10 smart money moves to make in 2024 for a healthier financial life
Each New Year offers an exciting opportunity to reevaluate our financial habits and set ambitious, yet achievable goals. The New Year feels like a new beginning, so many people make resolutions pertaining to their personal growth and changing old habits.
However, setting financially-focused resolutions may help us have sufficient liquidity to fulfil our objectives. Whether you seek to save more, invest wisely, or clear debt, here’s a guide to help you craft financial resolutions for a prosperous New Year.
Begin by conducting a comprehensive assessment of your current financial standing. Review your income sources, expenses, debts, and existing investments. This evaluation serves as the foundation for setting realistic and meaningful financial objectives for the upcoming year.
Specificity is key when formulating financial resolutions. Rather than vague goals like “save more money,” be precise. For instance, aim to save a specific percentage of your income each month or accumulate a targeted amount in your emergency fund. Make sure your goals are realistic, considering your income and expenses.
Also Read: Where and how to invest in 2024 to save more tax & accumulate wealth
Debt can be a significant obstacle to financial stability. Prioritize creating a plan to manage and reduce your debts. Start by identifying high-interest loans or credit card debts and strategize on paying them off systematically. Consider debt consolidation options or balance transfers to reduce interest payments.
Craft a detailed budget that aligns with your financial goals. Track your expenses diligently to ensure you stick to the budget. Embrace digital tools and apps available in India that offer budgeting assistance and expense tracking to
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