Greeting To All Our Readers! 

Only two days left for the New Year 2022 to start! A new year with new hope, new opportunities, new thoughts, new plans, new resolutions, and many more are coming soon!

It’s the moment people will plan about the year ahead; they will list their resolutions for the new year, they will list things they want to achieve or complete in the year 2022!   

Similarly, being a financial talker, here we recommend our readers about some financial goals that they can choose from for their 2022 New Year’s resolutions:

Search For A Financial Adviser And Meet Him…..

Expert advice is the best and as per your needs and requirements! If you look towards planning your savings and investments, I suggest meeting with a financial advisor.

It can help you understand your current financial reality, and where you would ideally want to be, based on your current age and financial goals.

Not sure what your goals are? They can help you with those as well. Additionally, they can provide great insights on how to structure your finances so that you’re better able to meet your goals.

Build An Emergency Fund.....

The crisis that the pandemic brought shook the financial and mental condition of most people. This simply proves how important it is to build your EMERGENCY FUND!   

Now, many people have a dilemmatic situation, whether they should first build up an emergency fund or pay down debt first?

If you ask the experts, most of them recommend building a basic emergency fund first and foremost, before you begin tackling any other financial goals. (Of course, you’ll still want to pay the monthly minimum on any credit cards and loans to avoid going into default.)

Just know, having an emergency fund will help boost your financial confidence! Further, if you do encounter an emergency expense, such as a car accident or medical bill, you won’t get yourself into further debt.

Also remember, an emergency fund means a fund that is easily accessible! Choose schemes that offer the same to build your emergency funds. Well, the best option is Liquid Mutual Funds!

Get Out Of Your Debt…..

Debt tends to present itself as a dark cloud over our heads; it’s something we want to get rid of as soon as possible. However, when we have a large amount of debt, it can easily feel overwhelming.

The first step is ripping the band-aid off and figuring out just how much debt you have. Then, you can come up with a strategy on how to pay off your debt.

You can follow several tried-and-true methods of paying down debt. One of the most popular is the debt snowball method, which is where you focus on paying down your account with the lowest balance first, then move on to the next, while paying the minimums for each account.

Investment Time, Start It Now…….

Once you’ve built up an emergency fund, and you’re well on your way to paying down debt, it’s time to start planning for your future goals. Also, you must know that saving in a savings account keeps the money idle while investing in mutual funds or the share market gives proper growth.

Your investment profile will depend largely on your long-term financial goals, and whether you’re risk-averse or more on the aggressive end of the scale. You can build a portfolio with the assistance of a financial advisor, or you could sign up for a user-friendly investment platform such as Shri Ashutosh Securities Pvt. Ltd.

Plan Your Retirement…….

Investing for retirement: the sooner you start, the better. According to experts, you’ll want to have saved at least 10 times your salary by the time you reach the age of 67. For most people, this total number can feel daunting. The younger you are when you start investing for retirement, the easier it is to hit your goal.

Retirement is a long-term goal, and experts suggest investing in long-term equity mutual funds for the same is more efficient and beneficial.

Review Your Budget……

Take some time to review your budget. This is an exercise where you can get real about luxury or non-essential expenses that you can cut down on.

For instance, did you slip back into your habit of spending large weekly amounts on coffee shops and restaurants? Are you subscribed to 4 or more non-essential services?

This is also the perfect time to make sure you’ve canceled any trials that expired or evaluate if you can get cheaper insurance policies, for example. It’s easier to trim the fat and start with a clean slate when you set clear financial goals and monthly benchmarks to meet.

Once you’ve come up with your new and realistic budget for 2022, you can then figure out just how much you can comfortably allocate towards your goals. Don’t choose an amount that is so large that you’re straining yourself and not having any room for fun in your budget at all.

Although this strategy might work for a few months, you’re more likely to burn out and give up. Instead, pick a number that feels good to you and leaves enough room in your budget so that you can live an enjoyable life.

Boost Your Income…….

If you find that you can’t put any money away toward savings or your retirement, or that your budget for it is very thin, consider boosting your income. Thanks to the gig economy, there are several ways to earn some cash without having to find an entirely new job.

For instance, you could drive for a ride-share company, or sign up to walk dogs. You could even work remotely as a part-time administrative assistant. Better yet, you could make quite a bit of money as a freelancer if you have a specific craft or skill.

Keep reading our article and stay updated with the latest news about Mutual Funds!

For any kind of query, you can contact us at Shri Ashutosh Securities Pvt Ltd., we are here to help you in any way possible.

Happy Investing!

(Mutual Fund investments are subject to market risk Illustrations are for example only, there is no guarantee of returns. Past performance is not an indicator/guarantee to future returns).