Investment Resolutions for the new year – Resolutions that matter
December 16th, 2019
As we bid adieu to an eventful year and welcome the new decade, now is the right time to think about your finances and strategize your financial plans for the coming year. A new year always serves as a vantage point to assess your lifestyle and make significant positive changes, including your financial situations as well. Whether you are setting up a retirement fund or saving money for a down payment on a new house, a sound financial resolution is a smart way to get closer to your goals. Here are some resolutions, should you choose to follow, that will help you realise your dreams in the new decade.
1. Avoid Spending on Things You Don’t Need
As simple as it sounds, it is not only an elemental choice but a critical one as well. You must monitor your expenditure and avoid spending on unnecessary things. Spending money on things you do not need can cause a huge dent in your financial savings. Make sure you only buy the absolute essentials. Money saved is money earned.
2. Plan on Reducing Your Debt
A significant debt not only affects your credit score but can also cause an obstacle for future investments. One way to go about this is by prioritizing your debts according to the interest rates and trying to pay off the ones with higher interest rates. Once your debt is significantly reduced, you can opt for various other investment options.
As the age-old saying goes, “Don’t put all your eggs in one basket,” it is important to consider diversifying your portfolio. With the market being so volatile, investing in various different classes will reduce the financial risk considerably. A real estate is a viable option for investment. If you haven’t yet invested in real estate, this coming year could be a great opportunity to purchase property or make real-estate related investments.
4. Emergency Funds
Just like the market, life can be quite unpredictable. Unforeseen circumstances like medical emergencies, losing a job, and other forms of emergency can take a high toll on your finances. It is important to keep money saved up for a rainy day. You can make some smart choices by maintaining emergency funds in your accounts or investments that can be easily liquefied. As the scout motto goes, “Always be prepared”.
5. Plan for Your Retirement
It doesn’t matter how old you are or how much longer you have until retirement. The smartest choice you can make this coming year is by planning for your retirement. You can check various retirement plans available in the market and assess your financial condition and choose the retirement plan that suits your situation the best.
6. Read Financial Magazines, Newspapers, and Blogs
You must make sure to imbibe as much information you can about finances by reading financial magazines, books, blogs, etc. on a consistent basis. This will not only keep you updated on all the financial information but will also give you new investment ideas for your future.
Adarsh properties are ideal for investments and end-users as well. Adarsh Group offers luxurious living spaces at the most competitive rates at fast developing and highly sought after areas in Bangalore thus making them a very viable option for investors.
2020 is just a few days away. While you are busy chalking out your personal resolves and prepping for the most colourful time of the year, don’t miss out on including these investment resolutions to your list. Make 2020 count by planning, saving and investing right!