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7 Financial Resolutions To Make You Richer In 2018

IndianMoney.com Research Team | Updated On Friday, March 09,2018, 10:07 AM
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7 Financial Resolutions To Make You Richer In 2018

 

 

The New Year 2018 is just 3 days away.  It's that time of the year when you have to make your Financial Resolutions. I know it's really difficult to keep financial resolutions, but you have to make them anyway.

Read this list of 7 Financial Resolutions which can make you richer in 2018.

 

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1. Pay major bills right after salary day

 

You have the regular electricity bills, water bills, telephone bills and LPG gas bills, which pop up each month. Then there are loan EMIs, credit card bills, insurance premiums and your children's school fees.

Make sure you pay major bills right after salary day. When you see money disappearing from your bank account, you will think twice on unnecessary spends.

 

2. Pay off costly personal loan EMIs

 

Personal loans charge a very high interest. Make sure to repay personal loan EMIs in time. A delayed payment or a default will affect your credit score.

 

SEE ALSO: Financial Happenings In India In 2017

 

3. Build up an emergency fund

 

 

You need an emergency fund for financial or other emergencies. With automation on the rise, job security is a thing of the past. Do you want to find yourself out of job and out of money at the same time? If you are single, make sure you have at least 3 months of living expenses in your emergency fund. If you are married, make this 6 months of expenses.

 

4. Get yourself financially educated and literate

 

 

If you are financially literate (you possess financial skills and knowledge), you know a lot on money and personal finance. But, are you financially educated? Financial education means you not only have the skill sets to earn money, you also have the ability to retain, increase and derive new opportunities for your money. Financial education teaches you how to save, invest, spend and borrow.

Want to get yourself Financially Educated? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice / education to ensure that you are not mis-guided while buying any kind of financial products.

 

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5. Stick To Your Budget

 

 

Make a budget and stick to it. Your budget should have all your earnings (every rupee you earn) and all spendings (every rupee you spend). Do not exclude even a single major spending from your budget. A good budget does not stop you from spending. It ensures you spend on the right things and get value for money. Simply speaking....Bang for your Buck.

 

6. Earn more money

 

 

You would tell me, easy to say but tough to do. If you're smart, you can increase your take home pay. Look for a better job in the year 2018. If you plan to stick to your current job, try to get a promotion or a bonus. You can also look out for freelance offers to earn additional income.

 

7. Don't forget life and health insurance

 

 

If you have dependents, make sure you avail a term life insurance plan. You pay a premium for a sum assured for a fixed time period. If you (insured) die within the term, nominees (family members) get death benefits to maintain the lifestyle they currently lead. Loans can also be repaid with death benefits.  Term life insurance plan has no survival benefits.

Avail an individual health insurance plan which covers you for hospitalization expenses. You pay a premium depending on the sum you want to insure yourself. You can convert the individual health insurance plan into a family floater plan after marriage, which covers you/spouse and kids.

If you have not yet made your financial resolutions, it's time to do so. These 7 financial resolutions should make you rich. Be Wise, Get Rich.

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IndianMoney.com Research Team

The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.

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