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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.
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 should start planning for your retirement by your late 20s. But if you haven’t done that as yet, you can start from the beginning of 2019. Saving for your retirement will help you ensure financial stability when you are beyond the reasonable age of working. Invest in retirement plans like public provided fund, annuity plans, National Pension Scheme or insurance policies that guarantee return on the maturity of the policy.
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.
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