dent your wallet if you're not careful. Balancing fun and finances is the key to a stress-free summer.
💡 Here’s What You Can Do
Looking to make a splash with your summer savings? Dive into these financial management guidelines:
Expense Tracking: Sometimes, all you need to stay in control of your expenses is to know what and how much you’re spending on, in the first place. Find which medium works for you and begin logging your expenses.
Schedule Sensibly: Save a considerable amount of money by scheduling your budget-friendly trips strategically, such as skipping the early summer rush, and pushing your vacation by a bit, finding stays with a private kitchen to save on at least one meal a day, etc.
Save for next year: I know this may not be your priority to-do right now but starting now means that you stagger your savings towards a bigger, better vacation next year! Factor your travel savings into your monthly budget and invest them systematically to have a lovely summer in 2025!
⏰ 3 Tax Filing Tips To Keep In Mind ft. @lordmoneyengar
Aaditya Iyengar, CFA
I know that all of you are just about to start filing your taxes over the coming month so I thought we could get Aaditya Iyengar, CFA aka @lordmoneyengar to give you guys a quick checklist of tips to remember before you do the deed, and he graciously gave us these:
🔍 Check Your Returns Yourself
I know most of you might have an accountant or friend who takes care of this, and you just ignore what goes on in the tax form. If you do this, it will definitely cost you, and I am talking from experience. Once, my accountant forgot to take the 80C deduction, and it would have cost me at least ₹50,000 extra in taxes had I not intervened. Be vigilant and check returns yourself before filing. It's your hard-earned money, after all!
📑 Document and Preserve
Save receipts of all major high-ticket expenses, as it could cost you greatly a few years down the line if you don't. Save all the documentation of any deduction you file for at all times, be it PPF, LIC policies, or anything else, to be on the safer side. Sometimes there are errors from the ITR department, and this will ensure you have proof to rectify any mistakes.
🛡️ Validate Your Bank Account
People often don't validate their bank account on their ITR portal. This needs to be done separately before or after filing taxes. My returns were once delayed by 8 months because I missed doing it. Ensuring your bank account is validated prevents delays and adds an extra layer of security to your tax filing process.
Do you like what you’re reading?
🔖 Read of the month
I read this book called First Lie Wins, and I was HOOKED from page 1 although many of my friends claimed it "started very slow" for them. Anyway, it all starts to unfold and then you absolutely can't lay it down. It's a great it, you must check it out!
🍸 Cocktail Pe Charcha
Is it too overwhelming to research & plan your investment? Say no more, we can personally guide you into mixing the perfect financial cocktail to manage your money!
Summertime is synonymous with excuciating heat that nudges us towards fun, relaxation, and… hefty spending, too. Perhaps it is good that we can claim tax returns around this time of the year and direct that around a mini summer splurge episode, so do that meticulously!
Here's to a summer filled with fun, plenty of sunshine! 🌞💰
