Tuesday, January 1, 2019

Financial Resolution for the New Year

Financial Planning - https://www.moneytribune.in/
The new has already knocked the door and we are celebrating it like never before and we should do this. But while celebrating we should move to new year with a new approach towards our life, so is to our finances. We should ensure that we are having some realistic financial resolutions this year. Not some very big and artificial ones like previous years just to forget once more. Those who don’t have such habit of making a resolution and sticking to it forever should start with some easier ones.

The psychological reason behind making resolutions are just to make it into our habit and does not need any special day but relating it to some special day makes us believing that the resolution is special one and it is just to ensure that you are sticking to it.

There are some easier resolutions you can make this year. Remember its not late. These are as below:

  1. Promise to save 10% your monthly income every month and that into appropriate investment avenues.
  2. Will start tax planning to bring down tax expenses.
  3. Buy a right life insurance cover as well as health insurance if not already bought.
  4. Will start retirement planning. Earlier is better at this gives opportunity to your investment to enjoy power of compounding.
  5. Cut unnecessary expenses like expenses on beer, alcohol, smoking. It helps in saving some money regularly and huge money in long term because of lower health care expenses.
  6. Normally eat at home. It’s better as it is hygienic, healthy and cheaper.
  7. If required will visit a financial planner.

No comments:

Post a Comment

What is an Equity Linked Savings Scheme (ELSS)?

There are different types of mutual fund schemes available in the market offered by different asset management companies. So as an investors...