Happy New Year 2018, Time for Some Financial Resolutions
First of all warm wishes for the New Year 2018 from the entire team of MySIPonline. The year 2018 has just begun, and it is justified if you’re still lost in the tunes of new year’s celebration. But, we are all prepared to guide you toward the right track that will help you to achieve financial stability in your life.
You might have made some resolutions to attain stability in your life and fill in some loopholes. Everyone does it! But, most of the people take resolutions to improve their style, ability, appearance, such as hitting the gym more, learning some new stuff, being polite with others, etc. However, people also make resolutions to upgrade their financial conditions which generally include spending less, saving more, starting investments, etc.
Are You Still in 90’s?
Of course, we know that this is 2018, and you are ready to sparkle your life with some healthy financial resolutions. Then, why are you wasting your time in adopting old 90’s “spending less, saving more” kind of financial resolution?
Here are some of the tips for you to garnish your financial resolution in the best way for 2018:
- Pay Yourself First : The first and foremost thing that you should adopt is a habit of paying yourself first. Generally, what happens is that you end up sacrificing your wishes to fulfil the demands of your family. No doubt that it is also a necessity that you have to look after the needs of your family but it is important to give some space to your own desires. Many a time, people discontinue their investments just because they temporarily fall short of finance. And, only a few of them are able to restart it after attaining stability. In those situations, you need to keep only one thing in mind that you have to pay yourself first and then consider others’ needs. This habit will help you to focus on your long-term goals, such as happy retirement, wealth creation, etc. In this case, investing in mutual fund SIP can be the best option as it allows you to invest even small amount like Rs. 500 per month. Start SIP as per your requirements and start the function of auto-debit. So, before you pay everyone else, have some money automatically moved from your checking account each month in your mutual fund investments. This money will keep growing and can be used in future for any purpose.
- Take Advantage of Your Opportunities : Everyone will be busy in making resolution that “I will start investing this year,” and you will have to move two steps at once. Yes, if you too are going to start your investments this year, then add to your resolution that you will take full advantage of all your financial opportunities to enhance your investment and make it stronger. It means, any bonus received by you during the year, or any such income which is non-recurring in nature should be used in making investments, rather than spending it on unnecessary articles. It will help your opportunities, i.e., the extra income received by you, to become larger over a period of time which will allow you to attain financial stability efficiently.
- Focus On Your Long-Term Objectives : It’s good if you promise yourself that you’ll stretch your time to learn some new stuff, or add some new items to your investment portfolio. But, you need to focus on your long-term goals first and for that list down all your requirements, and arrange them in accordance with their tenure. Mark highest weight to the one which has the longest tenure, say retirement planning, and accordingly, assign weight to all the others. Now, you should give first preference to the highest-weighted goal and so on. Your resolution must be focused toward your long-term objectives so that you can attain them in the required time.
- Don’t be Driven by Fear : If you are making a financial resolution, you can't delay it as you are not supposed to work on it from a month later. It should be 'think now, do now’ process. For instance, you’ve decided to invest in mutual funds this year. But, due to the down market scenario, you delay your investments for a month or two. Don’t ever do this. In investment, a day late can be a big loss. Who knows, the market may run high overnight! There are a variety of options which allow you to reduce the risk of investing in down market scenario. SIP investment plan is the best of all which provides you with excellent benefits and reduces many risk factors. So don’t be driven by fear, and keep moving toward your goals.
- Cut Down Your Debts : One of the most important financial resolutions is to cut down the debts. It’s very easy to pile up debts, but it’s harder to get rid of them. This year, make sure that you clear the clouds of your debt as much as possible so that you can let your hard-earned money grow effortlessly in the open sky.
Henceforth, making these financial resolutions and sticking to them can be helpful to you as you move toward attaining your financial goals. We, at MySIPonline, are all set to provide you with the best experience of investing in mutual funds online. We’ve also made a resolution that we’ll be with you at all steps in your journey towards creating wealth through mutual fund investments.
In the end note, we, the entire team of MySIPonline, again wishes you a financially healthy and fit new year.
Happy New Year 2018
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