Five Good Financial Goals for this New Year 2020 | PNB MetLife
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It’s that time of the year again. You must be mentally preparing yourself for your New Year’s resolutions and thinking about how to stick to them. While you will have your usual exercise, diet, and work goals, you must also have financial New Year’s resolutions. These are the resolutions you can actually stick to, and while doing so, secure yourself and your family. These make all the more sense if you have just started earning and are trying to figure out the world of personal finance. Here are the top 5 New Year financial goals, which we think you should stick by for 2020. Read More
- It is always a good time to buy a house
Buying a house should always be on top of the list of things you save for. A house is not just a property, it is a protective cover that you and your family can fall back on at any point in your lives. No matter how market forecasts look, buy a house when you have collected enough for a down payment. Because if you wait, the money might get tied up in something else and you would need to put off buying your dream home. Don’t fall into that trap. Start looking for loans aggressively. There are a lot of options available these days. The world seems like a safer place to live in with your own roof over your head.
- Get yourself covered
You can never be too safe in today’s world. The first and foremost of financial goals is to get a term life insurance for yourself. Select one wisely, make sure it covers your family sufficiently in the event of your death. This becomes all the more important if you are the breadwinner of the family and your family is dependent on you, in this case term insurance becomes ideal. You can learn more about Term Insurance by browsing the website for the various Term Plans offered by PNB MetLife.
Your insurance cover should be 3 times your yearly after-tax expenses, at the least. Not just you, but your family should also be covered by proper insurance. The next in your financial goals for New Year should be getting a health insurance cover for your family. This might be provided as a perk by your employer, which makes things very easy for you, as it will be automatically deducted from your salary. If it isn’t, go ahead and invest in a comprehensive health insurance; and remember, the more comprehensive, the better. The next step is getting your property insured. This includes your house and your vehicles. You can never tell when disaster, accidents, or other unfortunate events might strike.
- Fulfil those travel goals
A recent study showed that in the past decade, financial goals have changed significantly. International vacations now figure higher on the list than even saving for a child’s marriage or retirement. If you have had that romantic vacation with your spouse, or an adventurous trip with your friends, or a dream vacation with your family on your mind, do it this year. With various options for a travel loan and travel insurance available right at your fingertips, you don’t have to compromise a lot with your savings for these trips. Turn these life goals into reality and watch them come true!
- Invest, but smartly
Investing must have already been on your New Year financial goals list before. You might or might not have put it off for later. This year take the leap so that you can go for safer, debt-focused mutual funds. If you really want to take a risk, make aggressive mutual funds or equity a part of your financial goals for the New Year. Calculate your risks. Invest in companies that have shown consistent growth over the past few years. Don’t invest more than you can afford losing. Make investments based on research rather than hope. If you do it right, your investments can give you a great source of income and help generate a significant portion of savings that you can devote to your other financial goals too.
- Budgeting is essential
If you don’t do this already, put this on your New Year financial goals list now. You make a lot of payments each month- rent, maid, electricity, premiums, groceries, travel, medical bills, etc. You might also have income from multiple sources like rent, salary, returns, freelance work fees, etc. If you don’t draw up a proper budget, you end up doing everything based on estimates. A proper budget will tell you exactly where you can increase or reduce your spending. It will also help you save better for your financial New Year’s resolutions like travel, buying a house, etc.
These are just some of the financial goals for the New Year that you need to follow religiously. They will give you the perfect head start to a more financially responsible year. May your New Year be risk-free, joyous, and more profitable!
The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
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