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.

  1. 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 !!
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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…

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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…

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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.

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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.

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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.

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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.

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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!”.

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