For every financial year, people set their goals and try to accomplish them throughout that year. The last month of the financial year is the best time to find out, how much of their financial goals are still pending and if they can do something to achieve them. While working people have time to recover from their mistakes, seniors can’t afford to commit a mistake or miss out on any of their crucial financial obligations. So, here are 3 important things seniors must do before the financial year ends.

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Review Financial Goals And Accomplish The Ones Which Are Still Pending

What’s the main objective of your financial planning? It should be to achieve your financial goals by efficiently managing your income and expenses. So, try to achieve the financial goals that you had set at the beginning of the financial year so that you can again set new goals for the next financial year. In the last month of the financial year, you should ascertain the pending goals and try to achieve them based on their priorities. For example, suppose you had set the goal of completely repaying your outstanding car loan. So, you can still do it provided it should be within your financial capacity. Similarly, you may accomplish other goals as well which you had set earlier but couldn’t achieve till now.

Complete Tax Saving And Investment Plan

With the end of March 2024, you’ll lose the opportunity to invest in the tax saving schemes for your income in FY 2023-24. So, it’s time to make your decision and choose the appropriate tax-saving scheme that can help you in reducing your tax liability. You must keep a few important things in mind when choosing the tax saving scheme. Avoid investing in a tax-saving scheme more than the tax deduction benefit available under the relevant income tax rule. Always invest in tax-saving schemes in sync with your financial goals.

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Pay The Insurance Premiums Which Are Still Due

Deduction benefits towards payment of health or life insurance premiums can be claimed only to the extent their premium is paid during the relevant financial year and subject to the applicable deduction limit. So, if you paid the health insurance premium on any date between April 1, 2023 and March 31, 2024, you can claim it as a deduction u/s 80D while filing the ITR for income earned during FY 2023-24. So, if you have an insurance premium due for FY 2023-24, pay it before the end of the financial year.

What Else You Should Do Before The Financial Year Ends?

Senior citizens should check the outstanding loan EMIs for FY 2023-24 and repay them before the financial year ends. You should check your credit report to assess your financial health and use it to plan debt management for the next financial year. As only a few days are left now before the financial year ends, make sure you don’t forget any of the important financial things mentioned above.

The author is an independent financial journalist.