Which Investment Resolutions Should You Make For The New Year?

Right from our childhood, we have made sure to make New Year resolutions as soon as we step into the month of December. However, once we start earning a regular income, we would make financial resolutions for the coming year. But, you know for a fact that just like those childhood resolutions, our financial resolutions also vanish within the first month of the New Year. Now, you can break the records and make smart long-term financial planning with effective investment plans.

Investments are made with the hope to earn appreciable return and to save abundantly for the future. So, kickstart the investment plan for the New Year with a strategic approach and build a diverse portfolio.

Investment Plans for this New Year, 2019

If you haven’t invested your money wisely so far, you can do that now by making the right plan for investment. Following are some of the smart investment plans you must invest in this New Year:

Determine your Net Worth

By analyzing your assets and liabilities, you will get a clear idea about your income and expenditure pattern and help you determine your financial health. Calculating your net worth each year will help you meet your financial goals by eliminating the mistakes you committed previously.

Save for your Retirement Years

If you work with an employer who provides you with retirement plans with an equal contribution, you can have separate savings for your retirement years. By doing so, you will have dual investments for your retirement years. Even if your employer does not provide you with any such plan, you can invest in term plans, ULIP plans, and other investment plans as per your convenience.

Invest in Fixed Deposits

If you invest your money in an investment platform that allows you to withdraw money as and when you want flexibly, the urge to use up the savings will always persist. Due to this reason, it is advised to invest your hard-earned money in Fixed Deposits (FDs). Prominent financial providers like Bajaj Finance offers guaranteed returns from your investment with flexibility in choosing the tenor from 12 months to 60 months and the interest payout frequency. At present, Bajaj Finance offers the highest interest rates on FDs, i.e. 9.10 (for senior citizens). You can calculate our FD interest rates and maturity amount using the online FD calculator and manage your funds accordingly.

Diversify your Investments

In case you already invest in volatile investment plans like mutual funds, the risk of losing your money will always prevail. To avoid this, you can distribute your savings into multiple investment plans like FD, mutual fund, Recurring Deposit, etc. based on your risk profile. In fact, with Bajaj Finance, you can open multiple FD accounts and ladder your investments with different tenors to maintain liquidity and gain high returns. Also, you can eliminate the risk of premature withdrawal with FD laddering.

Maintain a Good Credit Score

Your credit score is determined by the regularity of your paying off the debts like loans and credit card bills on time. Higher your creditworthiness, greater will be the chances of financial providers sanctioning your loan requests. Therefore, it is always advisable to pay your credit bills on time and avoid delays so as to prevent loan rejections in the future. Also, there is a facility to take a loan against your FD with Bajaj Finance wherein you can use up to 90% of your savings with lower interest rates compared to the traditional loans.

The bottom line is that you got to manage your funds and set your financial goals based on your income and expenses. You should make sure that you opt for taking debts of as much as you can pay back. Also, avoid multiple credit cards to eliminate the risk of fall in your credit score due to unpaid bills stacked up in your name.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.