New Year Resolutions for 2019

Every year we come up with different resolutions to make the year a better one and live life to the fullest. What always tops the list for most of us is to reduce weight and make better money decisions.  We start off the year with full energy to work towards our resolutions but that hardly lasts for a month or two. But let’s do something different this year. Let’s try to commit to the resolutions we take by setting small and achievable goals for this year. Here’s a list of resolutions that can help you be financially prepared for the future this year.

Save small amounts

Start saving a small amount of money. Saving even Rs 100 is still considered saving. Save a little every day instead of keeping monthly targets. Keep increasing this amount every day. Building an emergency fund should be your first goal and to build this fund you should start saving first.

Pay off debt

Being debt free should be your goal. Keep diverting every bonus or gift you get towards the debt and pay it off earlier than planned. Start paying off the debt which has the highest interest rate and then pay off the smaller interest rate debts. Once you pay off then debt divert this to savings/investment. If you are no longer paying an EMI then you have enough to save/invest.

Make a Budget

In every personal financial article, we see that making budget helps. It does. Make a realistic budget of your monthly expenses and stick to it. Sticking to the budget it very important and this can be done by avoiding impulsive shopping and unplanned but avoidable expenses. If you can’t make a budget then check your bank statements for the last two months to understand where you spend more money.

Cut back on bad money habits

Eating out too often, shopping without occasion, paying for a gym membership which will go waste, spending more than you earn, relying on credit card way too much and personal vices like drinking, smoking, gambling and shopping are just a few of the many bad money habits that can be cut down.

Have no spending days

It might sound simple but having no spending days can be difficult. Start having no spending days once a week first and then increase it to two or three days later. It helps you with sticking to your budget and you can get over the habit of impulsive spending.


This should be done right away. There is no better time to invest than now. Don’t have lakhs to invest, well there is nothing to worry about. Investing even Rs 500 is investing. This can be done through a SIP in mutual funds. Invest for future goals like marriage, vacation, kid’s education and retirement. Doing a goal-based investing is one of the best ways to invest.

These are just a few of the many financial resolutions one can take but taking and following these can help you become financially strong. Having control of your finances is very important else your finances will control you.

Upwardly wishes you a happy and a prosperous new year

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