3 Financial Resolution that will CHANGE YOUR LIFE!

New financial year has started. And it’s time to take new financial resolution to achieve your financial goals. So, do you have any saving plan for this year? Have you met your financial consultant for investment planning?  

It is the right time to start saving and make this your best year in terms of saving. 

Today I will share three quick and simple financial goals that will CHANGE YOUR LIFE. You can accomplish that will give you financial confidence this year. 

 

#1. CREATE YOUR BUDGET 

When you are in control of your money you can live life on your terms that’s what a budget can do for you. Tracking your spending can be a helpful tool to help you understand where your money goes each month. A clear budget can help you set guidelines for what you can afford to spend and help you identify areas where you could cut back. 

Start by determining your monthly income and then decide what spending categories are most important to you. 

  

#2. SET UP RECURRING INVESTMENTS 

Managing your money becomes a lot easier when you allow automation to take over. If you want to be an investor setting up recurring investments each month is one of the easiest ways to start. 

Recurring investments ensure you spread your investments over time, allowing you to grow your portfolio with new funds consistently. Recurring investments also help to manage the impacts and risks of a volatile market.   

  

#3. TRACK YOUR NETWORTH 

While a lot of people think their salary determines their level of wealth. But I believe net worth is a much better indicator to determine your actual wealth. Calculating your net worth is a key step in assessing your financial health and reaching your financial goals. If you haven't already done so today is that time to determine how much you're worth financially. 

A great way to track your net worth and use automation in the process is with Net worth Tracker Tool. You can also calculate your Net Worth by using given formula.

 TOTAL ASSETS – TOTAL LIABILITIES = YOUR NETWORTH 

It will help you easily understand how you’re doing on your wealth building journey this year. 

 

CONCLUSION: - 

Take this opportunity to restate your financial resolutions simply and clearly for this Year. Be cautious about setting too many or unrealistic financial goals. Otherwise, you may be unable to accomplish any of them. 

Maintain a checklist to keep track of how you are doing throughout the year so that you can make any necessary modifications. If you have a financial advisor, consider meeting with them to review the goals that you have set for yourself.