Wealth Mantra For 2026: Five Ways To Start Afresh, Save Wealth This New Year According To Experts

As 2025 ends, several key financial deadlines approach on December 31. Acting now helps avoid penalties, higher costs, or loss of benefits in 2026.

Secure Current Car Prices Amid Upcoming Hikes

Several automakers have announced price increases effective January 1, 2026, due to rising input costs, logistics expenses, and currency fluctuations.

Luxury brands lead the adjustments: Mercedes-Benz with up to 2% hike across its portfolio, BMW up to 3%, and JSW MG Motor up to 2% on ICE and EV models. Renault plans up to 2%, while Tata Motors signals revisions early in 2026, with Mahindra expected to follow. Maruti Suzuki and Hyundai have not confirmed changes yet.

Potential Rate Changes in Small Savings Schemes

The RBI cut the repo rate by 25 basis points to 5.25% on December 5, 2025. This often impacts returns on fixed deposits and government small savings schemes.

Rates for instruments like PPF, NSC, Sukanya Samriddhi Yojana, and Senior Citizen Savings Scheme are reviewed quarterly. New rates for January-March 2026 will be announced around December 31, 2025.

Experts expect possible reductions, as lower repo rates allow banks to lower deposit yields. Contributions made before the announcement lock in existing rates.

Close of Belated or Revised ITR Filing Window

The deadline to file belated or revised income tax returns for FY 2024-25 (AY 2025-26) is December 31, 2025. Missing it means permanent loss of refund claims and risk of scrutiny or penalties. An updated return remains available later but adds 25-50% extra tax on liabilities.

Expert Insights on Year-End Financial Steps

Before you jump into 2026, take a few hours to reset your finances, CA Sharad Bagora suggests to take these 5 small steps today to save money later:

• Review your 2025 expenses: Look at where your money actually went - bills, subscriptions, dining, investments, debt. You’ll spot wasteful spending, hidden charges, and opportunities to save more next year.
• Secure health & term insurance: Medical emergencies and loss of income can wipe out savings. Health insurance protects your cash. Term insurance protects your family. Both are non negotiable pillars of financial safety. So, consider these insurances before year ends.
• Organise your financial documents: Keep policies, bank statements, investment proofs, loan papers etc in one safe place. Tell your family where it is - wealth is useless if nobody can access it when needed.
• Add nominees everywhere: Bank accounts, mutual funds, insurance, lockers, “everything”. Nominees ensure your money reaches the right person without legal hassles.
• Rebalance your investments for 2026: Markets change - and so do your goals. Check whether your portfolio still matches your risk level and plans (education, house, retirement).

According to Bagora, "Trim what’s overweight, increase where you’re under invested, and stay aligned to your goals."

Individuals and businesses should complete certain key financial compliances before 31 December 2025 to avoid penalties and legal issues, as per CA Gourav Jain:

• First, ensure Aadhaar is linked with PAN. Failure to do so may result in PAN becoming inoperative.
• Second, taxpayers who missed filing their Income Tax Return or need to correct errors must file belated or revised returns within the prescribed timeline.
• Third, GST registered taxpayers (having turnover more than 2 & 5 crores as the case may be) should prepare for filing the GST Annual Return for FY 2024–25, ensuring accurate reconciliation of turnover and input tax credit.
• Lastly, companies should utilise the extended due dates for filing MGT-7 and AOC-4, which are mandatory annual ROC compliances.

"Financial awareness empowers you, and timely compliance protects you," CA Gourav Jain added.

Also Read: TVS, Maruti Suzuki, M&M: Top Auto Stock Picks Ahead of Dec Sales Data