2 mins Read | 1 Year Ago

Financial Resolutions: To plan and save your money.

Financial Resolutions: To plan and save your money.

Financial planning is very crucial to live a stress-free life. By creating financial resolutions, you can work towards achieving your objectives.

In this article, we will discuss a few financial resolutions that you should follow.

One of the most important concerns for any individual is ensuring their financial stability. However, many find it difficult to plan their finances, which can lead to financial stress. By creating and following these financial resolutions, people can meet their objectives in order to live a stress-free life.

Start saving money.

Savings are a very crucial factor for ensuring financial stability. However, many people first spend their money on receiving their salary and think about savings later.

But to be financially stable, it is wise to first save money once you receive your salary and spend it on regular expenses. On determining your monthly expenses requirement, you will know how much you can save by maintaining a regular budget to build a substantial financial corpus.

To follow this financial resolution, you should consider opening a Savings Account. You can deposit in a Savings Account regularly. There are various ICICI Bank Savings Account options. Thus, you can choose an Account based on the Savings Account interest rate and your requirements.

  • Create an Emergency Fund

An emergency can cause a huge financial burden. For instance, a medical emergency can consume your entire savings quickly and is crucial to secure your finances against such unforeseen expenses.

By creating an emergency fund, you’ll be able to meet such expenses and reduce financial stress.

  • Buy Insurance

It is essential to buy health and life insurance. Every person should get insurance as it provides financial protection against various expenses.

For instance, a Health Insurance Plan can cover various medical expenses and can secure the policyholder’s savings by paying the expenses that might arise due to medical treatment.

Life Insurance can provide financial security to the family of the insured person. In case the insured person dies during the tenure of the plan, the insurer can provide his/her nominees with a sum assured, which can be used by the family to pay for regular expenses and meet future goals.

  • Make Investments

One of the most crucial factors that can impact your financial portfolio is investments that can help you build a substantial financial corpus.

There are different factors that you should consider when creating an investment portfolio. You should understand your risk appetite. If you have a high-risk appetite, consider investing in stocks, which can help you earn significant returns.

It is also important to ensure your portfolio is diversified that can help in mitigating risk. In order to create a diversified portfolio, you should invest in stocks, bonds, debt funds, etc.

Follow these financial resolutions to achieve your objectives

Plan your finances in order to live a stress-free life by having financial goals to plan your savings and investments. It is essential that you start saving early in your life to accumulate a larger sum of corpus in the long run.

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