“though no one can go back and make a brand-new start, anyone can start from now and make a brand-new ending”
– Carl Bard
As the year is coming to an end, there couldn’t be a better time to look back on everything that summed up your 2017, whether good, bad, or ugly. It is time to make those changes in your life that you have been wanting for the whole year, and plan the new year better. Something that shouldn’t be neglected is your finances and financial habits throughout the year. With all your other New Year resolutions, there are some financial choices and habits too that you must adopt to have sound financial stability.
Why should you have financial resolutions, you ask? Well, just like having a travel plan or a health plan, a financial plan will help you streamline your finances and manage your money better. With a financial plan in place, you can have a better financial understanding and increased cash flow by continuously monitoring your spending patterns and expenses. If you think developing a financial plan is rocket-science, you can make it look like a breeze with these 5 financial resolutions.
● Have a goal
Having a clear and incisive financial goal in mind is important. It not only gives you a clearer picture but also helps in charting down an effective financial plan. A financial goal needs to have numbers that can act as your goal milestones. Saying that you need to save money this year isn’t enough, rather, saying that you need to save at least Rs 50,000 by the end of this year is more like a financial goal.
● Clear your debts
It is always a good idea to clear off your debts on the day you receive your paychecks. Prioritise your debts in terms of interest rates. The debts with a higher interest rate should be cleared off sooner than the others. Investing money is of no use when you are still paying interests on debts.
● Make discipline a habit
Being financially disciplined can take you places. Know when and where to spend and spend judiciously. If you are investing your money, make it a regular habit and religiously put money in your investments to get the best returns.
● Contingency fund
Believe it or not, but having savings can take you a long way. Emergencies won’t knock on your door before coming, so you should always be prepared. Make sure that you have at least 6 months’ expenses in your contingency fund that can be used whenever you require urgent money.
● Improve your credit score
A credit score is the ultimate decider of your creditworthiness; hence, you should always aim for a better credit score. Keep a track of your credit score and take professional help if needed. The best way to do that is to have a credit card account that is in good standing.
With these resolutions, you will certainly be in a better financial situation. And for all the times when you need to get your hands on some urgent cash, TachyLoans has your back. Avail Instant Loans Online from www.tachyloans.com for every small and big requirement.
Have a happy and financially sound new year!