New Financial Year Resolutions

When a new calendar year starts, we decide what we want from the upcoming twelve months of our lives and make some new year resolutions. The resolutions can be to cultivate some healthy and good habits, or it can be to leave some of the bad ones. It can be to achieve something or it can be to finish some unfinished tasks.

New financial year has started and like every other new year, it is a right time to take some resolutions which are good and constructive for our financial well-being.

Following is the list of resolutions one should consider to have a control over one's finances and manage them in a better way. 

(1) I will get my passbooks updated on regular basis. In case of online banking facility, I will download the bank statements and save their soft copies properly in my laptop/computer system (at least on quarterly basis i.e. at the interval of every three months).

(2) I will keep a record of all my expenses and incomes, made/earned in cash or through bank, in the most organised way possible. (This habit of tracking your expenses will help you to manage your budget in a better way.)

(3) I will preserve the hard copies of all the important documents properly in a file.

(4) I will not sign any documents, be it any insurance policy or any agreement, in a hurry, without reading it and without understanding it properly.

(5) I will track all my investments, especially investments in shares, bonds and mutual funds, preferably on quarterly basis.

(6) I will consult a chartered accountant before entering into any major financial transactions to understand their future consequences and tax impacts. For example, purchase or sale of a property.

(7) I will keep myself updated with all the financial and legal compliance applicable to me / my firm or company for which I am responsible/answerable, and be prepared for that in advance.

(8) I will be disciplined in my savings and investing and will always complete my tax savings investments well in time.