Financial resolution for 2015 should be very simple:

“To complete the resolutions that I made in 2008, 2009, 2010, 2011, …….because there is no point in making new resolutions if you have not lived up to the previous resolutions, right?”

Still for those who have not made any resolutions…..here…

Here is a list of very useful financial resolutions to make:

1. I will write down my financial goals. I will make sure that they are SMART….

2. I will convert a big portion of my savings into investments. Especially in this young country if you are 45 years of lower, you need to have about 70% of your money in equities.

3. I will live a simple, frugal life by choice – but choose my dream career. You need guts to do it. If you do not, get vicarious pleasure by watching 3 idiots again and again.

4. I will start saving/investing for my retirement. Saving for retirement is an old game. Now you need to invest for old age.

5. I will have regular conversations about money, saving and investing with my spouse, kids and parents – all people for whom I feel financially responsible.

6. I will not deal in direct equity with my current level of knowledge of equities. I will keep learning and buy one or 2 shares a year after doing proper research.

7. I will increase my financial knowledge – inter-alia by visiting www.subramoney.com, www.moneycontrol.com, www.investopedia.com and such other sites.

8. I will maintain my income and expenditure details diligently and keep reviewing them. I at least know where I am headed.

9. I will maintain proper records of my assets and liabilities, understand the risk of each asset class, and do proper asset allocation.

10. I will protect all those people dependent on me. Will review my term insurance, medical insurance and retirement and make sure it is up to date and adequate, and the nominees are current.

Most important: Properly stick to all the resolutions!

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