4 resolutions to strengthen your financial future
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4 resolutions to strengthen your financial future

  • Highlights

  • Meet your goals with a well-defined financial plan

  • Boost investment returns and save tax

  • Invest in high-return investment options with safety

  • Prioritize your expenses to ensure maximum savings

A new year can be a good time for reflection, when you take stock of your present financial standing, review your finances and define your financial goals. Even small modifications can strengthen your financial future in a great way.

Making new financial resolutions can be a great way to kick-start your new year, and work towards ensuring a better financial future.

Here are some of the best financial resolutions to help you ensure a profitable year ahead:

1. Prepare a road map

A realistic roadmap of your financial goals can propel you towards the right direction, and set you up for success. It is hence, important to determine how you will achieve your specific goals. Start considering factors like:

- Time left for achieving a particular goal
- Inflation-adjusted amount you will need to earn
- Monthly savings you need to attain your goal(s)

2. Grow your savings by investing smartly

Creating wealth is a prerequisite for you to attain your financial goals. If you’re looking to create wealth, saving alone is not enough. You can always grow your savings by investing smartly. Traditional saving tools may not always be the best investment avenues. Even if they offer fixed returns and corpus guarantees, they are only recommended for short-term investments. However, if you use them over the long term, traditional investment options might prove ineffectual for financial growth.

Choosing the right investment option is only the start. It is more important to increase your savings every year, according to your income growth. For example, if you are considering gold investment in any form, you have to ensure that it increases by at least 10% per year for the next 25 years. This makes a remarkable difference in your retirement income, and guarantees a tidy sum of money for incidentals.

3. Invest in fixed deposits

Fixed deposits (FDs) deserve to be a part of every investor’s portfolio. They offer a great combination of safety, stability, and good returns. Fixed deposit interest rates are much higher than savings account interest rates, which usually provide just 4% interest on your money.

FDs provide a flexible tenor up to 60 months, and an online FD calculator for precise and easy estimation of returns. You can also choose between a cumulative or non-cumulative fixed deposit, depending on whether you require periodic returns. A fixed deposit is an excellent all-round option for all types of investors.

4. Understand how to save tax

Not utilizing every tax-saving option available to you may lead to loss of thousands of rupees per year. This is money that could have been invested systematically towards the achievement of life goals.

5 reasons to Invest in SIP

This year, make a resolution to stay updated on all the taxation norms, specifically those that affect your savings. For example, if you invest in Equity Linked Saving Schemes, you can create long-term wealth and save tax under Section 80C. There are many such options to explore, most of which offer tax benefits.

Taking the right steps can help you strengthen your financial foundation and help you attain your goals with ease. Start investing in a Fixed Deposit today, so you can earn maximum returns and gain from more flexibility and periodic returns.

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