OneInsure Blog
Post By Mariya Panwala
4 Financial Strategies To Kick Start Your New Year
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Financial Strategies, New Year Resolutions
While everyone else is busy planning for that big party for the New Year, I am sitting here, quietly at my desk, and planning to overtake them all, financially. And I do that, by strategically planning my next 12 months. I am not against celebrations but putting the financial plans in place is my first priority and I do that every December. And you should too. In fact, this year, I have decided to give you a peek into my financial strategies for the year 2018. This New Year, I hope you’re as excited as I am, to grow financially. Let’s get started then. Below, I will reveal my 4 financial strategies that could help me and possibly you to kick start our New Year on a positive note (money-wise).
1. Pay my outstanding bills
I wish to start my New Year all afresh. And I think the first thing I need to do for that is to get rid of the existing burden. Financially speaking, outstanding bills are the heaviest burden of them all. The rent, the grocery and the electricity bill, the money that I borrowed from that friend last month, most things will have to be paid as soon as possible before I begin my New Year.
2. Cut down on my unnecessary expenses
This is going to be tough but I know I can do it. All it requires me to do is to condition my mind to stick to a budget and cut down the unnecessary spendings. For instance, it won’t take more than five minutes to brew my coffee at home, why spend so much every month in expensive cafes? I can also cut down my monthly outflow on movie tickets. May be one movie a month instead of two a fortnight will be enough. And I am definitely bringing an end to all my unhealthy food habits that besides affecting my health increase my monthly expenditure.
3. Install a Spending Tracker
To make my set budget work efficiently, the most important thing that I need to start doing is maintain a tracker for all my expenses. And when we have the advantages of technology in abundance, why not make use of it! An app that can keep a track of all my expenditure will be good to go. I can instantly record the spending, monitor my expenses and identify the areas where I can curtail the cost. This is definitely going to help me improve my overall financial handling.
4. Get myself insured
It’s only when I started working for an insurance company, did I realize the significance of having insurance. So this year, buying necessary insurance policies is on top, on my to-do list. Starting from Health Insurance to a Term Plan is all I need, I guess. Umm, I think I should also get a Critical Illness Plan because in case I contact a life-style disease, the cost of treating it will surely disrupt my bank balance. The best thing is, all these plans are pocket-friendly and would help me save big when the time comes.
I guess that would be it. Now since I have given you a peek into my financial strategies, I also expect you to let me know in case I am forgetting any important point. Am I? Mostly I am not, but if at all, please let me know in the comment section below. Till then, keep calm and spend wisely. Happy New Year :)
