2016: 7 New Year Financial Resolutions You Must Keep

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New Year Resolutions don't change much as we often fail to implement and follow through out the year. So, the resolutions remain same for most of the years. For many health resolution such as diet, weight loss etc is priority and will be on top list for every year.

However, financial health is also equally important. Being financially sound won't help unless you are prepared for the financial obstacles. Click to know 5 things to do with your finance before the year ends.

7 New Year Financial Resolutions You Must Keep

This year, let your financial resolution top your resolution list to build healthy financial life.

1) Buying things in sale is not considered as savings. No matter what, you are spending money. So, better to avoid unnecessary shopping.

2)Buying a new car or home improvements wont help as investments, means these are depreciating assets no matter what when you sell, you will get lesser money than you invested.

3) Have a discussion with your family so that everyone co-operates to help you keep your resolution. When discussing with your kids let your sentences be tailor made for their age.

4) Revisit your financial goals and make necessary changes if needed. Make separate list for long term and short term investment. As there is no point at looking at your long term investment daily.

5) Prepare for tax season early, keep all the documents and receipts handy.

6) Increase your financial literacy, as it will help you take better finance decision. Following some business newspaper or site will give you a fair idea on how the market are expected to move and what factors can impact your investments.

7) Do not touch emergency fund unless it is vital or very urgent. If fund is used, try to set aside the same amount.

Do a basic budget to match simple day to day expenses, be realistic in setting goals. Let us make coming year a Happy New Year by being financial confident and learning from last year's mistakes.

GoodReturns.in

Read more about: finances
Story first published: Monday, December 22, 2014, 10:24 [IST]
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