Jan 13, 2023
Small and simple resolutions do better at being sticky. Here is a list of small and simple resolutions to make in personal finance. Things we can do without too much trouble. (Text by Uma Shashikant, chairperson, Centre for Investment Education and Learning/ET Contributor)
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Look at your bank account on the day prior to your salary date. Every month. Simply leave a small amount and invest the rest using your internet banking account. This is more powerful than other investing routines like RD and SIP.
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Begin with your house, jewels, FDs and go on to your equity shares, mutual funds and all else. You just need to put in the cost, the quantity, where it is held, and if possible the current market value. Your list of assets when complete is the single document you need to monitor, manage, reorganize and bequeath.
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Today with the PAN and Aadhaar linking them all up, it makes no sense to have so many accounts. You have meant to close them but then it is linked to some investment, some bill payment or some monthly income or pension.
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Stop buying stuff that is never used. Worse, don’t give gifts that will simply circulate indefinitely.
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Resolve to take a month at least before spending a large sum on anything. You will be surprised how many of these spends do not seem as important as they first did.
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Resolve to give something away purposefully. Thinking too much about giving away something most often leads to change of heart. Sometimes we play favourites. We ask if the donee is worthy of our donation.
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A zero waste home ensues if we take the time to consider what we are trashing and ask ourselves how it ended up at our home and why we now trash it. That habit is powerful not just for kitchen and household trash, but everything else we throw out too.
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It could be your penchant for day trading; your loans to friends and relatives that never came back; your credit card dues that scare you; your loans that you failed to repay; your paperwork you failed to complete; your craving for new jewellery or gadget; and so on. There must be something you don’t talk about. Tell yourself you will talk to one person this year.
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There is still merit in making an effort to contain some expense to a plan. Just one expense. Just make a budget and allow yourself the process of planning, allocating and sticking to it. You will know what kind of finance person you are.
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Your friends and family would have had enough of that habit. Resolve to let that go so you win hugs and cheer.
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Thanks For Reading!