Every New Year comes with some goals and resolutions for every individual, whether its taking care of physical health or financial health, or getting rid of debt trap or aiming for a better work. One resolution that everyone figure is to prepare for better financial health. Financial Planning lists creating a budget, saving money, planning for retirement, taxes and term insurances that help you realise your dreams.So meeting with a financial planner may prove beneficial as he can provide guidance in order to analysing your earnings, figuring out your lifestyle expenses, suitable investment plans and customised retirement solutions. In order to achieve a better financial health, charting out a financial plan for yourself may prove fruitful. A New Year is an ideal time to re-evaluate where you stand financially and nothing can be more firm than rebuilding your financial profile. ShubhBank features some financial resolutions to kick start your 2019 on a positive note:
PLAN YOUR BUDGET
Preparing a monthly budget is crucial to track your spending and lifestyle expenses. The important thing to keep in mind while preparing your budget is to know your net income, identify your cash flow. List out your short and long term goals and prepare yourself to accomplish financial well being and will help you curb unnecessary expenses.
PRIORITIZING AND PAYING OFF YOUR BUDGET
There is no bigger financial failure than poor debt management. Not paying your credit card bills, loan EMIs leads to financial implications. So its better to get your finances on track and make an effort to repay all your loans, card dues and other debts as soon as possible.
PREPARE YOURSELF FOR EMERGENCIES
Investing in an emergency fund with a savings plan can help you to prepare well for emergencies such as any severe health condition or in financial crunch . Take vow to regular investing that allows your small savings to grow into sizeable amount over time. Stick to a monthly SIP of some amount over the years leading to a sizeable amount, that you can use to splurge on an emergency.
SPEND SMARTLY
Entering in a New Year leads everyone to spend on festive offers and discounts, so it’s an ideal time to become a smart spender. “Smart Financial Planning” is the key to constraint budget. Learn to shop for only what is necessary and worthy. So spend on a fair deal and do your pocket a favour.
BE A TECH SAVVY OR TAKE AN EXPERT ADVICE
Taking help of a financial adviser or being tech savvy can lead not only to convenience, but also helps you manage your finances much better. So pledge to save your time and money by making optimum use of technology.
Make your money worth for you by following the simple suggestions by ShubhBank and build some financial resolutions to optimize your savings portfolio and also not to forget to review your financial products such as credit cards, loans and investment plans to acquire better outcomes.