The New Year is just a couple of weeks away and it’s time for your New Year Resolution. Why not a special resolution to be financially aware? Financial awareness is not just financial literacy or the basic ability to understand and manage money. It’s matching financial literacy with financial goals and needs.
Understanding financial products and choosing the ones which meet financial goals, understanding the financial assets owned to grow money, making a budget to manage your money and familiarizing yourself with simple tasks like operating your bank accounts and understanding the benefits of digital payments like credit cards, mobile wallets, internet and mobile banking, makes you financially aware. Financial literacy alone is not enough. You need a holistic financial education to be financial aware.
A Resolution towards a Financially Aware New Year”.
Let’s glance through a few tips which can make you financially aware. The first tip of financial awareness:
Get to know your personal finances: As per Indian money review look at what you earn and how much you spend. Find out where your money gets wasted. Make a budget and track every rupee earned and spent. When you start tracking your money, you will be shocked to see how much is wasted.
Cut down unnecessary expenses: If you want to stop the money wastage, spend on needs and not wants. Understand why you spend so much and if you still can’t control spending, leave your credit card at home. Never use peer pressure or mood swings as an excuse to spend money. It’s best to postpone a purchase by a month.
Get rid of debts: Getting rid of debt is a big financial resolution. Create an emergency fund with at least 3-6 months of living expenses. You won’t need a personal loan or that credit card in a financial emergency. Being financially aware helps distinguish between good loans and bad loans. Availing a home loan gets a dream home at a young age. If you are struggling with debt, an important New Year Resolution would be getting out of the debt trap.
Make your family financially aware: Being financially aware is not enough. This New Year, take the resolution to make your family financially aware. What use is saving and investing, if your family wastes all the money? Teach kids to spend less and save more.
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