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Tuesday, 13 February 2018

Did you make any Financial Resolutions? Check them out for 2018

2017 has departed giving way to 2018. You may have learned a lot from 2017 and made some general resolutions based on your learning.
But did you make any resolutions regarding your financial life? Your personal finance management depends a lot on the financial
resolutions that you have set for yourself.

It may be high time that you set some financial resolutions for yourself. This may help you in achieving better financial results
in the long run. It is not difficult to arrive at one! Just ask yourself these questions:
  • Did you realize your financial goals?
  • Were there any unexpected expenses?
  • Were you on time with EMIs of your credit card and loans?
  • ROIs were bang on target or not?
These questions can help you take note of your financial position. After you have analyzed your financial position you can
consider these financial resolutions for yourself in the coming year: a) Consider controlling and planning on your budget: Yes, you need a budget for good financial planning. Budget helps in organizing how much to save and how much to spend or invest. It can also help you bifurcate between your needs and your wants. b.) Take measures to improve your credit score: In the world of finance CIBIL Score plays a pivotal role. It is decisive
to get a new personal loan that too at an attractive interest rate. It is also important to maintain a good credit score as it demonstrate good financial practices by you. c.) Reduce debt: Nobody like to have a debt on top of their heads. Thus repay all your EMIs on time. If you find some surplus money coming your way then you should pay your debts using them. The benefit of doing so is that you get to pay off your principal sooner saving on your interest. d.) Create a Rainy Day Fund: Emergencies do not come by informing. They just pop in. You can create an emergency fund to cover yourself from an unexpected emergency situation. You can do so by cornering some money from your earnings and some out of the bonus money that you get.
If you want to tackle financial situations tactfully with negligible or no troubles then you need financial planning.
And with the above resolutions you are going to do good in your financial plans.

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