Here’s how to make your financial resolutions stick this new year

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    Millions of people make newresolutions to start their lives on a new journey every year. Did you know thatthe number of gym membership subscriptions go up around the beginning of theyear? That’s right. But how many are actually able to follow through theseresolutions is another question. No matter what you are looking to achieve,there is a very simple recipe to making your resolutions stick with you, makingyour dreams and action plans become a reality.

    The past year taught us someimportant lessons on personal finance. As a result, people are busy making andundertaking new financial resolutions. Have you decided on yours? If not, thendon’t let this chance to start fresh simply pass you by. Once you have made aresolve to accomplish something new in your financial life, then what are youwaiting for? Time to set it into action, with these four techniques, that willgo a long way to making your resolution stick with you through the coming year,and into the future.

    Firstly, be specific to yourself

    Taking up a resolution to dosomething new can be daunting. This is truer if your resolutions are set on bigdreams. For instance, some people are taking a resolve to buy a home faster,and to reduce their fixed monthly expenses much earlier than before. Others areprioritizing to reduce their dependence on public transport, and saving for acar in the next one or two years. Yet others are looking for a stable,secondary stream of income. Building big things as these takes time, and anaction plan to make it happen over time. Be specific about what you want – whatis your budget and your needs from a new vehicle? How will you arrange thismuch money in one year?

    Answer these questions beforeworking towards achieving your financial resolutions, so that you know exactlywhat you are working towards at every point in time.

    From resolution to a plan

    Taking up financial resolutionsis one thing but to achieve them you need to work towards them. However, as wenoted earlier, making big things happen takes time and a map to follow overthis span of time. That’s why, you must turn your financial resolution into aplan that you can follow. In order to make this happen, you might have to talkto other people, or do some research on the internet.

    For example, if you want tosave for a new car in the next two years, work out the financials – how muchmoney do you need to make a down-payment, and how much are you willing to takeup as debt? How can you leverage the power of investing to grow your savingsfor a new car to the maximum, while making sure that you do not lose your moneyin the process? Work out the actuals, and turn a big achievement into a seriesof smaller actions. This brings us to the next point.

    Leverage the power of habit

    Habit helps you work towards your goals in the world of savings and investments. You can accomplish big things either by taking a big leap in one go, or by taking smaller, more reasonable steps everyday. For example, it might be difficult to come up with a sizable sum to buy a car in one go. But setting up a 2-year savings plan into action, you can make a habit of saving 15 thousand rupees a month, or 500 every day, towards a new car. Invest this money with instruments that give you good returns, by opening a demat account, and your action can be achieved in smaller and simpler steps. Understand the power of habit, and give your financial journey a fresh start this year!

    Angel Broking Nayi Shuruaat

    Dream, plan, action!

    Once you have broken down yourgoal into smaller, actionable steps after understanding the power of habit, allthat is left for you is to make the first step, and repeat the processcontinuously. That first step has the power to make or break your game plan.This is exactly why new beginnings are difficult and challenging – know thatthe first step you take is in a positive direction towards your goal.

    For example, consider someonewho is looking to build a secondary stream of income with their existingsavings from the stock market. While such stories are not really stories,making this come true requires not only discipline, but also the right firststep. This new year, give your financial life a new start, with Angel Broking –open a free demat account, and start giving your financial resolutions a newshape, by leveraging the power of growth with equity markets.

    Angel Broking has also issued a new report outlining our top picks in the stock market for the coming year – a gift for starting the year with a #smartsauda, that will lay the foundation of long-term prosperity, and help you achieve your financial goals by making money work smarter for you. That is what we are best at, and we would like to invite you on this new journey at the onset of 2021. Here is wishing you a happy new year!

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