January is the best time to pause, review your money, and make a simple plan for the year ahead. A short, focused “money reset” lets you control your cash flow, cut waste, and align your savings with real goals. Use this 1‑hour checklist as a starting point.​

Step 1: Check your cash flow and EMIs

List your monthly in-hand income, essential expenses (rent, groceries, school fees, utilities), EMIs, and current savings.​

• Aim to keep total EMIs within a reasonable band of your take-home so you have room to save and handle shocks.​
• Identify 2–3 discretionary spends you can trim and redirect towards savings or EMI prepayment.​

Step 2: Build or top up your emergency fund

An emergency fund is your first line of defence against job loss, illness or family emergencies.​

• Target 3–6 months of essential expenses in a savings account or liquid/ultra-short-term fund, not locked-in products.​
• If you are far from the target, set a fixed monthly auto-transfer (even a modest amount) until you reach your comfort level.​

Step 3: Review health and life insurance

Rising medical costs and income responsibilities make protection non-negotiable.​

• Health: Check whether your cover (including employer) is adequate for the current city and family size; consider a personal policy or top-up.​
• Life: If others depend on your income, ensure you have term insurance of roughly 10–15 times your annual income.​

Step 4: Align investments with 3–4 key goals

Scattered investments rarely beat a simple, goal-linked plan.​

• Write down up to four major goals: for example, child education, home, retirement and one lifestyle goal (such as a big trip).​
• For each goal, decide: target year, rough amount (inflation-adjusted), and how much you can invest monthly.​
• Use SIPs or disciplined contributions to bridge the gap, choosing an asset mix based on time horizon and risk tolerance.​

Step 5: Tidy up loans, credit and subscriptions

Leaking money quietly each month is one of the biggest reasons people feel broke despite earning well.​

• List all loans and credit cards with interest rates; prioritise closing or part-prepaying the costliest ones first.​
• Cancel unused credit cards, auto-renewing subscriptions and services you no longer need.​

Step 6: Do a quick tax and paperwork review

Good paperwork reduces future disputes and last-minute panic.​

• Review your tax-saving investments early in the year, not in March; ensure they fit your overall plan and are not just products with lock-ins.​
• Update nominations on bank accounts, insurance policies, mutual funds and EPF; if relevant, consider creating or updating a simple will.​

You do not need to become an expert in every product to gain control over your money; a clear checklist, revisited once or twice a year, is enough for most families. If this feels overwhelming, one session with a Certified Financial Planner can help convert this checklist into a personalised, actionable plan for 2026.

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