10 FINANCIAL NEW YEAR RESOLUTIONS for 2021

There is a good chance that many of us or most of us were not able to stick to our 2020 resolutions, because it indeed was a tough year. And because we all had 2020 in our lives we shouldn't be engaging in bad financial behaviors anymore. So, it is important for you to be more accountable for every penny that you will be spending throughout the year. Here are some 2021 New Year Resolutions to kickstart your year with financial safety:

1. Budgeting:

It is advisable to opt for a suitable budgeting method that can help in tracking your dispensable expenditures and save a good amount of money for long stretch of time. It is very important to make the budget but what is more important is- Stick to it, revisit it.

2. Emergency Fund: Yes, This is the most highlight learning of 2020- Establish a Rainy Day fund And Secure the expenses of almost 12 months into this account. It is a must have account in your financial kitty.

3. Investments: Set the Goals Plan your investments and link them to a designated goal. With this you will be able to achieve your goals, allocate it properly according to your risk appetite and perform better in any given economic conditions.

4. Financial Risks: In order to secure financial security of your dependent when you are not around, you need to have an adequate life insurance cover, at least 10-12 times of your annual income. In case you are not able to pay the premium of life insurance immediately, please buy a personal accident policy immediately. Secure yourself with a appropriate Term Plan. 5. Health Insurance: Again, Its importance cannot be fully understood if we haven't lived 2020.Prioritize and invest in a good health insurance plan so that you are financially secured in unprecedented situations. Check your health plans, go through them, check whether the nearest and the big hospitals of your city is covered under it.

6. Pay off all your Debts: It’s prudent to pay off all your debts on your Credit/Debit Cards timely. As it saves you from getting entrapped in debts and high-rate interests. It improves your credit scores also. Keep your level of Debt under 30% of your available credit.

7. Commit to paying off your bills on time: Paying off your bills on time can help in saving your money and maintain healthy credit score. You can also switch to Auto-Debit which will help in avoiding late fee deduction. Most bills with late fees usually add 10% to 15% to the total monthly payment. And that's a lot of money we could be saving every month.

8. Plan your retirement

If you are already saving for retirement - its wonderful (Ask yourself if you can spare more monies in it) And if you are not- Its high time you get going. Retirement should be in your high priority goal list.

9. Review your Portfolio: Check in with your financial advisors to review your Portfolio performance yearly. If you are registered with Planet Profit for your Investments or Insurance requirements, You will be receiving the call for the review soon.:)

10. Update your necessary documents: Ensure that all your important bank account details, health insurance documents, insurance paperwork is updated timely to avoid situations of missing documents.