New year’s is the time of the year when people are most enthusiastic and want to make new promises to themselves, which we all know as new year resolutions. If for this new year, you are looking for a financial New Year resolution that best suits your finances and makes you more financially healthy and teaches you wealth management for a long time then you have landed at the right page.
We will give you some of the new year resolution ideas that you can incorporate within yourself for the coming new year. It will help you create a healthy bank balance for yourself while cultivating good monetary values within yourself.
Table of Contents
1. Create a Proper Budget
Creating a proper budget is something that can be in your list while opting for a decent financial new year resolution. It might sound like a big deal but every month when you receive your paycheck all you must do is sit and create 4 columns in a notebook. The four columns should indicate – income, expenditure, savings, and investment.
Add on the list with the above-mentioned headers each month and understand your monthly finances well. Try to abide by the budget you create so that you always have savings and some money under investments.
2. Save More
Another in the list is a promise this year to “save more”. We are sure of the fact that our readers are well aware of the fact that savings will keep your financial health in good condition so why not double up the fun next year. Make a plan that suits you and save some extra money each month. It will surely be of help in the coming times.
3. Avoid buying Things Not Needed Immediately
Are we all guilty of impulsive buying? We know it is so much fun to explore the different sections of online shopping websites! But wait and think, are the expenses you are making or the stuff you are buying are worth it or not? Do you need them? If the answer is not really! Please stop yourself from doing that in the coming year. This can be another great financial new year resolution that will teach you wealth management.
4. Start an Emergency Fund
Another great idea for people who already have done the above-mentioned things for their financial growth is to now focus on creating an emergency fund. Experts say that in cases of emergency anything from the range of 3 to 6-month worth’s salary will be enough to sustain through a rough patch. Open a new savings account and accumulate some money as an emergency fund and enjoy the interest earned on the saved amount.
5. Become Serious About Retirement Savings
Retirement might look like a journey that is way ahead in your career however, financial experts say that mid 20s is the right time to start saving for your retirement. What better time than making a financial new year resolution to save some extra money for your old age. The prices then will be higher than now of all goods and services. Saving for now will give you an ample amount of money to spend in your old age.
Do any of the above ideas attract you? Do tell us what is your favourite amongst them and which resolution are you going to swear by this coming new year. Click here to find out more investing and saving opportunities to secure your financial future in the new year.
Also read: 11 Tricks To Reduce Your Grocery Expenses