Low Cost ULIP Purchase Is A Must:

Irdai clamped down on Ulip charges in 2010 by capping the annualized charges at 2.25 percent for the first 10 years of holding. The new online Ulips have sweetened the deal and brought down charges to such an extent that some are cheaper than the direct plans of mutual funds. Some e-Ulips do not levy premium allocation charges or policy administration charges. Others compensate long-term investors with 'loyalty additions', which helps bring down the overall costs.

Defer Your Income:

If you take a look at your income thus far and realize you’re on the cusp of jumping up to a higher tax bracket this year, defer any income you might have coming your way. Add extra money from your paychecks into your tax-deferred retirement plans, and wait to sell assets like cars or stock that will produce a capital gain, Bankrate suggests.

If you typically receive a generous holiday bonus, ask your boss if it’s possible to receive that in January instead of at the holiday Christmas party.

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