Not all resolutions are meant to be broken. There are some that are pretty easy to follow throughout the year.
While working with our clients, I found myself saying the following statements over and over again. These are so important to follow that they can definitely be resolutions.
- Before buying my next latest gadget I will not make an impulsive decision to buy, nor will I take too long. I will take a day or so and decide to buy or not and stick with my decision !!
2. I will set a reminder to payoff my credit card bills atleast 4-5 days before the due date, and will make the full payment and not the minimum balance…
3. I will maintain 4-6 times of my monthly expenses as reserve/contingency fund, I no longer want to be under prepared like the year gone by…
4. I will look at equity investing only for long term: I will not indulge into short term trading, and will place a buy order only if the money is not required for a minimum of 5 years plus period.
5. I will invest only in debt instruments if I need the money for shorter term.
6. I will protect myself, my family and my assets with properly calculated risk covers.
7. I will take help if needed to recalibrate my loan portfolio: I will get my rate of interest reduced if possible and avoid personal and costly loans.
8. If needed, I will take help from a consultant/financial planner to understand the taxation structure and make changes in my savings/ investments to get maximum tax relief and benefits.
9. I will try to inculcate the new formula: “Income – Savings = My Expenses”, thus I will have a will define mathematically how much I need to save for my future goals and live a really worry free life.
10. I will get all investments under one view/login so that I will be able to track and review my investments from time to time – quarterly or half yearly.
11. From now on, I will make financial education for myself a habit. Reading, following financial experts on social media, exploring new investment avenues, taking help of professional financial consultants, and so on.
Well, reading it twice is only 10 % of the work done..
This year we will actually stick on to it and make a world of difference in our OWN lives…Happy New financial life
Author: Mr. Nirmal M Jain | Mr. Nirmal M Jain is a Co-Founder at HappyWise Financial Services. He has over 15 years of experience in the Financial Planning Sector. He has been a mentor to several people, and has helped them to understand investments, stocks, mutual funds, financial planning, personal finance and above all his favorite term “The Power Of Compounding!”.