5 Ways To Make The Most Of 2019 Financially

By Medha Roy Chowdhury | January 13, 2019

The new year is here with fresh opportunities. Along with your usual resolutions, why don’t you make some sound financial resolutions in 2019?

Almost two weeks into 2019 and you haven’t glanced at your finances yet? Well, you’re not the only one. Bombarded with social media updates, tweets, unending notifications, and other engagements, it isn’t surprising that your financial resolutions have been sitting in a dark corner, forgotten and dusty.

Additional Reading: Exercise Your Financial Muscle In 2019

But here’s the good thing. We’ve compiled five sure-fire ways to develop sound financial habits that are super easy to follow.

So, without further ado, let’s begin.

  • Scrutinise your credit report

We can’t stress on this enough. Your credit report is a map of your financial behaviour. A close assessment of your report will help you identify bad financial practices such as missed deadlines for payment of dues, too many Credit Card applications, and much more.

Your credit report is an extremely crucial document. It provides a comprehensive overview of your monetary habits.

Take a step towards financial discipline by going through your credit report. The wealth of information available will aid you in making better and informed financial decisions in the future.

Additional Reading: How To Set New Fitness Goals For Yourself And Your Bank Account

  • Bank on technology to become financially wise

In the old days, ignorance reigned supreme and the dearth of information made life not only difficult but uninteresting too. However, gone are the days when information was scarce!

Tis’ the age of smartphones! Let’s face it. If you’re going to be glued to your mobile phone for the most part of the day, might as well make it count.

Technology empowers you to manage your personal finances. Now you can track your income, expenses and investments, all through a mobile app. With no dearth of information about almost anything under the sun, why not equip ourselves to know more. Here’s the thing. Before investing your hard-earned savings, why not study the markets and gauge the amount of risk involved?

Once you start using tools to manage your finances, you may even begin to enjoy it.

Need some help with Personal Finance Calculators? We have plenty of them for you! Just click here and get going!

Additional Reading: The Fight For Financial Independence: 5 Monthly Expenses To Avoid To Increase Your Savings

  • Travel the world on a budget

Are you a travel junkie? Is your travel journal crowded with names of quaint cafes in the hills or homestays nestled in valleys offering a view of the most sanguine sunrises?

Well, to travel is to be! But, you probably don’t realise that your tours eat into your income every month. Don’t chuck your travel plans just yet! We have a few tips to help you travel on a budget.

  1. Packing dry snacks, chocolate bars, and dry fruit while travelling is a great idea to save yourself from expensive hotel food.
  1. Make use of offers and benefits on Travel Credit Cards.
  1. If cabbing proves expensive, don’t shy away from trying the local transport. You could rent a two-wheeler too!
  1. Book a homestay or a rental house instead of spending big bucks on a hotel.
  1. Create a travel fund and keep saving a decent amount every month

Additional Reading: 5 Terrific Jet Airways Destinations You Can Travel To In 2019

  • Plan for a stylish retirement

It is always advisable to start planning for retirement as early as possible. Simply saving a chunk of your income for life after retirement is not enough since the value of your savings won’t grow over time.

Additional Reading: Post-retirement Anchorage: Why And How To Address It!

It’s important to consider avenues of investment to increase the value of your retirement corpus. Starting early will not only give you ample time to accumulate savings but will mean that your investments have a longer span of time to grow.

Pro tip: Don’t have any savings for unannounced crisis? Here’s why you should build an emergency fund?

Additional Reading: 3 Sure-Fire Ways To Save Money In 2019

  • Pick the right Credit Card for yourself

There are hundreds of Credit Cards out there! But having too many options can be quite confusing as well. Not having a clear idea of what you really want is sure to land you in a soup.

When it comes to Credit Cards, there is huge diversity! To pick one, make sure you know what you are going to use the card for.

You can choose Credit Cards for a range of purposes including travel, shopping, entertainment, etc. While you’re at it, you can pick Credit Cards that are heavy on rewards and cashback.

Use your cards wisely. For instance, if your expenses on fuel are skyrocketing, get your hands on a Fuel Credit Card and surcharge waivers. If you’re someone who loves dining out, a Dining Credit Card will be your best buddy!

Additional Reading: The Best Credit Card For Each Income Group

Setting up a contingency fund should be at the top of your priorities. This will give you a firm safety net to fall back on if you meet with a financial crunch. Unexpected expenses tend to throw your finances into disarray. Ideally, a strong fund worth six months of your salary is a strong financial base to build from.

Looking for financial products? We have plenty in store for you. Why not take a tour of our website and take your pick?

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.
Category: Budget & Savings Budgeting Financial Planning Managing funds Money Management UCN
Medha Roy Chowdhury

About Medha Roy Chowdhury

Square peg in a round hole, Medha reads whenever she gets the chance to. She is happiest when travelling and dreads having to choose between the hills and the sea. Dog lover at heart, she is in pursuit of adopting a few canine friends someday. Weird as it may be, she bakes when stressed. Previously a Market Research Editor by profession, she takes a keen interest in finance. When she is not reading, you’re sure to find her with her ukulele.

Leave a Reply

Your email address will not be published. Required fields are marked *