5 Financial Resolutions For The New Year That You Should Not Ignore

For investors and any newbie interested in finance, there are always two new years: the gregorian calendar new year and the financial new year. We are already well into the 3rd month of the gregorian new year, having left behind all the excitement and optimism of the new year to settle into another monotonous routine. However, the financial new year is the perfect opportunity for you to rekindle that spark for transformation and personal development. We’ll tell you how!

This financial new year, why not set some brand-new financial resolutions? After all, money is our best ticket to fulfilling most of our dreams and making us happy more often than not, right? Here are 5 financial resolutions that you shouldn’t let go of to reel in the FY2023-24 spirit wholeheartedly:

1. Create a personal budget: 

Yes yes, we know how tiring this is. But it doesn’t have to be boring! Who said analysing your monthly income, expenses, needs, and wants is not fun? It can also be an opportunity for you to become more self-aware, reflective, and responsible about your finances. After analysing all this, use personal financial planning tools to come up with a set budget for each of your particulars so that you are sticking to being fiscally responsible! This will keep your savings consistent and discipline you into not splurging. 

2. Optimise your portfolio: 

For the new financial year, actively optimise your existing portfolio and maximise your investment returns. You can do this by diversifying your portfolio, and tapping into different sectors, markets, investment instruments, and more. This way, you not only hedge your risks but also stand to benefit from multiple market movements.

3. Save more money: 

This one’s quite a no-brainer, right? You must resolve to save more money every month to build your own financial stability. If you are used to keeping a percentage of your income, you can either aim to increase that percentage or increase your income to expand your savings automatically. The more you save, the more you can invest in creating wealth. 

4. Build an emergency fund: 

You can start a FD or a low-risk SIP to build your emergency fund. It will be one of the safest ways to store your money, and you can start keeping some money aside every year for emergencies. 

5. Improve your credit score (CIBIL): 

For credit card users, this resolution is a must. In case you intend to make a big purchase in the future, such as a house, a car, or a massive loan, your credit score can make or break your chances of getting the finances for the same. A high credit score will boost your credibility for banks to easily sanction loans for you. A good credit score is anything above 670. You can achieve this very easily by paying off your bills on time. 

Think of these resolutions as a checklist to set up your financial goals. If you don’t have a plan yet, Now is a perfect time to prioritise your financial resolutions to make some real progress on your financial journey this year. The wealth managers at Tailwind, the best digital wealth management platform are always prepared to help you out in this journey!


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