5 Best Ways to get a Healthy Financial Shape in 2020

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It just a couple of week passed in the first month of January 2020. And most of us has started taking first steps in working towards  New Year Resolution of 2020.

But are we really ready for our 2020 Resolution? Do we need to revise or need to do some up-gradation or add-on new points? If you haven’t decided yet or still confused or struggling with your 2020 Resolution, then here are five best ways which can actually help you in achieving your Resolution 2020.

Sounds like some life hack or shortcut tips, isn’t it? Obviously not, the thing is most of us has already planned or planning to do something which can help in making more money. But the prime thing they actually need to do is to get a good Healthy Financial Shape in their personal lifestyle as a habit.

Someone wisely said

“It’s never too late…”

So here it is,

5 Best Ways which can get you a Healthy Financial Shape

1. Be a Tech Savvy: 

With everything going on just a click it is time for the individual, youngster & parents to use mobile application to change their physical working habits smartly. Don’t just download every app, Download apps which are useful for you or makes your time consuming process simpler. Like in India, their is a Google Pay app, which provides the balance transfer facility from one mobile to another along with gives a cashback on each transaction. Thus, this new way to transfer funds from one account to another can be a good way to save cost, time & effort.

2. Read all documents Carefully: 

With dynamic environment of Financial World, everyday their is new way of investment schemes are coming up. Its time for the individuals to read such schemes documents carefully with their licenses. Even if you are planning to invest in crypto currency, then again enrich yourself with their creator & the source. Getting multiple returns is everyone’s dream & their is always someone who will be selling you fake dreams. So, in 2020, try to read each Financial Documents Carefully or just Consult with the Qualified Financial Planner, before making any investment decisions. 

3. Reduce your Debt:

If you have taken loan either for education or for house. It’s time to get it reduce by doing some freelancing/part-time work/1099 job. Don’t spend your entire money on buying new items -spend it on yourself by developing your new skills or getting a some freelancer work. Remember, its easy to spend money on anything but if you borrow it for buying such thing, then you have to pay the interest. This, year try to reduce your debt by developing a new skill so as to reduce debts.

Read our Previous Article: Smart ways to reduce your Debt with SMART Financial Goals

4. Start Building a Corpus for Financial Dreams:

Want to buy a car in next 5 years or want to go on a world tour or to any beautiful location for vacation with friends or family, or want to retire financially free. Then, start building a corpus for each Dreams in Monetary Terms. Most of us, understand/knows the importance of our dream and the cost associated with it but doesn’t plan for it. It’s time for you to get a Financial Plan from the Expert for each of your dream. Corpus can be build with small investments or just at a cost of a pizza. So, every time you plan to spend on pizza, try to invest the same amount in Mutual Funds, through SIP (Systematic Investment Plan). As a great saying “Little by little, fills the pot.” or what Albert Einstein says “Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn’t, pays it.”

5. Do Budgeting:

Getting everything planned is good but until or unless it is not within the budget, then it’s worthless.Let say, you spend hundred of dollars on your monthly Gym Membership which can be avoided by going on a running at a public parks or doing heavy weight lifting work at the construction site can not only save you money but also let you earn more money. No job is small, its the mind that stops you from getting things done. Therefore, in the year 2020, create a budget or hire a Financial Planner because if you start spending without looking at the pocket, then their wouldn’t be any space left to take a steps for your dreams. So, control your outflows & increase your inflows so that your cash-flows can make you richer by every dollar you saved at the end of the month or year. Read our Article: Best ways of doing Budgeting

Lastly, It’s easy to spend money but hard to save. So, in 2020 Plan your Investments with the motive to save your Financial Stress.

Also Read: Just like We Fill Know Your Customer (KYC) Form, Lets Do Know Your Bank (KYB)

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