{"id":6289,"date":"2022-01-04T17:29:21","date_gmt":"2022-01-04T11:59:21","guid":{"rendered":"https:\/\/www.tickertape.in\/blog\/?p=6289"},"modified":"2022-05-24T10:51:58","modified_gmt":"2022-05-24T05:21:58","slug":"financial-resolutions-for-new-year","status":"publish","type":"post","link":"https:\/\/www.tickertape.in\/blog\/financial-resolutions-for-new-year\/","title":{"rendered":"Add These Options to Your Financial Resolutions List This New Year!"},"content":{"rendered":"\n<p>New Year\u2019s resolutions are a popular thing to make. Every new year starts with a clean slate, an empty room waiting to be filled with opportunities and hope. Moreover, the last two years have challenged us in more than one way. And indeed, with everything that has happened, one thing is certain: the importance of financial aid. A realisation that it has to be our priority, no matter what.&nbsp;<\/p>\n\n\n\n<p>As easy as it is to write your resolutions, it is easier to break them. But having a goal can keep you on track and act as a constant reminder. So, if you wish to have a fresh financial start to the year 2022, you\u2019re in the right place. We\u2019ve got a few ideas to help contribute to your list of resolutions. Continue reading if you want to add some of these or all of these options to it.\u00a0<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.tickertape.in\/blog\/financial-resolutions-for-new-year\/#Create-an-emergency-fund\" title=\"Create an emergency fund\">Create an emergency fund<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.tickertape.in\/blog\/financial-resolutions-for-new-year\/#Stick-to-a-budget\" title=\"Stick to a budget\">Stick to a budget<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.tickertape.in\/blog\/financial-resolutions-for-new-year\/#Start-investing\" title=\"Start investing\">Start investing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.tickertape.in\/blog\/financial-resolutions-for-new-year\/#Pay-off-debts\" title=\"Pay off debts\">Pay off debts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.tickertape.in\/blog\/financial-resolutions-for-new-year\/#Save-for-your-retirement\" title=\"Save for your retirement\">Save for your retirement<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.tickertape.in\/blog\/financial-resolutions-for-new-year\/#Rebalance-your-portfolio\" title=\"Rebalance your portfolio\">Rebalance your portfolio<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.tickertape.in\/blog\/financial-resolutions-for-new-year\/#Pay-off-your-credit-card\" title=\"Pay off your credit card\">Pay off your credit card<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.tickertape.in\/blog\/financial-resolutions-for-new-year\/#Set-savings-goals-that-are-achievable\" title=\"Set savings goals that are achievable\">Set savings goals that are achievable<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.tickertape.in\/blog\/financial-resolutions-for-new-year\/#Protect-yourself-with-insurance\" title=\"Protect yourself with insurance\">Protect yourself with insurance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.tickertape.in\/blog\/financial-resolutions-for-new-year\/#Practice-a-%E2%80%98no-spend-day-every-week\" title=\"Practice a \u2018no-spend\u2019 day every week\">Practice a \u2018no-spend\u2019 day every week<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.tickertape.in\/blog\/financial-resolutions-for-new-year\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"create\"><span class=\"ez-toc-section\" id=\"Create-an-emergency-fund\"><\/span><strong>Create an emergency fund<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There is always a tinge of uncertainty in all our lives. And for this, you need to have some money kept away as your <a href=\"https:\/\/www.tickertape.in\/blog\/the-fundamentals-of-building-a-contingency-fund\/?utm_source=blog&amp;utm_medium=article\">emergency fund<\/a>. This fund may be the only thing that saves you when an unexpected expense crops up or your income is reduced.&nbsp;<\/p>\n\n\n\n<p>If you don\u2019t have an <a href=\"https:\/\/www.tickertape.in\/blog\/using-and-rebuilding-an-contingency-fund\/\">emergency fund<\/a>, it is better to start building from now. Ideally, you should have at least three to six months of income put aside as your emergency fund.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"stick\"><span class=\"ez-toc-section\" id=\"Stick-to-a-budget\"><\/span><strong>Stick to a budget<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Creating a budget and sticking to it may not excite you as much as other resolutions you have planned for 2022. But this definitely is a crucial step if you want to manage your finances better.&nbsp;<\/p>\n\n\n\n<p>Without a budget, you may not know where all your money is going. And this, in turn, becomes a hindrance to achieving your other financial goals like <a href=\"https:\/\/www.tickertape.in\/blog\/tips-to-not-overspend\/?utm_source=blog&amp;utm_medium=article\">saving<\/a> for emergencies or clearing your debts. Many budgeting apps could help make this task easy.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"start\"><span class=\"ez-toc-section\" id=\"Start-investing\"><\/span><strong>Start investing<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If you have already started investing, kudos! And you can skip this point. But if you haven\u2019t, investing should definitely be one of the top three on your priority list of New Year\u2019s resolutions. It may not be easy and immediate, but it sure is one of the best ways to build your wealth.&nbsp;<\/p>\n\n\n\n<p>Explore different investing options in stocks and other asset classes that could give you profitable returns. You can do so on <a href=\"https:\/\/www.tickertape.in\/?utm_source=blog&amp;utm_medium=article\" target=\"_blank\" rel=\"noreferrer noopener\">tickertape<\/a> which offers <a href=\"https:\/\/www.tickertape.in\/blog\/14-new-filters-on-tickertape-stock-screener\/\">filters<\/a> to suit your search requirements, a tab to help you do your research, <a href=\"https:\/\/www.tickertape.in\/blog\/tickertape-stock-screener-to-discover-largecap-stocks\/\">Stock Screener<\/a> to assist you with picking the right ones and comparing them with their peers, and more!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"pay\"><span class=\"ez-toc-section\" id=\"Pay-off-debts\"><\/span><strong>Pay off debts<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Debt is neither good nor bad. For some, it might become necessary for purposes like investing in a long-term asset like a home, and for some, it might not be. However, debt becomes an issue when it feels like a burden rather than a tool.&nbsp;<\/p>\n\n\n\n<p>Having said that, you can keep it under control. For instance, If you have multiple debts, consider <a href=\"https:\/\/www.tickertape.in\/blog\/debt-consolidation\/?utm_source=blog&amp;utm_medium=article\">consolidating them into a single, low-cost loan<\/a>. You can also activate the auto debit option for EMI payments. This will help you in keeping your debt load manageable.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"save\"><span class=\"ez-toc-section\" id=\"Save-for-your-retirement\"><\/span><strong>Save for your retirement<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Who does not want to be self-reliant even after retiring? Saving money for your <a href=\"https:\/\/www.tickertape.in\/blog\/retirement-planning\/?utm_source=blog&amp;utm_medium=article\">retirement life<\/a> will help you be self-reliant. But it requires you to create a long-term investment plan. The sooner you start, the more money you will accumulate to keep your retirement life secured and financially protected.&nbsp;<\/p>\n\n\n\n<p>There are multiple options to choose from to save for your retirement. A few viable ones are fixed deposits, provident funds, <a href=\"https:\/\/www.tickertape.in\/blog\/is-nps-good\/?utm_source=blog&amp;utm_medium=article\">National Pension Scheme<\/a> (<a href=\"https:\/\/www.tickertape.in\/blog\/is-nps-good\/\">NPS<\/a>), <a href=\"https:\/\/www.tickertape.in\/blog\/mutual-funds\/\">mutual funds<\/a>, and <a href=\"https:\/\/www.tickertape.in\/blog\/atal-pension-yojana-registration-eligibility-monthly-contribution\/\">Atal Pension Yojana<\/a> (APY). However, if you have more time for your retirement, you could always choose the <a href=\"https:\/\/www.tickertape.in\/blog\/what-is-equity\/\">equity<\/a> asset class (which is often subdivided by <a href=\"https:\/\/www.tickertape.in\/blog\/market-capitalization\/\">market capitalisation<\/a> into small-cap, mid-cap, and large-cap stocks) to build your corpus.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1101\" height=\"3581\" src=\"https:\/\/www.tickertape.in\/blog\/wp-content\/uploads\/2022\/01\/10-New-Year-Resolutions-Financial-Edition-05.png\" alt=\"\" class=\"wp-image-6292\" srcset=\"https:\/\/www.tickertape.in\/blog\/wp-content\/uploads\/2022\/01\/10-New-Year-Resolutions-Financial-Edition-05.png 1101w, https:\/\/www.tickertape.in\/blog\/wp-content\/uploads\/2022\/01\/10-New-Year-Resolutions-Financial-Edition-05-92x300.png 92w, https:\/\/www.tickertape.in\/blog\/wp-content\/uploads\/2022\/01\/10-New-Year-Resolutions-Financial-Edition-05-315x1024.png 315w, https:\/\/www.tickertape.in\/blog\/wp-content\/uploads\/2022\/01\/10-New-Year-Resolutions-Financial-Edition-05-472x1536.png 472w, https:\/\/www.tickertape.in\/blog\/wp-content\/uploads\/2022\/01\/10-New-Year-Resolutions-Financial-Edition-05-630x2048.png 630w\" sizes=\"(max-width: 1101px) 100vw, 1101px\" \/><figcaption>Source: Tickertape<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"rebalance\"><span class=\"ez-toc-section\" id=\"Rebalance-your-portfolio\"><\/span><strong>Rebalance your portfolio<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As you all know, the <a href=\"https:\/\/www.tickertape.in\/blog\/how-to-invest-in-shares\/\">stock market<\/a> is often volatile and unpredictable. You never know when a few sectors overperform and a few underperform. There are chances where a particular sector that performed well this year may not produce the same results next year.&nbsp;<\/p>\n\n\n\n<p>This is when <a href=\"https:\/\/www.tickertape.in\/blog\/how-often-should-you-rebalance-your-portfolio\/?utm_source=blog&amp;utm_medium=article\">rebalancing your portfolio<\/a> plays an important role. It\u2019s prudent to rebalance your portfolio and relook at the <a href=\"https:\/\/www.tickertape.in\/blog\/why-is-asset-allocation-one-of-the-most-important-aspects-of-portfolio-construction\/\">asset allocation<\/a>. A few options for asset allocation are equities, real estate, <a href=\"https:\/\/www.tickertape.in\/blog\/the-golden-behaviour-during-crisis\/\">gold<\/a>, commodities, derivatives and mutual funds.&nbsp;<\/p>\n\n\n\n<p>Please remember that asset allocation and <a href=\"https:\/\/www.tickertape.in\/blog\/mitigating-portfolio-risk-through-diversification\/\">diversification<\/a> are two separate things. Diversification could also refer to different investment styles and not just asset classes. For instance, you could diversify your equity portfolio by investing in other sectors or companies based on their market capitalization.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"credit\"><span class=\"ez-toc-section\" id=\"Pay-off-your-credit-card\"><\/span><strong>Pay off your credit card<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Having a nagging credit card balance can put anyone off. So, add clearing your credit card bills on time to your list of financial resolutions for 2022, as credit cards charge interest whenever you fail to pay the total balance. And the longer you push paying off the balance, the more interest you accrue.&nbsp;<\/p>\n\n\n\n<p>Paying this debt should be on the top of your priority list because it saves you a lot of money in the long run. And an added advantage is it helps in improving your <a href=\"https:\/\/www.tickertape.in\/blog\/habits-that-hurt-credit-score\/?utm_source=blog&amp;utm_medium=article\">credit score<\/a>! It\u2019s advised to not purchase anything extra from the credit card that you haven\u2019t paid the total balance. Plan accordingly and realistically how much you can clear off in a year.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"set\"><span class=\"ez-toc-section\" id=\"Set-savings-goals-that-are-achievable\"><\/span><strong>Set savings goals that are achievable<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Every one of us has a particular goal in mind when it comes to saving money. But at times, people don\u2019t plan it well. Here\u2019s why &#8211; there is a big difference between wanting to save Rs. 1.5 lakh and wanting to save Rs. 1.5 lakh in 6 mth.<\/p>\n\n\n\n<p>The former is not actionable because there is no specific time period defined. However, the latter gives you a timeline, indicating that you must save Rs. 25,000 every month to meet your goal. When you think about it this way, it\u2019s a lot easier to plan your savings.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"protect\"><span class=\"ez-toc-section\" id=\"Protect-yourself-with-insurance\"><\/span><strong>Protect yourself with insurance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An illness, job loss, disability, death, natural disasters, or lawsuits &#8211; all these may throw your financial life into disarray. Make a resolution to get your insurance requirements covered if you don\u2019t have enough assets to self-insure against significant risks.&nbsp;<\/p>\n\n\n\n<p>Insurance helps safeguard against unanticipated situations that don\u2019t happen very often but can be costly to manage independently. Choose a <a href=\"https:\/\/www.tickertape.in\/blog\/health-insurance-emergency-fund\/?utm_source=blog&amp;utm_medium=article\">health insurance<\/a> plan that suits your requirements, life insurance if you have people dependent on you, vehicle, and property insurance.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"week\"><span class=\"ez-toc-section\" id=\"Practice-a-%E2%80%98no-spend-day-every-week\"><\/span><strong>Practice a \u2018no-spend\u2019 day every week<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>This may come as a surprise, but this is also important if you want to have a healthy financial life. This could be one of the best ways to pause your expenditure, build on the savings and develop a positive attitude towards money. It helps you control your budget and help you stay confident and content when you have to manage your money.<\/p>\n\n\n\n<p>If you don\u2019t have any of your friends or family members practising this habit, be the first to start.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>So, these were a few ideas we thought could help you make your financial new year\u2019s resolution list. Like the saying goes &#8211; \u201chope for the best, but prepare for the worst\u201d &#8211; you can set up a rainy day fund equal to at least six months of your pay to mitigate the damage. But remember, you are in no rush, so you don\u2019t have to do it all at once. Take one step at a time by treating your resolutions as a checklist and ticking them one by one. We hope the year 2022 is filled with lots of hope, financial wellbeing, and good health. Happy New Year from us to you! #tickertapeHaiNa #DimaagLagana<\/p>\n","protected":false},"excerpt":{"rendered":"<p> New Year resolutions are made by every one of us. But how many of us actually add financial goals to them? If you haven\u2019t made your list yet, this article has a few ideas for you!<\/p>\n","protected":false},"author":45,"featured_media":6291,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[8,1759],"tags":[298,1147,856,296],"acf":[],"modified_by":"Anjali Chourasiya","jetpack_featured_media_url":"https:\/\/www.tickertape.in\/blog\/wp-content\/uploads\/2022\/01\/TT-4-Jan-10-Financial-New-Years.png?wsr","_links":{"self":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/6289"}],"collection":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/users\/45"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/comments?post=6289"}],"version-history":[{"count":4,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/6289\/revisions"}],"predecessor-version":[{"id":8564,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/6289\/revisions\/8564"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/media\/6291"}],"wp:attachment":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/media?parent=6289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/categories?post=6289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/tags?post=6289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}