New Year’s Financial Resolutions for 2022: From Creating Emergency Fund To Stand-Alone Health Plan, 5 Must-Keep Financial Goals
While most of these resolutions are often forgotten about in a few days, there are a few commitments that you can make which will definitely make your life better. And as we prepare to celebrate New Year 2022, here are some financial New Year resolutions that everyone needs to follow for a healthier and happier life.
Every year, come December end, our timelines fill with love and gratitude, our streets with festive fairy lights and our hearts with the urge to do better and be better in the coming year. The fact that January 01 brings with it New Year 2022 and gives us the opportunity to begin afresh is why we all make our own personal New Year's resolution.
While most of these resolutions are often forgotten about in a few days, there are a few commitments that you can make which will definitely make your life better. And as we prepare to celebrate New Year 2022, here are some financial New Year resolutions that everyone needs to follow for a healthier and happier life. New Year Resolutions for 2022: Five Steps to Making Sure You Follow Them Without Fail!
1. Get a Life Insurance
While life insurance is often looked at as something to be considered at an older age, it is undoubtedly one of the most important tools in any financial plan. In addition to this, the premium of life insurance is directly affected by your age, so actually investing in life insurance early on is the best call to make!
2. Stand Alone Health Plan
The importance of health insurance has become more evident than before in the past few years. However, most of us still rely on the health plans that our workplaces offer to take care of our needs. Come 2022, it is, therefore, crucial that you take time to evaluate the needs of your family and choose a dedicated health plan that fits your ask.
3. Monthly Investments Are Your Friends
While investing in the market or in bonds can seem like a taxing call, there are various simple tools that helps you begin investments. Start with a simple, tax-saving monthly investment plan. Whether you choose to invest in stocks with ELSS, insurance with ULIPs or even monthly gold plans, the option of small monthly payments ensures you can kickstart your financial portfolio. Realistic New Year Resolutions for 2022 You Can Actually Accomplish in the Coming Year.
4. Diversity Is Key
Another key thing to remember while planning your financial portfolio is to have a diverse fund. If you already have a sizable investment in stocks or insurance, focus on balancing it out with debt-related tools or gold. Having a balanced, diverse portfolio will simply ensure that you are leveraged against deep losses and can counter the rise and falls of different markets!
5. Create an Emergency Fund
The most important thing every single person needs to do is have an emergency fund. It is also something that most of us choose to ignore. Having lakhs of assets may seem aspirational but having easy access to funds in case of emergencies is key to having complete mental peace. Whether you open a dedicated savings account where you can make monthly payouts or set aside the money in easily liquefiable tools, there are various ways that you can begin your emergency funds. For beginners, aspiring to have at least two months' salary in your emergency fund is a great start!
We hope that these financial resolutions help you to take complete control of your finances. Here's wishing everyone a Happy and safe New Year!
(The above story first appeared on LatestLY on Dec 29, 2021 12:06 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).