The new year provides you with a new opportunity to reevaluate your financial priorities. Whether you’ve been saving for a long time or have just started your financial journey, a few simple resolutions can help you overcome common money challenges and move toward achieving your goals.
I will invest systematically and will not react to market fluctuations
According to Kirang Gandhi, a Pune-based financial advisor, to invest smartly it is important to focus on understanding valuations rather than being driven by fear or greed. Invest when the market valuation is right. Also, avoid buying when the market is up and selling when it is down.
I will increase investments regularly to build a larger portfolio
Increasing investment is as easy as increasing the SIP amount in a mutual fund scheme. For example, if you have been investing Rs 5,000 per month in SIP since 2020 and your salary increases by 20% in 2025, then increase your SIP by 20% to Rs 6,000 per month. This increase of Rs 1,000 in investment will give higher returns in the long run.
I will purchase and review insurance coverage
Krishna Sharma, CEO of FPSB India, the Indian subsidiary of the US unit Financial Planning Standards Board Limited, said, ‘Rethink your perspective regarding insurance. Give priority to financial security rather than gaining short-term tax benefits on insurance. According to him, insurance plays an important role in long-term financial stability along with protection from unexpected events.
Will not invest in unregulated instruments
There is a need to avoid cryptocurrency, forex trading and unregistered collective investment schemes. Such high-risk investments can lead to huge financial losses. Instead, the focus should be on regulated asset classes such as stocks, bonds and mutual funds.
Will avoid the temptation of easy facilities of loan schemes
Resolve to get out of the clutches of debt in 2915. Avoid ‘buy now, pay later’ schemes. The path to financial freedom lies through a simple resolution: spend only when you earn and prioritize saving.
I want to avoid getting into debt trap
Consolidating your debts is an important step towards achieving financial stability. If you have multiple debts with high interest rates (e.g. credit cards, personal loans), consider converting these debts into a single loan with a lower interest rate and longer tenure. This will help you ease your financial challenges.
I will prepare a clear financial plan and follow it
Prepare a clear and well-thought-out financial plan. An expert said, ‘Without better planning, the financial goal can prove to be just a dream and if the financial plan is not implemented, it will prove to be a blank plan.’ It is the most important first step towards achieving financial success.