Thursday January 17, 2019
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5 smart New Year resolutions to look out for

Do something that makes you happy, take up a new hobby, travel somewhere you’ve never been before — all these will help you refocus and realign your goals and priorities.

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2018 resolution
New Year resolutions which we can try and make our lives better

More than half of December is gone, and this is a good time to not just make a to-do list for 2018 but also stick to it and complete it. Here are five smart resolutions to make for the coming year — compiled by Patanjali Somayaji, Co-Founder of the Walnut App.

1. Save more, spend less (and pay bills on time)
A no-brainer really, but easy to say and tough to do. Check your past spends and work out how much you want to save each month. Allocate part of your income automatically so you’re not tempted to use the money elsewhere. This could be in an auto-sweep fixed deposit, a SIP in a mutual fund or a transfer to another bank account. Use a money management app to track your spends, create a budget and get reminders to make your bill payments on time.

2. Clear high-interest debt
Do you have several credit cards that are maxed out to the available credit limit, and are you paying only the minimum due each month? If so, you are headed for financial disaster. If you have multiple credit cards, give them up and keep a maximum of two, with the highest credit limit. Avoid any fresh spends on your cards till dues are cleared. List all your debts, from highest to lowest, and clear them in that order.

3. Health is wealth — ensure it
Being healthy and fit is the best gift for yourself and your family and dependents. Cut down on wasteful spending and eating/drinking, make actual use of that gym membership, get a complete health check-up done and make it a yearly habit.

Set aside money each month for an emergency fund worth 6-8 months of living expenses to see you and family through any medical emergency. Regardless of whether you are single or have a family, get a life and health insurance policy so that you/your next of kin don’t suffer financially if something happens to you.

2018 resolution
Every New Year brings a lot of hope and excitement to be unleashed

4. Documentation and nomination
Sounds boring, but it is a good idea to ensure your spouse/family is aware of your finances — not just investments and insurance, but also debts. Likewise, while opening a bank/demat/mutual fund account, not many pay attention to adding a nominee — or in case of a life insurance policy, updating beneficiary from parents to the spouse. Documentation can be further split into financial/debt, health/life and legal (if applicable). Ensure it is easily accessible to next of kin in case something happens to you, so they are spared the running around and unnecessary paperwork.

5. Remember to have fun!
Working 9 to 6 daily, five (or six) days a week can take a toll on your health and personal life. Make a conscious effort to set aside time for your family and friends. Plan mini-breaks every quarter and a full-fledged vacation once a year.

Do something that makes you happy, take up a new hobby, travel somewhere you’ve never been before — all these will help you refocus and realign your goals and priorities. IANS

Next Story

President of Taiwan Rebuffs China, Defends Self-Rule

Beijing has mounted an aggressive posture towards the self-ruled island, carrying out numerous military exercises in the Taiwan Strait

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Taiwan
Taiwanese President Tsai Ing-wen delivers a speech during a New Year's day press conference in Taipei, Taiwan, Jan. 1, 2019. VOA

Taiwanese President Tsai Ing-wen says China must accept Taiwan ‘s status as a self-ruled island.

In a New Year’s Day address from her office, President Tsai said China had to “respect the insistence of 23 million people for freedom and democracy,” and for both sides to face the reality that there are fundamental differences between their “values and lifestyles” and political systems.

Afghanistan, China, Pakistan
Afghan Foreign Minister Salahuddin Rabbani, left, and Chinese Foreign Minister Wang Yi, right, shake hands at the end of a joint press conference at the Ministry of Foreign Affairs in Beijing, Jan. 26, 2016. VOA

Relations between Beijing and Taipei have been strained since Tsai, the leader of the pro-independence Democratic Progressive Party, took office in 2016 and refused to accept the concept of China and Taiwan joined together as one China.

Also Read: Twitter Warns Unusual Activity From Hackers in China and Saudi Arabia

Beijing has mounted an aggressive posture towards the self-ruled island, carrying out numerous military exercises in the Taiwan Strait, blocking Taipei’s participation in international organizations, and persuading several nations to switch diplomatic relations from Taiwan to China.

President Tsai called on China to seek “peaceful” ways to sort out their differences. (VOA)