Sunil Chugh Financial Planner

Maintaining a budget not only helps you keep a check on overspending but also facilitates greater transparency to make better financial decisions. Families must discuss finances and set-up budget to closely monitor income v expense. Here are some best practices on managing family budget:  Plan a budget: Tracking your family’s earning & expenditure is the stepping stone towards living on a budget. Collect all your paycheck, bills, bank statement and everything else that demonstrates cash coming in or going out. Manage your finances by documenting your budget. Remember, if you don’t have a budget in place, you are missing opportunities to cut unwanted expenses that could have been converted to savings. Spending some time on creating a budget now can save you big afterward. Talk about budgeting & saving with your children: Learning how to save while raising a family is not all about dads and moms. You can also get your children involved with regula

A strong financial plan is the need of the hour for small businesses who want to stay on top of their game and thrive in the long term. Here are some simple yet effective tips small business owners must follow when drafting their financial plans: Get Professional Help: Limited resource is a constant challenge for small and medium businesses (SMBs). Unlike corporate they often do not have a team of in-house resources to help them with critical decision-making. SMBs may not have a need to hire someone full-time to consult or plan critical business operations. However, they must consider developing a network of reliable resources who can assist them on ad-hoc basis. This way SMBs can seek professional consultation and service from experts at a reasonable budget. When it comes to financial planning, it is advisable for small businesses to seek-out professional help. Certified Financial Planners have the experience and know-how to develop an efficient financial plan for SMBs, a cr

Filing taxes is no fun, especially when you are a small business owner with limited time and expertise at your disposal. One wrong move can lead to tax audit and potentially hefty penalties. It is a time-consuming process to properly document and file taxes. Not to mention the additional time that may be required in case of an audit or documentation request. Tax preparation and filing is an inevitable part of running a business and SMBs should consider ways to efficiently manage this business operation. Seeking professional help from a Certified Financial Planner is advisable for most businesses.Here are some tax preparation and filing related tips for SMBs: 1. Keep a record of business expenditure: Detailed bookkeeping should be your first and foremost consideration to diligently record your business transactions year-round.For instance, if you spend cash on business dues, office supplies, business publications, business entertainment, computers, printing, software, cont