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Financial resolutions for 2018

As far as financial resolutions are concerned, you only need to implement the basics to ensure good financial health


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This old article may have references to outdated tax rules and laws. For up-to-date information on taxation of mutual funds, refer to https://www.valueresearchonline.com/tax/

A lot of us make New Year resolutions and after a few days forget all about it! Its not just us but a lot of our family and friends who face the same problem. Inspite of our best efforts we fail to continue with our habits like fitness regime, healthy food habits and positive thinking after a month or so.

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After the first couple of weeks, the gym membership stays unused, the green tea gets replaced by some unhealthier version and other unhealthy habits kick in. Very soon, it's the same old story of waking up late, eating out more and generally procrastinating on our resolutions. And the same thing gets repeated before the commencement of another New Year.

Health related resolutions getting broken is rampant. Unfortunately, we treat health-related resolutions the same way we treat their financial counterparts leading to a detrimental effect on our finances. We should try to revert this habit because following financial resolutions is easier than any other resolutions.

When it comes to finance-related resolutions, the only thing one needs to do is go back to the basics. You don't need any complicated resolutions to ensure good financial health. You can easily get by by resolving to do a few basic things.

These are the only five financial resolutions you need to follow in 2018. You can follow them every year, year after year. These resolutions never get old. They are simple investment tenets that have held many investors in good stead.

Follow these finance-related resolutions because they are easier to implement, they will give you quantifiable results and the best part is that you don't even need to wake up early in the morning to follow them.

  • Save more by monitoring and controlling your expenses
  • Don't let the market movements govern your investments
  • Start investing to save taxes at the beginning of the financial year itself
  • Make sure your long-term investments are in equity to help you beat inflation
  • Don't mix insurance with investment, keep things simple

This old article may have references to outdated tax rules and laws. For up-to-date information on taxation of mutual funds, refer to https://www.valueresearchonline.com/tax/

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