If you are a 20-something, here’s your financial checklist for 2022

• Buy term insurance to safeguard your family’s future

• Buy health insurance for yourself, your spouse, and your parents to meet any medical emergency

• Review your loans and ensure they don’t cross 35% of your yearly income

• Open a new bank account and set up an auto-debit to transfer 10% of your monthly income from your existing bank account to the new account.

• Review your investments and transfer all tax-saving investments to goal-based investments.

• Diversify your portfolio to keep a healthy mix of debt and equity. However, avoid over-diversification.

• Understand basics of income tax, GST, and TDS.

• Increase your income. Reduce your expenses. Save more. Spend less.