Financial Resolutions for 2021

 Financial Resolutions for 2021

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As we approach the new year we are bound to make a set of rules and aims that will make 2021 much better than 2020  and while we do that with our health and lifestyle, it is also necessary to make some smart financial New Year’s resolutions.

Only 25 % of the entire world’s population includes financial planning in their resolution. The following are the list of the top financial New Year’s resolutions to make for 2021.

1. Revise your Budget

People should be mindful of their budget when planning a travel or any form of leisure shopping in the wake of a coronavirus outbreak. Cutting down your budget on travel and long holidays enables you to save more money, especially at a time when things have become unpredictable and the job market is not great. You can instead plan a short trip or a weekend getaway to get over stress. Similarly, you can wait a bit before you splurge on the next gadget or a designer dress.

2. Pay off your Debt

One of the most important financial resolutions for any individual should be to be free from any debt. Owing to the ongoing recession, many individuals have faced job losses and salary cuts. This has made it extremely difficult to repay debts in due time. It is important to ensure that you calculate all expenses and pay off debts that could include credit card payment, bank overdraft and any other form of a loan.

3. Buy relevant Insurance Policies

In 2021, investors should try to look for attractive policies that guarantee them good returns in the long run. Besides medical policies, it is advisable to invest in savings insurance plans like the HDFC Life Sanchay Plus. This plan offers guaranteed returns and safeguards your family’s future from untoward incidents.  Rest assured of regular income and systematic savings that will help you in fulfilling dreams of all your loved ones!

4. Emergency Funds

The biggest issue that millennial and various others face is sudden emergencies that take a toll on our finances. Whether it is sudden medical bills or losing a job, it is important to be prepared for the worst emergencies. That is where an emergency fund comes into the picture. The emergency funds need not be liquid cash lying around in a bank account, but can be any form of easily liquidable investments in mutual funds, etc. The important point is to prepare for the worst while hoping for the best.

5. Invest more of your Income

If you’re investing more towards your retirement and have maxed that out, an admirable financial goal for the New Year is to boost your investments even further through taxable accounts or alternative investments.

In my own financial life, this is always one of my top financial priorities. I am always seeking out new sources of passive income, and the way I do that is finding ways to invest in a robust, diversified manner.

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