Indian money Reviews - Financial Resolutions for the New Year 2019
The New Year is just a couple of weeks away and it’s time
for your New Year Resolution. Why not a special resolution to be financially
aware? Financial awareness is not just financial literacy or the basic ability
to understand and manage money. It’s matching financial literacy with financial
goals and needs.
Understanding financial products and choosing the ones which
meet financial
goals, understanding the financial assets owned to grow money, making a budget
to manage your money and familiarizing yourself with simple tasks like
operating your bank accounts and understanding the benefits of digital payments
like credit cards, mobile wallets,
internet and mobile banking, makes you financially aware. Financial literacy
alone is not enough. You need a holistic financial education to be financial
aware.
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A Resolution towards a Financially Aware New Year".
Let’s glance through a few tips which can make you
financially aware. The first tip of financial awareness:
Get to know your personal finances: As per Indian money review look at
what you earn and how much you spend. Find out where your money gets wasted.
Make a budget and track every rupee earned and spent. When you start tracking
your money, you will be shocked to see how much is wasted.
Cut down unnecessary expenses: If you want to
stop the money wastage, spend on needs and not wants. Understand why you spend
so much and if you still can’t control spending, leave your credit
card at home. Never use peer pressure or mood swings as an excuse to spend
money. It’s best to postpone a purchase by a month.
Get rid of debts: Getting rid of debt is a big
financial resolution. Create an emergency fund with at least 3-6 months of
living expenses. You won’t need a personal
loan or that credit card in a financial emergency. Being financially
aware helps distinguish between good loans and bad loans. Availing a home loan gets a dream home at
a young age. If you are struggling with debt, an important New Year Resolution
would be getting out of the debt trap.
Make your family financially aware: Being
financially aware is not enough. This New Year, take the resolution to make
your family financially aware. What use is saving and investing, if your family
wastes all the money? Teach kids to spend less and save more.
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