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Just as you need a medical check-up regularly, a diagnosis of your financial health is required, but is, unfortunately, more than often ignored. It takes only a few minutes to evaluate the elements of your financial health that needs to be taken care of. But first, we need to understand what are the factors that determine your financial health.

Factors of Your Financial Health You Must Keep in Mind

When you go for your medical check-up, the doctor examines you thoroughly from head to toe. But how do you do that when it comes to your finances. Here are the elements and factors that determine whether you are financially healthy or not.

1. Tax planning:

This is one of the most important aspects of your financial planning. Are you saving enough tax money? There are multiple ways of saving taxes, such as ELSS-tax-saving funds, insurance or even National Pension Scheme(NPS). 

2. Savings:

How healthy are you today when it comes to savings? How much are you saving over your monthly expenditure from your income? Based on your future financial obligations and even dreams, are you saving enough? 

3. Dependencies:

If you are living alone and do not have any family member who is dependant on you then this factor doesn’t count but if you have a family, your financial health, wealth and income should be able to support not just their sustenance but their standard of living.

4. Life Insurance:

If you have dependents at home, you must be able to support them and life insurance is one of the most basic ways to do so. In today’s world, it has become a necessity and isn’t optional anymore. So, if you are insured yo have to also make sure that the amount is good enough to sustain you dependents when the claim is made.

5. Medical Coverage:

Everybody needs health insurance and it is a necessary tool to support your finances because often our financial health is dependent on how healthy we are as well as security of your health financial health.

6. Investments:

Finally, in today’s World survival isn’t the end story and savings may not be good enough because let’s face it, it’s never enough. Investing in mutual funds, National Pension Scheme or even ELSS can ensure that not only do have added income but also, enough leverage to ensure that if some sudden expense turns up, it will not burn a hole in your pocket.

So, once you have calculated and measured where you stand in terms of financial health, you can take actions accordingly. For example, if you have a new family member on the way increase your investments. If you are not saving enough tax, invest in tax-saving instruments or if your life insurance coverage amount is not good enough, based on inflation or a rise in dependencies, increase your insurance coverage amount. There are various ways to ensure good financial health at isn’t too tough.

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