Sunil Chugh Financial Planner

The ups and downs of our health and wellness, coupled with an economic rollercoaster, have made this year a big challenge in many unaccustomed ways. This is the time to pivot, adjust, and adapt to the new circumstance and re-evaluate your financial status.   If you want to maintain financial well-being in times of crisis, here are the top tips for navigating the new financial planning reality.   An emergency reserve will be vital in the worst-case scenario:  While things have been tumultuous in the market largely because of the COVID pandemic, most Canadians are still gainfully employed. However, if things carry on like they are, we could see many people out of work. To get ready for the worst-case scenario, move as much money as feasible into an emergency savings account. This account is where you can access money for expenses in the event you lose your job.   Here are a few ideas for building your emergency reserve:  Cut dow...

Financial planning and management are really important if you are a startup and want to stay alive in this highly competitive & dynamic business environment. Lack of financial planning will surely result in big monetary losses and eventually the closing down of the business. Therefore, both financial planning and management is vital for startups to sustain & succeed in the long run. Here are a few financial tips that you’d like to keep in mind as a startup.  Cash flow management is critical:    The majority of startups fall short for different reasons, but one’s far more prevalent than others – running out of money. You must have an idea on where your cash flow is coming and going towards. Having a firm grip on revenue management not only makes you more aware of the business standings but also helps in better planning.    You are likely to put your startup in a tricky position if you fail to stay on top of your cash flow. Irrespective of how good your idea i...

  When it comes to finances, start-ups or small business owners have their work cut out for them: not just do they have to manage the finance of their business, but they have to manage their personal finances as well.  And with business and personal priorities not always aligning, sometimes managing both tasks can feel like a juggling act.   Nonetheless, being a small business owner, you cannot lose sight of your personal finances. Listed below are a few tried and tested personal finance tips to help you keep a track on your own money while managing your business’s:  Prepare a budget & stick to it:  Most small business owners fail because they skip the part of budgeting. The biggest reason behind it is that it is tough to estimate what you will spend when you are entirely new into a business and don’t have previous experience to employ as a starting point.   But no worry! Creating a budget is easy when you work with a reliable financial planner who can...

Getting ready for your baby’s arrival is much more than just having ample diapers and scheduling all of your doctor’s appointments. If you are all set to add a new member to your family, putting some financial plan in place before delivery can make all the difference. To help you get ready for your baby’s arrival, here are a few tips on what to financially expect when you're expecting and how to steer clear of costly pregnancy spending traps. Go for automatic savings: The ideal way to get ready for increased expenditure is to start making a monthly contribution to a savings account which is meant for baby-associated expenses. Open an online savings account & set up a monthly transfer from your primary checking account. Saving a few bucks every month helps in 2 ways. It offers you an opportunity to get accustomed to the bigger cash outflows from your checking account. Also, it gives you an excellent cash cushion for baby-associated expenditures you ignored. Consider creatin...

The novel Coronavirus pandemic has had an overwhelming effect on people’s personal finances across the globe. During this time of uncertainty and insecurity, the best way to tackle the uncertainsituation and make sure a thriving financial future is to re-evaluate your present finances and plan properly.  This is the time to have a look at your financial planning with a fresh set of eyes and re-assess what you can do in each aspect of financial planning. Given the scale of the economic impact of the pandemic, the steps you take now could well decide your financial future.  Re-assess your income stance: We have noticed an extraordinary number of layoffs, salary cuts and job loss because of the impact of COVID-19. There’re not many people who’re not affected by this crisis. As organizations cut their funds & revenue projections, even those that are still in jobs would be interested to re-assess their short-term & long-term income outlooks and business o...

While Canadians may have a different perspective on how the Government splurges their taxes, when the tax time comes, most of us are seeking ways to pay no more than we owe – or even maximize our tax refunds. Listed here are a few tried and tested strategies that will help you find the right ways to maximize our tax refunds. Think regarding “bunching” your itemized deductions: Certain expenditures, such as the following, can be categorized “itemized” deductions: Charitable contributions Deductible taxes Interest expenses Medical & dental expenses Casualty, disaster and theft losses Home mortgage points If you have been waiting on specific medical expenses or charitable contributions, you might wish to hold off until a year in which you itemize. By doing so, you can make the most of your deductions. Claim non-refundable credits as well: Non-refundable tax credits also decrease the amount of tax you have to pay but stop when that sum hits zero. Fu...

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 re...

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...

What’s new and happening in the world of financial services in 2019? What technology trend will impact the financial services industry the most? These are some imminent questions financial services industry experts must answer to educate the market and predict the industry’s future. Here are top 3 technology trends in the financial services industry to watch out for in 2019: Artificial Intelligence and Machine Learning  Artificial Intelligence (AI) and Machine Learning (ML) is making a positive impact in many industries by automating manual tasks. They are empowering users by producing intel on established processes and offer recommendations on how to enhance processes for better results. Financial Services industry is poised to benefit from the advancement in AI and ML technology. It will help financial institutions and planners in analyzing data and user-patterns to curate their offerings. They will use gathered intel to help clients save more money, time or bui...