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As we approach the new year we are bound to make a set of rules and aims that will make 2020 much better than 2019 and while we do that with our health and lifestyle, it is also necessary to make some smart financial New Year’s resolutions.
Only 25 % of the entire world’s population includes financial planning in their resolution. The following are the list of the top financial New Year’s resolutions to make for 2019.
A majority of us feel that savings are the money that is left aside at the end of the month. For some it may be the pre-planned investments that have been made. However, the best way to keep a check on your savings is by setting it aside in the beginning of the month. Set aside a fixed amount every month according to your pay scale. This simple step will also help you in reaching your money goals.
Staying within the budget will not only ensure that your expenses are planned but also ensure you achieve your financial goals. Temptations lead to debts and problems in the cash flow.
If you have stopped paying attention to your financial health, commit to requesting a free credit report. Take a look of your debts and dispute any credit entry that look incorrect.Find out your credit score to determine your financial status. Try improving upon it.
The biggest roadblock of your financial plans is debt. Pay your bills on time, clear all your outstanding debts. Credit card dues attract a high rate of interest and, hence, it is better cleared on time. Try paying off your creditors in cash and save money on interest.
Most of us focus on paying our debt but do it the wrong way. In most cases, we try tackling the smaller balances first instead of focusing on the ones with the higher interest rate. If you swap things around and go for the bigger amount first, you can save huge money.
Involve family while taking financial decisions, teach your children about saving money and cutting down on unnecessary expenditure; educating them about these basic financial concepts will provide clarity on the family’s financial goals. Plan household budgets collectively, so that everyone may participate in saving and spending, and the responsibility is equally divided.
You must start your financial resolution 2019 by taking an ouch paying your bills on time, like credit card bills, mobile bills, grocery bills, schools bills, electricity bills etc. that will not only save you from paying more interest and also directly impact on your credit rating.
Offers at shopping malls, restaurants, and online portals are lucrative and you end up buying things that you do not need, and that is a great depletion to your savings. Cut down on impulsive shopping and save it in the savings account you have created or invest it.
Majority of the young workforces do not focus on investing or planning for their retirement because it seems to be too early to make these decisions. But the reality is that it is never too early to invest and plan for your retirement. Based on your needs and your current abilities, there are several retirement plans to choose from. Finding a suitable retirement plan is very simple as there are various calculators that show how much you need to invest on retirement and also suggests various retirement solutions.
The biggest issue that millennial and various others face is sudden emergencies that take a toll on our finances. Whether it is sudden medical bills or losing a job, it is important to be prepared for the worst emergencies. That is where an emergency fund comes into the picture. The emergency funds need not be liquid cash lying around in a bank account, but can be any form of easily liquidable investments in mutual funds, etc. The important point is to prepare for the worst while hoping for the best.
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