It’s the start of 2023 and if it isn’t already, making healthy financial decisions should be right up there on the list of resolutions for the year. But how do you even know if your resolutions are right for you and your current situation?

Well, that’s where our list of healthy wealth resolutions comes in that will ensure you’re in the pink of financial health through the rest of the year and beyond. Ready to implement them? Here they are –

1 – Save (And Invest) Regularly

Whenever you get your salary, make sure a part of it goes into your savings. This can be an emergency fund or short term mutual funds that will store and likely grow your principal amount if done right. Also make sure you’re investing some amount for your planned financial goals. You can utilise the popular 50-30-20 method in which you divide your earnings into 50% for needs, 30% for wants and 20% go into savings.

2 – Diversify Your Portfolio

In today’s uncertain times, it makes sense to distribute your wealth across as many assets as possible. From debt to equity to gold and anything else that offers a chance to diversify, make sure you take the opportunity to have a diverse portfolio this year as global markets remain uncertain and a seeming recession in other countries comes into effect, all of which will impact your investments in the short to medium run.

3 – Save On Taxes With ELSS Funds

We cannot stress the importance of regularly investing for tax saving purposes rather than scrambling at the last minute to do so. With just a few months to go, now would be a prudent time to invest in ELSS mutual funds that help you save taxes. Do you own research or take the help of a certified financial planner to make sure you choose the right mutual fund.

4 – Improve Your Credit Score

It’s no secret that credit scores are an important factor that determine your loan eligibility and is a marker of your fiscal health. Make sure you have a good enough credit score this year by repaying your bills on time, not overspending on your credit card and paying any loans by the due date. Having a good credit score will go a long way in securing your finances.

5 – Track Your Spends

It’s simple. What gets tracked, gets measured. Make sure you’re tracking your spends across different categories, whether its essentials or entertainment and everything in between. Use apps like Mint or make a simple Excel Sheet to track all your expenses. Review and cut off subscriptions that no longer serve you or cut down on ordering out as you deem fit. The objective here is to track your spends so that you can optimise your savings.

6 – Don’t Save For Unrealistic Goals

You might have read that you need to save for your child’s education and might have started doing so even if you aren’t currently married. Relax, financial goals are meant to be evaluated at frequent intervals so that they work for you – not the other way around. Make sure you’re not putting your money into assets that don’t serve your current requirements.

7 – Listen To Experts, Not The Hype

Don’t make any sudden monetary moves simply because some financial guru shares his opinion. These might be tumultuous times but the basics of investing are still the same. Even if you are tempted to shift your entire portfolio from stocks to debt or pause your SIP until things become clearer, these are mistakes you might pay heavily for in 2023 if you listen to the hype and not your financial expert.

That’s it. If you can follow these tips to the T, you can be assured of having secured your financial wealth better than most other people out there. We wish you all the best in this new endeavor.

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