Five more days to go and it will be an end of the year 2017. It is probably the best time to not just make a to-do list for 2018 but also stick to it and complete it. Here are five smart resolutions to make for the coming year.
1. Save more, spend less, pay bills on time
Use a money management app to track your spends, create a budget and get reminders to make your bill payments on time. Allocate part of your income automatically so you're not tempted to use the money elsewhere. Check your past spends and work out how much you want to save each month.
2. Clear high-interest debt
Do you have several credit cards that are maxed out to the available credit limit, and are you paying only the minimum due each month? If so, you are headed for financial disaster, give them up and keep a maximum of two, with the highest credit limit.
3. Health is wealth - ensure it
Being healthy and fit is the best gift for yourself and your family and dependents. Cut down on wasteful spending and eating/drinking, make actual use of that gym membership, get a complete health check-up done and make it a yearly habit.
4. Documentation and nomination
Sounds boring, but it is a good idea to ensure your spouse/family is aware of your finances. Not just investments and insurance, but also debts. Likewise, while opening a bank/demat/mutual fund account, not many pay attention to adding a nominee. Or in case of a life insurance policy, updating beneficiary from parents to the spouse.
5. Remember to have fun!
Working 9 to 6 daily, five (or six) days a week can take a toll on your health and personal life. Make a conscious effort to set aside time for your family and friends. Plan mini-breaks every quarter and a full-fledged vacation once a year.
news credits: ians