A financial planning checklist is a simple way to review your money once a year. It helps you check whether your savings, insurance, taxes and investments still match your goals.
This year, there are a few more reasons to review your plan. India’s new Income-tax Act, 2025 came into effect on 1 April 2026.
Rules around insurance, nominees and EPF have also changed. As we are halfway through FY 2026-27, this is a good time to review your finances before the March rush.
Whether you are 28 and starting a SIP or 55 and planning for retirement, the key areas to review remain largely the same.
Your 2026 Financial Planning checklist at a glance
Step | What to check? | Best time | |
1 | Goals | Each goal has a cost and a date | Now |
2 | Emergency fund | About six months of expenses, kept safe | Now |
3 | Insurance | Term and health cover still enough | Before renewal |
4 | Tax | Old or new regime, deductions planned | Before March 2027 |
5 | SIPs | Raised in line with your pay rise | After appraisal |
6 | Portfolio | Rebalanced, tax-free gains booked | Before 31 March 2027 |
7 | EPF, PPF, NPS | Contributions and new rules checked | This quarter |
8 | Debt | Costliest loans cleared first | Ongoing |
9 | Nominees and will | Every account updated, will written | Now |
10 | NRI checks | Residential status and account types | Before March 2027 |
The 10-step financial planning checklist for FY 2026-27
1. Write down your goals, with a price and a date
A goal without a number is difficult to plan for. “Buy a house” becomes “₹25 lakh for a flat down payment by 2030”. Once you have a cost and a timeline, you can work out how much to save each month.
Money needed within the next two or three years also needs to be kept in suitable low-risk options instead of being exposed entirely to market movements.
Anuj Says: “Most people have financial goals, but they have never put a number or timeline against them. Once you do that, the goal becomes something you can actually plan for.”
Also read: Why 25 Is the Perfect Age to Start Financial Planning and Financial Planning for Women: A Life-Stage Guide
2. Check your emergency fund
An emergency fund is money kept aside for unexpected expenses such as a job loss or hospital bill. A common rule of thumb is around six months of expenses, although the right amount depends on your circumstances.
Keep this money in an easily accessible option. If you used part of your emergency fund during the year, make rebuilding it a priority.
If you are working with a limited income, our guide on how to budget and save money on a small income can help you structure your savings.
3. Review your term and health insurance
Term insurance provides a lump sum to your family if you die during the policy term. Health insurance helps cover eligible hospitalisation expenses.
Your insurance needs can change when your income, family responsibilities or loans increase. Review your cover if you have taken a home loan, had a child, changed jobs or experienced another major financial change.
The cost of individual life and health insurance has also changed. Since 22 September 2025, individual life and health insurance policies have been exempt from GST, compared with the earlier 18% rate.
Employer-provided group insurance can also end when you leave the organisation. Review your overall protection instead of relying only on workplace cover.
4. Pick your tax regime and understand the new tax year
From 1 April 2026, the Income-tax Act, 2025 replaced the Income-tax Act, 1961. The new framework uses “tax year” instead of the earlier terms “previous year” and “assessment year”.
Under the new tax regime, income up to ₹12 lakh can effectively have zero tax because of the rebate. For salaried individuals, the limit can be ₹12.75 lakh after the ₹75,000 standard deduction, as explained in the government’s budget announcement.
The old regime can still be relevant if you have significant deductions. Compare both regimes based on your actual income and deductions instead of choosing one automatically.
5. Step up your SIPs with your pay rise
A SIP allows you to invest a fixed amount in a mutual fund regularly. According to AMFI data, SIP contributions reached a record ₹32,297 crore in August 2026.
A step-up SIP can help you increase your investment as your income rises. For example, you could increase your SIP by 10% each year after a salary increase.
This also helps your savings keep pace with inflation, which reduces the purchasing power of money over time.
6. Rebalance your portfolio and use your tax-free gains
Asset allocation refers to how you divide your money between asset classes such as equity, debt and gold. If one asset class performs strongly, your portfolio can gradually move away from the allocation you originally planned.
Review the allocation once a year and rebalance it if needed.
You can also review your capital gains before the end of the financial year. Long-term capital gains on equity shares and equity-oriented funds are currently taxed at 12.5% above the applicable annual exemption limit of ₹1.25 lakh. The Income Tax Department provides the applicable rules.
7. Recheck EPF, PPF and NPS
Your long-term savings accounts also deserve an annual review.
- EPF: The EPFO wage ceiling was increased to ₹25,000 a month from 17 September 2026. Check whether this has affected your PF contribution.
- PPF: The interest rate remains 7.1% for July to September 2026 and was kept unchanged for the ninth consecutive quarter. You can read more about the small savings rates here.
- NPS: NPS charges were revised from 1 October 2026. Review the charges applicable to your account.
For a broader view of your post-retirement finances, see our detailed retirement planning guide.
8. Clear expensive debt first
Credit card balances and personal loans generally carry higher interest rates than secured loans. Review your outstanding debt and prioritise the borrowing that costs you the most.
For a home loan, even a part-payment can reduce your loan tenure or total interest cost, depending on the loan terms.
9. Update nominees and write a will
Review the nominees registered across your financial accounts. This includes your bank accounts, demat accounts, mutual funds, EPF and insurance policies.
Since 1 November 2025, bank customers can nominate up to four people.
A nomination and inheritance are not always the same thing. A will sets out how your assets should be distributed. Couples may also consider a joint will where appropriate.
Anuj says: “Nominee details are often overlooked after major life changes. Updating them takes very little time, but it can prevent unnecessary delays for your family later.”
10. Review NRI-related financial details
If you are an NRI, confirm your residential status for the relevant tax year because it affects how your income is taxed in India.
Also review whether your bank accounts are correctly structured. NRE accounts are generally used for eligible overseas income, while NRO accounts are used for income earned in India.
If you are exploring global investment options, our guide to GIFT City investments for NRIs explains the key areas to consider.
How can Zenith Finserve help you?
A checklist tells you what to review. The more difficult part is understanding how each decision fits into your overall financial plan.
Zenith Finserve is a financial planning firm led by Anuj Kesarwani, a CFP and CTEP™ professional. The approach starts with understanding your goals before looking at individual financial products.
The team can help you put numbers around your goals, compare tax regimes, plan retirement income and structure a systematic withdrawal plan (SWP).
You can also learn more about Zenith’s approach to comprehensive financial management.
Conclusion
You do not need to complete this entire checklist in one weekend. Start with three areas this month, such as your goals, insurance and nominees. Then work through the remaining items before March 2027.
FAQs
What should be on a financial planning checklist?
Your checklist should cover goals, emergency savings, insurance, taxes, investments, retirement accounts, debt, nominees and a will. NRIs should also review their residential status and account types.
How often should I review my financial plan?
Review your financial plan at least once a year. You should also revisit it after major life changes such as marriage, having a child, changing jobs or buying a home.
What are the seven steps of financial planning?
A common process includes setting goals, gathering financial information, assessing your current position, creating a plan, implementing it, tracking progress and reviewing the plan.
Is the new tax regime better for me?
It depends on your income and deductions. Income up to ₹12 lakh can have zero tax under the new regime because of the rebate, while salaried individuals can benefit up to ₹12.75 lakh after the standard deduction. If you have substantial deductions, compare both regimes before deciding.
