New Year 2020: Top 5 financial resolutions to become rich; Check expert's list

Money saved is money earned and it plays a great role in ensuring financial freedom in one's life post-retirement. For a happier and more secure tomorrow, make your new year resolutions well in time and execute the plans and most importantly, don’t neglect to make a good financial plan for yourself. While the days leading up to New Year's Eve are often spent reflecting on the year gone by, the following days are the perfect time to create a solid plan and make some sensible decisions that will impact one’s long-term physical, emotional and financial well-being. One can start by consulting a dietitian, opting for a healthy lifestyle, exercising and reviewing last year's financial scorecard to get finances in order for the upcoming year.

Speaking on the financial resolution ahead of the New Year 2020, Anjali Malhotra, Chief Customer, Marketing, Digital and IT Officer at Aviva Life Insurance said, "The New Year is a great time to give a chance to reset life for a new start. To ring in the new year, in the first couple of weeks of the year people commit with determination to all sorts of goals, from staying healthy to learning new skills to losing weight to financial planning. Some of these resolutions come true while many others become part of the to-do list next year."

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Asked about the top 5 financial resolution that will help an investor maximise his or her money's worth and become rich at a faster rate, Anjali listed out the following:

1] Make a list of your personal goals: While making new year resolutions, one should always review the assets and liabilities and define personal goals. Over time, it is easy to accumulate lots of savings accounts and credit cards but to take advantage of these savings one should think about the goals and needs.

2] Be mindful of your spending: One thing which everyone needs to do is establish a plan for managing finances. By preparing a budget for the coming year to be in a better position to understand where the money is being spent and where to stick to savings.

3] Start saving before investing: Investing helps in growing the saved money at a quicker rate. Before making investment plans, one should get into the habit of saving There are lots of ways to start investing.  

4] Create an extra income: One should find a way to start making more money or alternatively, invent a plan to cut down on current costs instead of spending all of it.  

5] Clear your debts: Getting out of debt is another key step to taking control of finances. The key is to make a list of all debts, increase in EMIs, pay bills on time, clear all outstanding debts to have more freedom to do the things that one wants to. Being debt-free also gives greater job flexibility and more peace of mind.