Page 25 - BUSINESS COMMUNIQUE ver. 2

Financial Planning Mistakes You

Should Avoid in 2025 - 26

By taking simple steps such as Your financial plan should not be By Mr. H.S. Bagga
regularly reviewing your plan, a one-time creation. It should be
you can navigate your financial a live document that changes
journey with confidence and with your circumstances. The
achieve long term success. new financial year is a perfect
time to revisit your plan and
The wisdom goes, “The best time make necessary adjustments.
to plant a tree was 20 years ago.
The second-best time is now”. Here are some points that you
should consider as you review:
As financial year 2025-26 arrives, Changes in income and
give it a fresh start. We often try expenses: Have you received a
to tighten our budgets to achieve raise or started a new job?
our financial goals, but even the Have your expenses increased
best plans can fail. Financial due to a growing family or new
decisions, sometimes due to lack lifestyle choices? Updating
of knowledge or unplanned your income and expenses will
expenditure, can impact our guide you to adjust your
planned goals. savings strategy.
Goal progress: Are you on
As FY 2025-26 begins, let’s track to achieve your short
resolve to avoid these common term and long-term goals? If
mistakes and be financially not, what adjustments need
smarter. to be made?
Life stage changes: Did you
1. FAILING TO REVIEW YOUR get married, had children, or
FINANCIAL ROADMAP experienced any other
Imagine taking a road trip significant life events? These
without a map or GPS. Chances changes might necessitate
are you might get lost or end up adjustments to your financial
somewhere unintended. The plan, such as increasing life
same is true for your finances. insurance coverage.

PAGE 24

BUSINESS & ENTREPRENEURSHIP CLUB, ISWK