7 Healthy Wealth Resolutions You Need To Make This Year

It's the start of 2023, and if it isn't already, making smart financial decisions should be high on the list of goals for this year. But how do you know if your solutions are right for you and your current situation?

Well, here's our list of healthy wealth resolutions that will keep you financially healthy for the rest of the year and beyond. Ready to implement it? Here they are -

1. Save (and invest) regularly

Whenever you pay, make sure some of it goes into your savings. It can be an emergency fund or a short-term mutual fund that, if done right, will preserve and possibly grow your capital. Also, make sure you invest money towards your planned financial goals. You can use the popular 50-30-20 method, where you divide your income into 50% needs, 30% needs and 20% savings.

2 - Diversify your portfolio

In today's volatile times, it makes sense to spread your wealth as much as possible. From debt to stocks to gold and anything else that offers diversification, make sure you're taking advantage of a diversified portfolio this year as global markets remain uncertain and an apparent slowdown elsewhere, all of which could be yours in a short period of time. will boost investment. Term will affect tenure. In the medium term

3 - Save Taxes with ELSS Funds

We cannot stress enough the importance of investing regularly to save tax rather than rushing at the last minute. With just a few months left, now is the time to invest in ELSS Mutual Funds to help you save taxes. Do your research or seek the help of a certified financial planner to make sure you choose the right mutual fund.

4 - Improve your credit score

It's no secret that credit score is an important factor in determining your eligibility for a loan and an indicator of your financial health. Make sure you have a good enough credit score this year by not paying your credit card bills on time and making loan payments on time. Having a good credit history can go a long way in protecting your finances.

5 - Keep track of your expenses

It's simple. What is captured is measured. Don't forget to track your spending across the important, interesting, and everything in between. Use an app like Mint or create a simple Excel spreadsheet to keep track of all your expenses. Review and cancel subscriptions you no longer need or downgrade as desired. The goal here is to keep track of your spending so you can optimize your savings.

6 - Don't skip to unrealistic goals

You may have read that you should save for your child's education and started doing so even if you are not currently married. Relax, financial goals need to be reassessed at regular intervals to make sure they work for you, not the other way around. Make sure you don't invest your money in a business that doesn't meet your current needs.

7 - Listen to the experts, not the noise

Don't make a sudden cash move as some financial gurus share his views. These times may be turbulent, but the fundamentals of investing remain the same. While it may be tempting to switch your entire portfolio from equity to debt or hold off on your SIP until things clear up, these mistakes could cost you dearly in 2023 if you don't listen to your financial expert.

It is. If you can finally follow these tips, you can be sure that you have secured your financial well-being better than most people. We wish you all the best in this new venture.

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