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Diwali Cleaning: 5 Financial Checks You Shouldn't Skip
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What Happened?
This Diwali, consider refreshing your finances along with your home. Here are five essential financial checks to ensure your money matters are in order.
Key points
- Check nominees in bank accounts and insurance policies, especially after major life events.
- Cancel unused subscriptions and review payment mandates to avoid unnecessary expenses.
- Close inactive bank accounts and ensure they have no pending transactions.
- Search for forgotten investments, including fixed deposits and unpaid dividends.
- Review your emergency fund and outstanding liabilities to ensure financial security.
Key insights
- Updating financial records can simplify asset claims for family members.
- Identifying forgotten investments may lead to unexpected financial gains.
- Maintaining an emergency fund is crucial for financial stability during unforeseen events.
Why it matters
These financial checks can help individuals manage their money better and avoid unnecessary expenses.
Source
India Today
