Setting up financial goals is very important. If you haven’t started yet, stick to these New Year resolutions to keep your finances and yourself healthy.
The year 2017 is inching towards its end and the New Year 2018 is just a few days away. You must be chalking down your New Year resolutions and must have covered everything like adopting a healthy habit or quitting a bad one. Besides all these, you should also adopt a few money resolutions that will keep your finances healthy.
In this article, we have put together 6 resolutions that you should not break this New Year.
Go Digital
Some of us are still occupied with the old method of keeping important documents of our financial dealings. With demonetisation changing Indian economy, going digital is the best way forward. From paying your electric, telephone bills or buying Insurance or other investments, going digital is the best way forward. There are various benefits of online dealings. For example, if you are looking to buy insurance, you can compare online different products and choose the best one that suits your needs. It would help save a lot of your time and paperwork.
Buy Health Insurance
We all know that health is wealth. But we all tend to ignore this fact and don’t put in effort to maintain it. The rising medical costs call for a good Health Insurance plan that can help you deal with unpredictable health emergencies. It is best to insure yourself against any hospitalisation or emergency medical expenses. You can go for cashless health insurance plan that will provide hospitalisation without you paying any amount from your pocket. It would also be wise to take an additional cover or go for a critical illness cover in case you are at a risk of any kind of serious illness.
Buy Term Insurance
Life is extremely unpredictable – accidents, deaths and disability are common nowadays. If you are the breadwinner of your family, then it is of utmost importance to buy a Term Plan which will provide a sum assured to your nominee in case of your untimely death. This money will take care of your family and their needs in your absence.
Invest In Instruments For Wealth Creation
This is one resolution, which will grab your attention instantly as everyone wants to create wealth. Invest your money in instruments that can give you handsome returns. Gone are the days when people chose real estate or gold as an investment option to create wealth. With uncertainty in real estate sector and gold prices fluctuating, people are now moving towards instruments like SIP that assure better returns. For example, Systematic Investment Plan (SIP) helps you invest periodically in equity through equity Mutual Fund. It’s a disciplined approach towards investing, and returns are high due to investment over a longer period with compounding benefits.
Maintaining A Healthy Credit Score
A good Credit Score will give you a greater borrowing capacity to fulfil your dream of higher education or buying a house. Similarly, a poor credit score has the potential to spoil your future as it decreases your loan taking capability. Hence, it is important that you keep a constant check on your credit score and take necessary measures to improve and maintain it.
Borrow Smart, Automate Repayments & Clear Dues
In an emergency situation, we tend to borrow irrationally, which can affect us in the long run. You should be proactive in your borrowing, but instead of being an irrational borrower be a smart borrower. You can set auto-repayments for your loans to make transactions easier and quicker. Make a resolution to clear all your credit card dues timely to avoid any kind of financial pressure.
Taking New Year resolutions regarding money matters is extremely important as every cent saved is a cent earned. Hence, you must adopt the above strategies to secure your life financially in 2018.
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