For many of us, every New Year’s day is a day to make resolutions for the whole year. We assume that whatever we will do on the New Year’s Day, will continue doing throughout the year. Hence, we try to make big resolutions, eventually, mostly that becomes a failure. However, if we continue to follow the resolution which we make on the first day of the year, we certainly may make a huge difference in our lives. Hence, advising to follow the
Make a note, this is not a new year resolution, but the Top 10 Money Resolution for a Wealthy Life.
Why am I saying this? Because we always have the best intentions for the new year. So, we become a lightly super-human version of ourselves for a few weeks or maybe few days. And, then gradually we go back to our normal selves. That is why I am emphasising that becoming financially healthy is not your new year’s resolution. Rather, Top 10 Money Resolution for a Wealthy Life is your everyday resolution for the life.
Top 10 Money Resolution for a Wealthy Life:
1) Adopt a Positive attitude about money:
You cannot be financially healthy until you have a positive attitude about money. By not creating your attitude positive towards money and wanting money in your life, you are creating a conflict with the universe. Always remember, our life works on the principle of Universal Law of Attraction.
The world is filled with such opposing messages about money. The irony is that many people envy the wealthy, and at the same time spend their life wanting more money. Not only this but, you often hear things like “money is the source of all evil” and only greedy people want more money. Tell me, who doesn’t want more money to have all the luxury in life?
Money is not positive or negative, it’s our attitude towards money which could be positive or negative. Money is neutral – a simple piece of paper (currency notes) or piece of metal (coin).
Money is not everything, but it is definitely one of the most important things.
You will always feel better to cry sitting inside a Car than on a bicycle visible to everybody around. Starting from a person’s birth till his/her death, money is needed in each and every phase of life. Analyze the fact yourself; and, keep in mind throughout your life that money is simply a tool that we need to use to reach our life goals. Else, we will not be able to achieve our goals.
2) Pay back your Debts as soon as possible:
Calculate a specific amount which you will keep aside for paying off your debts as soon as possible. Because it’s really easy to be happy and save a lot of money when you are debt free. Being debt free gives you peace of mind. Hence, you become more efficient and productive to earn more money.
3) Track your Expenses:
You can save your lot of money by just tracking your daily expenses. By tracking your daily expenses, you will get to know, where are you spending and how much are you spending. The amount which you are spending is it worth spending or the amount which you are spending is the correct amount.
4) Learn to say “No”:
Many of us are in a habit to buy things which are unnecessary for us. We buy those things because we get attracted towards them. Once in a while, it is alright to get attracted and buy such thing just out of attraction, but not always. Hence, start saying “No” to yourself for such unnecessary things. Those things could be a luxury mobile phone, the grocery items which you use very rarely, ordering food every now and then just to satisfy your extra demanding taste buds, going on shopping because you are getting bored, and many such instances.
5) Let the Money Pour in from every possible way:
If you wish you can earn some extra money through your hobby or by working online or on social media for an hour or two. You are living in a digital world, take benefit of the era to make yourself wealthy.
6) Use Automatic Deposit Facility:
Take out a fixed amount to deposit in your savings. There are options wherein you can set direct or automatic deposit to your savings on a fixed date of any month. You can also set the amount that how much do you want every month to get deposited in your savings. If we do not keep a cut aside for our savings, it is almost impossible to save, because it’s never gonna be sufficient for us to spend on our requirements. However, before doing so, make sure you pay yourself a sufficient amount to survive for the whole month without borrowing from anyone.
7) Limit your use of Credit Cards:
It’s always good to use the credit cards only if it is really required. Otherwise, avoiding the use of credit cards is advising a good policy. It’s better to rely on debit cards instead of credit cards. This will help you learn how to limit our expenses. If you have cash in your debit card when you do not have a credit card, your requirements will be as per that cash only, which is the best thing to avoid overspending.
8) Be Investment Savvy & Financially Literate:
In today’s world, it’s very important to be investment savvy if you want to live a wealthy life. At the same time, it’s more important to be financially literate so that you can decide where to invest money to get a sure shot profit. Avoid investing money by only looking at its hefty returns. Always study the market, check all the records and trends before you invest your hard earned money in the market.
Recommended Read: Top 10 Equity Funds for High Returns in India
9) Set Life Goals:
Yes, you read it correct, it’s not “Financial goals”, it’s life goals. Because as mentioned above, the purpose of money is to help us reach our life goals. This is the most the part of your life. It’s one of the Top 10 Money Resolution for a Wealthy Life. Hence, take out some time and list all dreams. Such as starting your own business, buying a new home, a vacation to abroad, buying a car and retiring at 60. List them as short-term and long-term goals. This will give you a clear view and calculation of the money which you need to fulfil all your dreams.
10) Prioritize your Goals:
Once you have written all your goals, now list them by as per the priority. Decide where should you spend your money? If buying a new home is the most important thing, then maybe a vacation to abroad can wait until next year or maybe next to next year.