Topic 2: 11 New Year Resolutions for Healthy Financial Life 2019-2020
New Year Resolutions are new commitments that we take at the beginning of every year. With a lot of joy and enthusiasm we have entered in the new financial year 2019-2020. All of you must have planned a lot of thing for the New Fiscal Year. You might have taken new resolutions also. However, if you have not made any plan or if you are planning to take new resolutions for a healthy financial life, Here is something interesting for you. Here is a list of 19 New Year Resolutions for Healthy Financial Life that will surely help you in getting financial success.
11 New Year Resolutions for Healthy Financial Life 2019
About Loan
1. The first resolution for the New Year is about Loan. Resolution – “I will never borrow money to buy luxuries items. I will opt for the loan for the items which are absolutely necessary. Before taking a loan I will evaluate all loan options carefully.”
2. Next resolution is about clearing debt. Resolution – “I will clear all my debt this year. I will keep the special provision of saving specific amount every month for repayment of debt.”
About Insurance
3. The third resolution for the New Year is about Insurance. Resolution – “I will assess my life insurance and requirement and increase the coverage as appropriate.
4. Resolution – “I will cover my entire family under health insurance policy. I will select the best health insurance policy by comparing various features.”
About Tax Planning
5. “I will start doing tax planning from the beginning of the financial year. About Investment
6. “I will evaluate and understand the financial product before making an investment. And will take help of a financial advisor
7. “I will monitor returns given by the investments that I have done at least once in 6 months and make rebalancing and restructuring as appropriate.”
8. “I will complete nomination formalities in all my investment as well as saving bank accounts. I will write my will and inform my loved ones about the same.”
Others
9. “I will track each and every expense. I will prepare a monthly budget and track expenses at least for 2-3 months to remove unwanted expenses”.
10. “I will not rely on a single source of income. I will develop the second income that will help me to increase my standard of living.”
11. “In case I find it difficult to handle the financial matter, I will take help from registered financial planner.”
Over to You –
Let’s start New Year 2019 by taking a realistic financial resolution and live healthy and wealthy financial life.
About Loan
1. The first resolution for the New Year is about Loan. Resolution – “I will never borrow money to buy luxuries items. I will opt for the loan for the items which are absolutely necessary. Before taking a loan I will evaluate all loan options carefully.”
2. Next resolution is about clearing debt. Resolution – “I will clear all my debt this year. I will keep the special provision of saving specific amount every month for repayment of debt.”
About Insurance
3. The third resolution for the New Year is about Insurance. Resolution – “I will assess my life insurance and requirement and increase the coverage as appropriate.
4. Resolution – “I will cover my entire family under health insurance policy. I will select the best health insurance policy by comparing various features.”
About Tax Planning
5. “I will start doing tax planning from the beginning of the financial year. About Investment
6. “I will evaluate and understand the financial product before making an investment. And will take help of a financial advisor
7. “I will monitor returns given by the investments that I have done at least once in 6 months and make rebalancing and restructuring as appropriate.”
8. “I will complete nomination formalities in all my investment as well as saving bank accounts. I will write my will and inform my loved ones about the same.”
Others
9. “I will track each and every expense. I will prepare a monthly budget and track expenses at least for 2-3 months to remove unwanted expenses”.
10. “I will not rely on a single source of income. I will develop the second income that will help me to increase my standard of living.”
11. “In case I find it difficult to handle the financial matter, I will take help from registered financial planner.”
Over to You –
- Prepare and write down your financial resolutions for the year 2019-2020 in the piece of paper and paste it at your desk.
- To live a wealthy life stick to your financial resolutions.
- Discuss with your family member so that they will also support you to keep these resolutions.
Let’s start New Year 2019 by taking a realistic financial resolution and live healthy and wealthy financial life.