A few financial resolutions to consider for 2013

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A few financial resolutions to consider for 2013
The year has started with a bang, as equities and commodities have rallied since Jan 1. The best time of the year to start your planning is the beginning of the year, so you don't have to worry about budget and tax issues later.

To lead a financial healthy life one needs to look ahead.

Many people make financial resolutions to stay fit or buy something. Why not think about financial resolutions which make you life smoother and help them in achieving long term and short-term goals.

Here are a few financial resolutions you can consider for this year:

Setting goals

Each one of us has dreams to buy or invest in one or the other thing like accumulating gold, investing in property etc. So, check with your commitments and plan accordingly.

Tax planning

Everyone rushes to save tax and perapre an adequate tax planner.  So, this year you could plan ahead and get maximum savings on your income. Click to know more on Tax Savings Sections Under Income Tax Act

Loan installments

If you fail to pay your installments it can have bad impact on CIBIL score and you will eventually have difficulty in availing other loans. So, set a reminder or opt for ECS and don't forget to maintain sufficient balance.

Insurance/Retirement plan

If you are not insured then it can drain your resources. So, insure yourself and your family members. You can read more on insurance.

If you have started your career than this is the right time to opt for retirement plan so that you save enough for your retirement. If you already have a retirement or insurance plan go through and revise if necessary.

Emergency Funds

Set aside some amount in case of emergency. This way you willnot need to depend on others during an eventuality.

Spend wisely

This year make it a point to buy necessary things and do not over spend.

Save regularly

Savings in small amounts will also help initially. Later, you can increase the amount. You can opt for FD or RD, SIP to start saving at the initial stages.

The above are small things which can add up and make you lead a financially sound life.

GoodReturns.in

Read more about: tax, insurance, equities
Story first published: Friday, January 4, 2013, 10:10 [IST]
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