On 1st January, we all celebrate the dawn of a new year. That means we all indulge in lots of fun and frolic but we also need to understand the importance of wealth and property in life and should work towards improving our financial situation. For this, you should take some financial resolutions on this new year, which will always benefit you. Let us talk about some such easy financial resolutions, by implementing which you can enjoy wealth throughout your life.
Get into the habit of making a budget for expenses that you already know. The habit of making a budget and keeping accounts may seem old fashioned, but this old habit is equally beneficial even today. Be it a holiday taken once a year or planning to eat out on the weekend or celebration of new year. If you make a budget and implement it before spending on all this, then you can get a lot of benefit from it.
Postpone expensive expenditure decisions for some time. Take at least a month's time before spending a large amount of money on anything. Before changing the car, doing a kitchen makeover or any such big expenditure, stop yourself. If that expenditure is really necessary, it will remain equally necessary even after a month. You will be surprised to think that after a month many of these expenses will not seem as important to you as they seemed before.
Whatever surplus fund you have, make it a habit to invest it. Check your bank account a day before your salary date. Leave a small amount every month and invest the remaining money using internet banking. Recurring Deposit (RD) or SIP can also be used for this regular investment. Such regular investment can prove to be a big wealth creator for you in the long run.
List all your assets in an Excel sheet. Start this list with your house, jewellery, FDs and then add other things including all your equity shares and mutual funds. You should enter the cost, quantity, holding details of the property and if possible, the current market price in this list. This document of all your assets will prove to be very helpful in your financial planning from making your will. Also, it will be very useful to your family members in any unfortunate situation.
Identify those bank accounts that you no longer need. Many of us may have bank accounts in our names which were opened during some previous job, but stopped being used after changing jobs. Many times small amounts of money remain lying there for years. In today's era when all bank accounts are linked to PAN and Aadhaar number, there is no point in having so many bank accounts. Maybe you have been thinking about closing them for a long time, but are not able to do so. So this time on new year, resolve to close all the unused bank accounts one by one, except one or two important accounts.