New Year brings with it a new beginning, a fresh energy, an enlightening ray of hope and an urge to achieve something that we couldn’t do in the past. It’s that time of the year when you are ready and excited with a bunch of new personal goals may it be life, health, fitness, family, professional or any other, to work upon in the New Year. In a similar manner, setting financial goals at the very beginning should also be an essential part of your life.
“The new year stands before us, like a chapter in a book, waiting to be written. We can help write that story by setting goals.” as quoted in the words of Melody Beattie.
Isn’t it a great way to welcome the New Year? Having definite and clear goals shall be the solid foundation to follow a disciplined financial approach throughout the year. With pre-defined goals, you can manage your financial life in an organised and easy manner that shall lead your way to a smooth retirement planning.
Setting personal financial resolutions seems to be an amazing thought to improve your overall financial health. Important positive changes ought to be made when it comes to your finances.
So, I have highlighted some of the key financial resolutions for the New Year that should probably be on top of your list.
Top 5 Financial Resolutions for New Year
Save More for Bigger dreams: This is my favourite one. But, how much we follow it practically is the real question. We keep on getting advice on saving money. But, how do we actually work upon it needs to be analysed. Think about something big and attractive that shall urge you to save more during the year: Like Saving for a foreign vacation, saving for your favourite car or saving for a beautiful house. Not only saving but investing your money in the right direction is also essential. Putting money in a savings bank account is a common choice. But, you should try and explore diversified investment alternatives as well based on your risk profile.
A Complete Financial Health Check-up: This is indeed required, especially if you have reached your mid-thirties. A thorough review of your investment planning and portfolio needs to be done. Our responsibilities tend to increase with increasing age, so a complete financial health check-up is the need of the hour. Just because if you lack somewhere in your financial planning, you can cover it up this year.
Work upon clearing your Debts: Nobody likes creating unnecessary debts but some basic ones can’t be avoided like an ongoing home loan, education loan or credit card dues. The interest rates are normally high and you don’t wish to pile it up. So, put extra efforts to clear your debts on a timely basis. Not to forget, build and maintain a good credit score that shall help you in your future requirements.
Switch towards Automation: In the present digital era, automation has left no scope for you to forget making payments or investing your money. A number of ways and handy tools plus automated services offered by banks and institutions make it super easy to handle your tasks. So, when it comes to managing your monthly investments or paying your credit card bills, why not take full advantage of the latest technology that’s all ready to help you.
Stick to the above 4 Financial Resolutions: Setting resolution is not so difficult, but actually sticking to them is the real test. Be determined and make the most of your financial resolutions. If you have done that, you deserve a treat. Be realistic! Try to convert your resolutions into small actionable steps that shall take you a step closer to achieving your financial dreams.
New Year marks a fresh start with positive thoughts in our minds. To figure out a good and solid financial plan is not as easy as it seems to be. At the same time, it’s not so stressful too. It all depends on your systematic planning and implementation. You have to follow the correct strategy and a disciplined approach to make yourself financially free.
It’s up to you to take New Year as an opportunity or an excuse for a new start. But, either way a new beginning can create new success for you.
Imagine how great you’ll feel if you accomplish any of your defined goals anytime during the year. That shall indeed be a wonderful feeling. When you’ll look back and analyse your achievements throughout the year, you will surely be happy and proud of leading a financially better life.
Have you decided your New Year financial resolutions? What financial plans or personal finance goals do you have in mind to achieve in this New Year? Feel free to share your views or any other financial resolutions that you wish to add upon to our list.