Team L&M
The beginning of the year is when we typically re-evaluate our priorities. We resolve to make better decisions across various aspects of life- exercising more, eating healthier, prioritizing time for our hobbies and so on. For many of us, getting finances in order ranks at the top of our New Year resolutions. That said, the mechanics of how we’ll do this and where to begin, is uncertain. Here’s a roundup of basic money management resolutions that you should consider keeping in 2023:-
Stop living from paycheck to paycheck
Budgeting is an important tool to manage money effectively. By creating a budget, you can set financial goals, prioritize expenses, and identify areas to cut back on spending. Regular budgeting can also help you identify and address financial issues early on before they become larger problems. A host of platforms and tools are now available if you want to track and manage your expenses and you should consider using them. If you’re looking to track EMI’s and loan repayments, you’re in luck- click here for calculators that can help you out.
Automate your bill payments
Keeping track of your bills and dates manually is passe. You can leverage solutions that help you automate and manage multiple bill payments. By using Bharat Bill Pay System (BBPS) on apps like CRED, members can make recurring payments on utility bills including electricity, telecom, water and gas, education fees, municipal taxes, FASTag recharge and much more. Even better, CRED and BBPS have launched an assured rewards campaign from 12- 16 Jan 2023. Members paying bills on CRED can win up to INR 10,000 as cashback.
Understand how taxes work
Learning about taxes can help you save money and avoid penalties. Understanding tax laws and regulations can help you claim all eligible deductions and credits, which can lower your overall tax bill. By understanding how taxes affect your income and investments, you can make more informed decisions about spending, saving, and giving to charity. Hence, knowledge of taxes can help you plan for the future and make better financial decisions.
Grow your wealth through investments
Investing can be a great way to grow your money and achieve long-term financial goals. It allows you to take advantage of compounding for higher returns. That said, investing can be pretty daunting for newbies. If you’re concerned about how to get started, it might help to get your toes wet with P2P investment products, which offer you immediate liquidity and returns that are higher than typical fixed deposits. Spend time learning about products, services, and tools that make investing easier and work towards diversifying your portfolio.
Remember, it’s never too late to start making changes. By taking advantage of tools and solutions at your disposal, you’re setting yourself up for a financially successful 2023.
