If you made investing mistakes, or were caught in the rut of poor spending habits, or did not save well enough in the past year, now is the time to press the reset button. ET Wealth finds out the new year resolutions of some of our readers who are making a fresh attempt to secure their finances.
“I want to raise my SIPs by 10%”
As my salary goes up, I plan to save more while maintaining the same lifestyle and keeping a lid on my expenses. So, in the coming year, I plan to step up my mutual fund SIPs by at least 10%, and plan to make it a yearly habit. I will also keep track of my expenses and cut back on the subscriptions I no longer use, thereby saving more each month. This money can then be diverted to my investments.
Saurabh Badhani, 28
“I want to track my spending”
I will focus on long-term goals. I plan to divert a part of my income towards systematic investment plans (SIPs) in mutual funds, as well as health insurance. I also intend to actively track my spending through careful budgeting of household expenditure and by keeping an eye on my leisure and recreational expenses.
Roma Bhattacharya, 34
Academician,Hyderabad“I’ll pay extra EMIs for our home loan”
I want to invest in a healthy lifestyle as I spent a lot on hospital bills last year. I will also start an emergency fund. To save for my three-year-old son’s higher education, I plan to open a PPF account in his name so that it matures around the time he needs it. To pay off our home loan as quickly as possible, we are investing a chunk of our incomes in stocks and using the profits to pay an extra EMI. Lastly, I want to invest in sovereign gold bonds.
Akanksha Sankrityayan, 32
Freelance teacher, Gurugram“I want to look for a side hustle”
The entertainment industry, like most industries, is quickly changing because of ChatGPTlike generative-AI models. This year, I want to upskill to be better prepared to make use of such tools. I will also actively look for a side hustle to supplement my income.
Rohit Barua, 35
“I want to create value for others”
My financial resolutions center around creating value for others. I want to invest strategically during the anticipated bull run, maximising growth opportunities and optimising returns. I also want to foster financial literacy by empowering individuals to make informed investment choices. These resolutions extend to both personal and potential company endeavours, aligning with a broader mission of responsible and value-driven financial practices.
Pratik Gauri, 33
Entrepreneur and Investor, Dubai
“I’ll get co-branded credit cards”
If interest rates remain high this year, I will save via fixed deposits. So far, all my spending has been done through cash, but this year I plan to get some co-branded credit cards and optimise these for benefits (free flight tickets, movie tickets, etc.) and cashback. Since I am disciplined in my spending, I know that having a lot of credit cards won’t affect my spending habits. I will also make it a point to opt for auto-pay so that I never miss a due date.
Sheena Sharma, 31
Yoga instructor,New Delhi
“I will take a financial literacy course”
I’m 21 years old and am very low on financial literacy. Whatever little I have learnt has been through social media, but I’m a little apprehensive about following anyone’s advice blindly. So, I plan to take a financial literacy course this year. Even though I don’t have a lot of money to invest right now, I can start with the little I can spare. When I start working in a couple of years, I will be clear about where to invest instead of figuring it out at that point.
Divyanshi Uniyal, 21
“I will cut down money anxiety”
To reduce my fears and anxiety about money, I will interact and be open to discussing money matters with family and close friends. Instead of losing sleep over finances, it is better to seek professional counselling. I will navigate my financial goals after due diligence and learning, or take the advice of a financial planner. I will identify emotional triggers to help cut down on impulsive online shopping. Finally, like most people who overwork and underspend, I will not be hard on myself and buy something whenever I achieve a financial goal.
Karan Dhawan, 34
“I will try alternative investments”
I want to move away from the traditional equity investments in stocks and mutual funds and explore new avenues. Some of the things I’m considering are buying a vacation property as an investment, collecting high-end watches, and breeding livestock (since my father’s hometown is in a rural area). I also want to get rid of all my credit cards, having been lured by the trap of points and privileges in the past, and conduct all my transactions through a debit card.
Sadique Siddiqui, 33