Well-structured financial planning is vital in allocating funds to the best-suited investments. An annual financial review is a great way to improve financial practices and, ultimately, the overall portfolio.

Below are a few pointers that can help you create a successful financial plan in 2023:

Set financial goals

Accurate financial planning and setting realistic goals help in long-term financial arrangements. Setting financial goals also helps in narrowing down unnecessary expenses. One can evaluate their annual spending behavior and undertake budget preparation accordingly.

Plan on savings

It is essential to analyze the past year’s misses and plan your savings accordingly. This is one of the exceptional ways to discipline oneself and ensure the proper allocation of money.

Review the investment portfolio

The performance of assets can keep fluctuating. Thus, being aware of the ups and downs is essential. Another critical factor is to avoid irregular investments and invest only in the scheme one is entirely sure about.

Monitor the discretionary expenses

Bifurcating the expenses according to what is essential and what isn’t makes spending systematic. Setting aside a monthly fixed amount maintains consistency. This ensures that the overall credit standing remains unaffected.

Plan for taxes in advance

Commencing the tax planning journey sooner to avoid unwanted tax deductions and to avoid making rushed decisions is recommended.

For every new financial year, tax planning should take into account the following factors:

  • Historical performance of the portfolio
  • Current financial health
  • Life goals (short-term and long-term)
  • Evaluating the current economic situation
  • Managing debts


The key to ensuring a comfortable life is assessing finances and making required growth changes. Fortunately, you don’t need to make excel sheets of your spend or even jot them down to know your financial patterns today. With Fi Money’s Analyser, you can easily plunge into your spending insights and take actions where you need to. What’s better? You can save, invest and pay with Fi. All under one app!