Maximize Your Earnings
The first step is to evaluate options of maximizing your earnings. While one of the ways is of-course to look at earning from newer sources of income (e.g. freelancing, teaching etc.). It is equally important to make sure that you do proper tax planning to ensure that you can get maximum post tax income.
The most common mistake people make is to defer investing for tax-saving till the end of financial year (No wonder that in the financial services industry, March is considered to be a 'Tax Saving Season' :-) A large amount of mis-investments have happened because of last-minute decisions taken on investing just to save tax. So be wise and begin the process of tax planning in the beginning of the financial year i.e. April of every year.
