Don’t lax, pay your tax

Momeys.. Bet your lists are going berserk with holiday season approaching. For a lot of us, travel would be on cards. A flurry of hosting to playing guests at weddings & parties will take up time. Add to that the pressure of turning out your best – a few salon visits & shopping trips – there goes any possible free time out of the window. But no one’s complaining. After all December is a time we all love waiting for.

Now having looked at literally the brighter side 😊, this post is to remind about the money that shouldn’t fall prey to taxes. We have seen from very close quarters, fellow momeys have heavily procrastinated, only to loose money to tax.

November-December can be busy time but it shouldn’t come at the cost of tax planning. For those in mid to high tax brackets, this is a great time to take stock. Here are simple steps to approach tax planning:

1. Calculate your year’s taxable income. For eg. If you have rental or interest income in addition, add it to your salary.

2. Determine your tax bracket

3. Check if you have any deductible investments like Home loan payments, life insurance, PF contribution, PPF etc. Under 80C, you can get tax deduction upto 1.5 lacs.

4. Check for any shortfall in the deduction limit of 1.5lacs. If the tax free investments are not totalling to 1.5 lacs, you need a tax plan.

5. Revisit your financial goals. If your money requirement will be soon, you will have to look at lesser tenure options.

6. You believe in No risk – No gain? Momeys if you want utmost safety of your capital, choose safe fixed income options like PPF or FD. If minor volatility doesn’t bother you, you can take some risks with market linked options like NSC, ELSS.

7. If youYou want higher returns, then zero down on NSC or ELSS. (ELSS would be our choice)

8. Save your investment proofs in a folder. While filing taxes, you will need the proofs handy so ensure you keep them easily locatable.

9. Invest because today is the best day. The sooner you finish tax planning and have your choices ready, go ahead and make a purchase. Often delay in investing leaves you in lurch when employer’s HR asks for proofs. For lack of proof, they deduct tax from salaries. You could totally avoid such rude shocks.
In the end, all we can say that is every money cautious person is taking stock of their tax liabilities ahead of the spending season . Are you too momey?

Momey hacks to up your Productivity

Taking breaks will never be a formula forgotten. It peps up the vigor while breaking monotony, enriches with new experiences thus promulgating productivity. Actually the key to keep going harder is taking sufficient breaks. 

I, too was lucky to enjoy some travel after a busy festive season. Of course the work backlog had hit the roof owing to festal spirit in October. And then an impending holiday in first week of November made things more frantic. But the best part is I learnt some productivity hacks to mange all the demands on time before taking off. Some that make it to the top of my list are here.

1. Slot your ‘Mail Time’

Mails constitute a fair deal of the work. I usually would slot mornings & evening for an hour or two everyday. This keeps me abreast of all the work, ensures same day responses and keeps things under control.

2. Delegate, delegate, delegate

Something I learnt early in my professional life, a good manager is able to get things done from resources. As a momey, holding onto all the work can drive you to breaking point.

3. Lunch hour in beast mode

While breakfasts are to be like a king’s, the lunch can be a quick affair. The work momentum doesn’t get broken and helps you wrap up your day in time. For young moms, late hours is a toughie. All the more reason to crunch lunch time.

4. Embrace Digital

I used to be a very offline person until I became a Mompreneur. Now presentations, number crunching or writing, I manage most of my work on mobile. Plus, apps are a whole world of convenience. From ordering groceries, to managing calendars, banking & investments, keeping tab of health parameters – everything is done easily, systematically and on the go.

5. Follow a Passion

Be it the clickety clack of the camera, or the soulful music, fitness or gardening to nurturing the bibliophile in you, it’s important to be passionate about something.  Indulging in an activity of your choice is paramount to keep productivity levels high. Studies have shown that people engaged in creative hobbies performed between 15-30% better at work. (Read https://www.inc.com/jessica-stillman/how-your-hobbies-effect-work-performance.html)

6. The ‘2 minute rule’

For newbies, the 2 minute rule’ says finish all your under 2 minute tasks there and then. This rule works brilliant for us moms who struggle with backlog. You close on a lot of small tasks that can become a nagging pain if left unattended.

Go ahead momeys and pack a punch!