Why are New Years Special?
/2016-01-04 09:54:31
Shweta Jain

A new year gives us a fresh start – a clean slate so to speak. So, whether the last year was good, bad or great, you have a chance to make this one a year to remember. Some people see a new year as an excuse because we need it to make a fresh start.

So is making new year resolutions a good idea? Sure, but the only thing about resolutions is that more often than not, they just stay on paper. So, what should you do in 2016? Just make one resolution. To change.

Change the way you think, change the way you save, change the way you invest. For starters, invest first. Set aside a sum of money, any sum of money, start small. This could be invested in a liquid fund, but the idea is that you will start saving more right from the beginning of the year. Good change, right? Second thing this will do is that it will ensure you don’t spend unnecessarily. Yes, we all love to splurge but what if you could splurge without the guilt that comes in later that you should not have spent that money where you did. When you start saving first, you are basically prioritizing saving over spending. Today, spending has become too easy, far too easy for my comfort. So, why shouldn’t saving be that easy too. Save at the click of a button, the way you spend today.

Change the way you look at investments, look at them with glasses. Not pink, but with the glasses of goals. Lost me there? Let me explain. Invest with a goal in mind, mark that investment to a goal. It could be a short term goal like going for a vacation or a long term one like education for your child. But mark it to a goal. When you do that, nothing can stop you. No, really! Your focus increases and so does your contribution. Well, don’t take my word for it. Try it. When tracking your portfolio, mark it to a goal and see the difference.

Change the way you review your portfolio. A half yearly review is good enough. Don’t over diversify, don’t invest in too many schemes. Ensure that your portfolio is designed for you and your goals. Make sure it takes into consideration your risk appetite too. Fill it, shut it and forget it may not be best idea. Fill it, shut it and review it regularly instead. A review doesn’t mean change, it just means that you review the investments in the light of things that might have changed while you were not looking.

So, welcome change and have a great 2016.