Every year comes with an enthusiasm for new resolutions to achieve the target and implementation of new habits which will impact the whole life. Have you set a resolution for your financial health. In this article “Financial Resolution 2019”, you get to know low efforts resolution which will impact your holding.
Making you money health and fruitful, there is some minor modification you can implement which will directly boost the income of your savings and portfolio.
Master The Art Of Financial Resolution With These Tips
It is very important to understand how to manage finances before setting the resolution.
List out your money Inflow & OutFlow
You must aware of the movement of money both inflow & outflow, that will reveal some of the money outflows which is not necessary and creates a question mark in your decision.
New year investment tips include:
Diversification required while Investing
Don’t put all eggs in a single bracket, you must diversify your investment and distribute your saving in different segments.
In the financial market, there are several segments with different benefits and the different rate of return, which will fulfill the future requirement of the investor.
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The equity market is basically a secondary market in which the buyer can purchase the shares directly from the market and sells directly to the market. You must initiate some of the percentages in the Equity market.
If you have still not started to invest in mutual funds this is the right time to invest, you must begin SIP (Systematic Investment Plan) with monthly investment as per your desire. Mutual Funds are designed for the investor how are unable to invest directly in the Equity market.
These Mutual Funds are controlled by experts team of fund managers of different segments for the different financial institute. You can expect the return of approx 12 % per annum.
Fixed Deposit / Recurring Deposit
Fixed deposit and recurring deposit is the most trustable investment platform for the people of India.
It is recommended to invest some of the amounts in fixed deposit and recurring deposit which is good, but the interest rates are going down day by day, due to the financial economical scenario.
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Investing in an insurance policy is also one of the investment platform with double benefits, this segment not only invest your money and provide you a good return after maturity but also secure your life with financial risk.
Interest on Credit Card
Possession of Credit card comes with a lot of responsibility, selection of credit card company is very important, you must bare 15 minutes before finalizing the credit card company, every company offers different rates and billing cycles.
You must aware of the billing cycle and get the full benefits of credit time offered by the credit card company.
Secondly, use your time but pay credit card bill on time, even a day before your deadline.
Instead of using cash you can use the credit card, in the simple word the cash available to you in the bank account will provide you some interest which will directly save and boost your saving.
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Pay your Bills on Time
You must start your financial resolution 2019 by taking an ouch paying your bills on time, like credit card bills, mobile bills, grocery bills, schools bills, electricity bills etc that will not only save you from paying more interest and also directly impact on your credit rating.
Get rid of EMI (Equated Monthly Installment)
Equated monthly installment (EMI) is one of the hurdles for the individual, to boost their investment, although it is very difficult to collect the stuff without EMI for the salaried basically EMI will exhaust all your financial resolution 2019 planning.
You must save your money and invest in different segments and in the future, you will take the benefit from it instead of going for EMI.
Learn from Past
Set up your own financial mantra and learn from your past, it’s never too late to start again. You must focus on your past mistakes and get improvement mantra.
Also Read: Meaning and Importance of Credit Card for a common man