Your Guide to New Year’s Financial Resolutions That Stick

As we step into 2024, let’s kickstart the New Year with a focus on improving our finances. This guide introduces easy and practical financial resolutions that you can start right away. Stick to them with patience and consistency, and watch your financial well-being grow throughout the year

Here we go!

Start Investing at the Earliest

The first resolution for this year should be to start investing. If you are waiting for the right time, it is now. Even a small portion in equities can bring inflation-beating returns and accumulate wealth.

Newcomers can begin with monthly investments in mutual funds and venture into direct equities as their understanding grows. Remember, the best time to invest in equities was 10 years ago, and the next best time is now.

Periodically Review and Adjust Investment Portfolios

Initiating investments at a young age sets you on the path to financial stability. However, it’s crucial to periodically review and adjust your portfolio as financial circumstances evolve.

Avoid unnecessary panic reactions and ensure your investment portfolio aligns with macroeconomic and personal changes.

Modify the Savings and Spending Equation

Reconsider the traditional spending and investment equation. Instead of investing what’s left after spending, prioritise investing from your income first. This disciplined approach ensures savings and investments are not compromised.

Step-up Your Investments

If you grasp the significance of equities in wealth creation and are already investing, consider increasing your investment amounts. Bonuses or appraisals should prompt thoughts of boosting investment contributions to reach financial goals sooner.

Accept Volatility in Equities

Volatility is inherent in stock markets and cannot be avoided. Acknowledge this reality and resist hasty decisions based on market fluctuations.

Understand that stock market returns aren’t linear. Investors need to embrace volatility and refrain from making impulsive decisions.

If you are serious about fulfilling your New Year resolutions, these promises can help you become a better version of yourself and gain an edge in 2024. No additional skills or talents are required – just abide by these promises, and you will pat your back on December 31, 2024!

That’s it for today. We hope you’ve found this article informative. Remember to spread the word among your friends. Until we meet again, stay curious!

*The article is for information purposes only. This is not an investment advice.

*Disclaimer:?Teji Mandi Disclaimer