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Focus on Your Financial Health in the New Year

December 26, 2022

We all make resolutions on the 1st of January every year. They often revolve around us being healthier and better in the new year. The new year urges us to reflect on the year gone by and helps us set intentions for the next 365 days. In 2023, try and set resolutions that focus on your financial health. Here are some tips you can follow.

How to Focus on Your Financial Health in the New Year

Reconsider Your Monthly Budget

Look at your monthly income and expenditure. Prioritise your expenses and identify your saving potential. Instead of spending money on junk food every week, perhaps you can treat yourself once a month. You can put the savings towards a long-awaited vacation or your retirement fund. Make a decision based on your goals.
Top-Up Your Emergency Fund

As you welcome the new year, take a moment to check on your emergency fund. If you had to dip into it, see if you can top it up at the onset. Make a plan to regularly put money into your emergency fund to help it grow.
Repay Your Debt

Take stock of all your debt. Consider repaying some of your loans to reduce your monthly outgoings if you recently received a raise or bonus. You should also check whether you should refinance your existing loans to lower your interest rates or shorten your tenure. Remember, the quicker you repay your debts, the better.
Invest in Your Future

Ensure you put money aside for your future when taking stock of your finances. Put 10-15% of your monthly income in a retirement or annuity plan to safeguard your golden years. The HDFC Life Systematic Retirement Plan offers a guaranteed retirement income so you can live your best life.
Track Your Goals

Spend some time evaluating your existing investments. Are they on track to help you meet your financial goals? If not, try and change your strategy for better results.
Protect Your Family’s Future

Along with all your careful plans, ensure you have a way to protect your family’s financial future. A term plan like HDFC Life Click 2 Protect Super provides your loved ones with a lump sum payout if anything happens to you. You should select a sum assured amount that will help cover your debts so your family can live debt-free.

Financial planning enables you to meet your long-term financial goals. Taking a few hours to plan your income, investments and expenses at the start of each year will safeguard your financial health for the future.

DISCLAIMER

HDFC Life Click 2 Protect Super (UIN No.: 101N145V01) is a Non-Linked, Non-Participating, Individual, Pure Risk Premium/Savings Life Insurance Plan. Life Insurance Coverage is available in this product. For more details on risk factors, associated terms and conditions and exclusions, please read sales brochure carefully before concluding a sale.

ARN: ED/12/22/31008

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